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Financial Institutions Securities Exchange Act

Mintz - Securities & Capital Markets...

Reminder – T-1 Settlement Starts Tuesday, May 28, 2024

Starting today, Tuesday, May 28, 2024, the amendments to Securities Exchange Act Rule 15c6-1 take effect, shortening the settlement cycle for most broker-dealer securities transactions to the trade date plus one business day...more

Pagefreezer

Website & Social Media Archiving to Comply with FINRA Books & Records Rules

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Investment firms and other financial institutions are subject to the strict recordkeeping and communication regulations laid out by both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange...more

Jones Day

2023 Securities Litigation Year in Review

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During 2023, securities lawsuit filings rose for the first time in four years. Settlements declined last year; there were nine mega-settlements of more than $100 million, including a $1 billion settlement. Case filings...more

Morgan Lewis - All Things FinReg

SEC Adopts New Treasury Clearing Rules

On December 13, 2023, the US Securities and Exchange Commission (SEC) adopted rule amendments (Treasury Clearing Rules) designed to improve risk management in clearance and settlement and to facilitate additional central...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2023 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

A&O Shearman

Fifth Circuit Securities Litigation Quarterly Q3 2023

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Welcome to the third edition of Shearman & Sterling’s Fifth Circuit Securities Litigation Quarterly. As public companies and financial institutions continue to migrate to Texas, our Texas-based securities litigation team...more

Quarles & Brady LLP

Preparing for the Corporate Transparency Act: What you should be doing now

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Although you have probably been bombarded with news about the Corporate Transparency Act which is set to take effect on January 1, 2024, its actual impact for most operational companies in the U.S. will likely be...more

Orrick, Herrington & Sutcliffe LLP

District Court orders fintech to pay $2.8 million for manipulating price of crypto-asset security

On April 20, the U.S. District Court for the Southern District of New York entered a final judgment in which a fintech company and its former CEO (collectively, “defendants”) have agreed to pay the SEC more than $2.8 million...more

Perkins Coie

Market Turmoil Caused by “Run on the Banks” Leads to Trading Halts

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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

Goodwin

FinCEN Proposes Form of Report to Collect Beneficial Ownership Information and Application to Obtain FinCEN Identifiers

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Regulatory Developments - FinCEN Proposes Form of Report to Collect Beneficial Ownership Information and Application to Obtain FinCEN Identifiers - On January 17, FinCEN proposed a form of report to collect beneficial...more

Holland & Knight LLP

FinCEN Issues Final Rule Implementing Corporate Transparency Act Requirement

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The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule on Sept. 29, 2022, implementing the beneficial ownership information (BOI) reporting requirement of the Corporate...more

Lowenstein Sandler LLP

Regulators Crack Down on the Use of Messaging Apps as Wall Street Banks and Investment Advisers Hit With $1.8 Billion in Fines

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On September 27, 2022, regulators from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) handed out over $1.8 billion in fines to financial institutions in connection with...more

Holland & Knight LLP

Red Flag Refresher: Broker-Dealers and the Importance of Strong AML Compliance

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The SEC continues to focus a portion of its enforcement attention on registrants' obligations with regard to anti-money laundering (AML) compliance and transaction monitoring. In this post, we provide a refresher on the...more

Katten Muchin Rosenman LLP

SEC Deals New Proposal to Expand Reach of Dealer Registration Requirements

Key Points - - New proposed SEC rules would expand who may be considered a dealer or a government securities dealer under the Securities Exchange Act of 1934. - If the proposed new rules are adopted, a large group of...more

Ballard Spahr LLP

Danske Bank Secures a Big Victory in Investor Suit Based on Alleged AML Violations

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Danske Bank (Danske) recently secured a big victory in the United States Court of Appeals for the Second Circuit. On August 25, 2021, the appellate court unanimously affirmed the Southern District of New York’s dismissal of...more

Goodwin

SBA Implemented Changes to PPP as a Part of American Rescue Plan Act

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In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more

Buchalter

Congress Makes Sweeping Changes to Money Laundering Enforcement

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On New Year’s Day 2021, Congress passed—over President Trump’s veto—a defense appropriations law containing the Anti-Money Laundering Act of 2020 (“AML Act”) and the Corporate Transparency Act, as part of a sweeping new set...more

Pillsbury Winthrop Shaw Pittman LLP

The SPAC Explosion: Beware the Litigation and Enforcement Risk

SPACs have seen exponential growth in 2020, but SPAC sponsors, investors and targets should beware the scrutiny de-SPAC transactions are receiving from the plaintiffs’ bar and the SEC. 2020’s SPAC IPO explosion will...more

Latham & Watkins LLP

Alternative Data: Regulatory and Ethical Issues for Financial Services Firms to Consider - March 2020

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Not too long ago, an investment manager looking to invest in a company might conduct due diligence, attend investor relation calls, peruse quarterly or annual filings, and consider standard ratios such as price to earnings...more

A&O Shearman

Central District Of California Allows Exchange Act Claims To Proceed Against Non-U.S. Corporate Issuer In Connection With ADRs,...

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On January 28, 2020, Judge Dean D. Pregerson of the United States District Court for the Central District of California denied defendant’s motion to dismiss a putative securities class action brought against a multinational...more

Perkins Coie

Blockchain Week in Review - January 2020 #3

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U.S. Developments - Federal and State Regulatory Developments - Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians - SB 2594 before the Hawaii...more

Sullivan & Worcester

SEC Adopts Final ETF Rule to Streamline and Ease Product Development

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On September 26, 2019, the Securities and Exchange Commission (“SEC”) adopted a new rule to modernize the regulation of most exchange-traded funds (“ETFs”). Rule 6c-11 (the “Rule”) under the Investment Company Act of 1940, as...more

Proskauer - Blockchain and the Law

As Bitcoin’s Price Moves Dramatically, ETF Proposals Remain at a Standstill

On June 26, the price of bitcoin surged to a 12-month high of nearly $13,900 (up about 35% on the month) before losing more than $1,700 in a span of 15 minutes, then rebounding slightly and closing the day at around $12,800....more

Allen Matkins

The "Other" EDGAR

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Did you know that some companies with securities registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934 do not file their periodic reports and proxy materials on EDGAR? Section 12(i) of the Exchange...more

BCLP

In Finding a Failure to Reasonably Supervise, SEC Highlights Responsibilities of Firms to Create Clear, Written Investigatory...

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A recent Securities and Exchange Commission (“SEC”) order imposed sanctions on a financial institution for failing to reasonably supervise a representative’s conduct. In its findings, the SEC highlights the institution’s...more

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