The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more
Crypto Exchange Receives CFTC License; Ratings Agency Scores Stablecoins - A recent press release announced that Bitnomial, “a US-regulated digital asset derivates exchange,” has been granted “a US clearinghouse license to...more
CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates these stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more
Financial Services Firms Expand Cryptocurrency Custody Services - According to recent reports, the cryptocurrency custody arm of a major international bank has launched its institutional cryptocurrency custody services in...more
Crypto Firms Announce New Product Launches in Custody, Stablecoins, Wallets - According to a recent press release, Prometheum Capital has received the first-ever approval from the Financial Industry Regulation Authority...more
U.S. Developments – Regulatory - U.S. Treasury Foreshadows “Significant New Requirements” - In testimony before the Senate on Wednesday, Secretary of the Treasury Steven Mnuchin eluded to new regulation. Mnuchin said...more
The International Organization of Securities Commissions articulated considerations for worldwide regulators evaluating cryptoasset trading platforms within their regulatory perimeter. However, IOSCO noted this assessment...more
A social media company and its wholly owned subsidiary sued by the Securities and Exchange Commission for conducting an offering of an unregistered digital security claimed that the agency was wrong in its characterization of...more
The Situation: Following its recent joint statement on opportunistic strategies in the credit derivatives market with the U.S Securities and Exchange Commission ("SEC"), the United Kingdom's Financial Conduct Authority...more
Last week, a Canada-based social media company was sued by the Securities and Exchange Commission for purportedly conducting an unregistered securities offering to United States persons in connection with an initial coin...more
Controller of FCM Named in CFTC Complaint, Along with Firm, for Failure to Timely Notify Commission of Segregation Breach: Cunningham Commodities, LLC, a futures commission merchant registered with the Commodity Futures...more
Non-Enforcement - Form PF — What Purpose? SEC registered investment advisers with at least $150 million of assets under management in private funds are required to periodically file Form PF with the SEC. The...more
Investment Adviser Chief Compliance Officer Blamed in SEC Lawsuit for President’s Theft of Client Funds; SEC Commissioner Criticizes Enforcement Actions Against CCOs Generally - The Securities and Exchange Commission...more
Two Traders Subject of CME Summary Suspension for Alleged Spoofing Sued by CFTC Too - Last week, the Commodity Futures Trading Commission commenced a lawsuit in federal court in New York against Heet Khara and Nasim...more
ICE Futures Fined US $3 Million by CFTC for Reporting Errors and Untimely Response to Inquiries - The Commodity Futures Trading Commission fined ICE Futures U.S., Inc. US $3 million last week for filing allegedly...more
SEC Spotlight on Broker-Dealer Supervision of Outside Business Activities of Registered Representatives. In this issue we report on the SEC’s settled administrative proceedings against H.D. Vest Investment Securities,...more
CFTC Issues CME Group Report Card: Scores Generally Good But NYMEX and COMEX Directed to Continue to Enhance Spoofing Surveillance - The Chicago Mercantile Exchange Group found early presents under its Christmas tree...more
In this issue: - Delaware Court of Chancery Rejects Controlling Stockholder Claims and Applies Business Judgment Rule to Merger Suits - FINRA Remarks at the National Society of Compliance Professionals...more
CFTC Proposes Margin Rules for Uncleared Swaps and Approves Special Treatment for Operations-Related Swaps With Certain Government-Owned Natural Gas and Electric Utilities - A few weeks after the Federal Reserve Bank...more