The U.S. Securities and Exchange Commission (the SEC or the Commission) voted on Friday, April 14, 2023, to reopen the comment period for previously proposed amendments to Rule 3b-16 under the Exchange Act of 1934 (the...more
5/17/2023
/ Broker-Dealer ,
Comment Period ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Proposed Amendments ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Sellers ,
Trading Platforms
A new development has emerged in the series of changes to the regulation of finders (i.e., persons that receive compensation for making an introduction leading to a securities transaction) and mergers and acquisition brokers...more
On March 10, 2023, volatility resulting from concerns regarding runs on certain banks triggered trading halts in those banks’ stocks on the New York Stock Exchange (NYSE) and Nasdaq. March 13, 2023, saw additional trading...more
3/15/2023
/ Banking Sector ,
Banks ,
Broker-Dealer ,
Capital Markets ,
Commodities ,
Financial Crisis ,
Financial Institutions ,
Investment ,
Investment Adviser ,
Nasdaq ,
NYSE ,
Securities Exchange Act ,
Short Sales ,
Short Selling ,
Stock Exchange ,
Stocks
On March 1, 2023, the U.S. Department of Justice (DOJ) unsealed an indictment against the CEO of a publicly traded healthcare company (the Executive) relating to charges of an insider trading scheme. The indictment represents...more
3/10/2023
/ 10b5-1 Plans ,
Broker-Dealer ,
Corporate Executives ,
Corporate Governance ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Fraud ,
Insider Trading ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC)
In today’s asset management landscape, cybersecurity threats are omnipresent, and with constantly evolving tools of attack, actual breaches have become increasingly prevalent. As the complexity, scope, and frequency of cyber...more
3/2/2022
/ Broker-Dealer ,
Comment Period ,
Cybersecurity ,
Disclosure Requirements ,
Investment Adviser ,
Investment Companies ,
Popular ,
Proposed Rules ,
Registered Investment Advisors ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC)
The staff (“Staff”) of the Division of Trading and Markets of the U.S. Securities and Exchange Commission (SEC) issued a no-action letter (NAL) at the request of the Financial Industry Regulatory Authority (FINRA) on...more
In our October 2019 update, we discussed how the staff of the U.S. Securities and Exchange Commission (SEC) has remained sharply focused in recent years on the conflicts of interest related to investment advisers’ selection...more
The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (the SEC) issued a risk alert (the risk alert) on August 12, 2020, highlighting COVID-19 pandemic-related risks and...more
8/19/2020
/ Broker-Dealer ,
Business Continuity Plans ,
Commodity Futures Modernization Act of 2000 (CFMA) ,
Compliance ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
OCIE ,
Popular ,
Remote Sales Transactions ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Sensitive Business Information ,
Supervision
In the wake of severe market volatility resulting from the COVID-19 pandemic, self-regulatory organizations and government agencies continue to provide guidance analyzing and interpreting the effects of the pandemic on market...more
Since the start of the COVID-19 pandemic in the United States, the U.S. Securities and Exchange Commission (SEC) has increasingly exercised its authority under the Securities Exchange Act of 1934 (the Exchange Act) to suspend...more
Over the past several years, U.S. Securities and Exchange Commission (SEC) enforcement activity has eroded the stability of the once-standard lineup of share classes available to mutual fund investors. Starting with...more
10/24/2019
/ 12b-1 plan ,
Best Practices ,
Broker-Dealer ,
Disclosure Requirements ,
Enforcement Actions ,
Fiduciary Duty ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
Mutual Funds ,
OCIE ,
Proposed Rules ,
Revenue Sharing ,
Securities and Exchange Commission (SEC) ,
Share Classes
The staffs of the Division of Trading and Markets (Division) of the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) (collectively, the “Regulators”) published a joint...more
7/18/2019
/ Books & Records ,
Broker-Dealer ,
Customer Protection Rule ,
Digital Assets ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Initial Coin Offering (ICOs) ,
Investment Management ,
Joint Statements ,
Over The Counter Derivatives (OTC) ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
SIPA
In a flurry of enforcement activity in the digital asset space, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization for broker-dealers,...more
10/8/2018
/ Blockchain ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Popular ,
Regulation D ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Unregistered Securities