Securities Exchange Act, CFTC

CFTC Reaches $48 Million Settlement With Swiss Energy Trader Over Attempted Gasoline Market Manipulation Scheme

A&O Shearman on 9/18/2024

On August 27, 2024, the Commodity Futures Trading Commission issued an order filing and simultaneously settling charges against a Swiss energy trader (the “Company”), for allegedly attempting to manipulate the European...more

CFPB Warns Employee NDAs, Confidentiality Agreements May Violate Whistleblower Laws

Ogletree, Deakins, Nash, Smoak & Stewart,... on 8/5/2024

On July 24, 2024, the Consumer Financial Protection Bureau (CFPB) issued guidance putting financial regulators and employers on notice that requiring employees to sign broad confidentiality or nondisclosure agreements that...more

Driving Force - More fines, more admissions, more monitors: what is the future of CFTC enforcement?

BCLP on 2/13/2024

In a recent speech given at New York University’s School of Law, the Commodity Futures Trading Commission’s (CFTC’s) Director of Enforcement, Ian McGinley, unveiled a new advisory concerning penalties, monitors and admissions...more

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on 2/9/2024

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

SEC Launches Regulation for Security-Based Swap Execution Facilities

Latham & Watkins LLP on 2/6/2024

Regulation SE, the last of the Title VII Dodd-Frank rulemakings, will become effective on February 13, 2024. The Securities and Exchange Commission (SEC) has taken a significant step in enhancing the regulatory landscape...more

SEC Approves Spot Bitcoin ETFs; CFTC Publishes DeFi Report; FINRA Addresses Crypto Assets; Reports Provide Data on Crypto Scams

BakerHostetler on 1/16/2024

On January 10, the U.S. Securities and Exchange Commission (SEC) simultaneously approved eleven spot bitcoin Exchange Traded Funds (ETFs) on an accelerated basis based on its Order Granting Accelerated Approval of Proposed...more

SEC Adopts New Requirements for US Treasuries Clearing and Risk Management

WilmerHale on 1/2/2024

On December 13, 2023, the Securities and Exchange Commission (SEC) voted (4-1) to adopt new requirements under the Securities Exchange Act of 1934 (Exchange Act), which will restructure the clearance and settlement of...more

Leash the Kraken: SEC Sues Kraken

Seward & Kissel LLP on 11/28/2023

On November 20, 2023, the SEC filed a complaint in the United States District Court for the Northern District of California against Payward, Inc. and Payward Ventures, Inc. which, together, do business as Kraken. The...more

Broker Dealer Regulatory Digest - November 2023

Davis Wright Tremaine LLP on 10/30/2023

Editor's Note - 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,...more

Good as Gold? Dual SEC/CFTC Trials Loom for Alleged Precious Metals Coin Fraud

Holland & Knight LLP on 10/27/2023

Digital assets are not the only coins drawing regulatory scrutiny these days. Earlier this year, the U.S. Securities and Exchange Commission (SEC) announced that it filed a complaint against California-based Red Rock Secured...more

SEC Charges 11 Firms with Widespread Recordkeeping Failures

Seward & Kissel LLP on 8/17/2023

Who may be interested: Registered Investment Advisers, Broker-Dealers, Registered Investment Companies, Boards of Directors - Quick Take: The SEC recently settled charges against ten broker-dealers and one dually...more

SEC Rebuked for Failing to Explain Why It Declined to Regulate a Financial Product

Jones Day on 8/11/2023

The SEC's loss highlights a bigger problem with legislation that calls for sharing jurisdiction with the CFTC over financial products....more

SEC and CFTC Show No Signs of Slowing Down Enforcement Actions for Financial Firms’ Use of Off-Channel Communications

BakerHostetler on 8/11/2023

The settlements announced by the SEC and CFTC on Monday are a continuation of the regulators’ focus on off-channel communications by employees of registered entities....more

Marketing Private Funds to U.S. Investors — A Practical Guide for Asia-Based Managers

Morrison & Foerster LLP on 7/6/2023

As the private equity (“PE”) and venture capital (“VC”) funds industry grows and matures in Asia, managers are increasingly looking to market interests in their funds to U.S.-based investors. However, many Asia-based managers...more

Katten Financial Markets and Funds Quick Take | Issue 15

Katten Muchin Rosenman LLP on 6/14/2023

Four Key Considerations Since SEC Amended Form PF - In early May, the Securities and Exchange Commission (SEC) adopted a final rule amending Form PF, the confidential reporting form for certain SEC-registered investment...more

SEC and CFTC Fines for Texting Augur Billions More from DOJ

Carlton Fields on 2/17/2023

In September 2022, the SEC and CFTC fined some of the largest financial services firms in the world approximately $1.8 billion for texting. Specifically, for failing to maintain or preserve “off-channel communications” on...more

SEC to Enhance Its Regulation of Security-Based Swaps

Goodwin on 2/14/2023

As we have previously discussed, the SEC’s Fall 2022 “Reg Flex” Agenda charts the agency’s planned rulemaking through Q1 2023. Among this ambitious and wide-reaching agenda are two important final rulemakings concerning the...more

Out of Scope - Exemptions from the Corporate Transparency Act

Willcox & Savage on 2/7/2023

The second installment in a multi-part series looking at the new Corporate Transparency Act discusses what is likely to be the first question that many companies have whenever a new law is passed – are we exempt? ...more

Private Fund Advisers 2023 Regulatory Outlook

Morrison & Foerster LLP on 1/16/2023

Sponsors and managers of private funds must attend to various routine regulatory and compliance tasks, which can include ongoing reporting obligations under the Investment Advisers Act of 1940 (the “Advisers Act”), updating...more

Top PHive Crypto Enforcement Notes: January Edition

Paul Hastings LLP on 1/13/2023

Happy New Year! While the holidays hopefully provided a chance to rest and recharge, things have not slowed down in the world of digital asset enforcement. We see a growing dedication of resources by government law...more

Dismissal of Putative Securities Class Action for Bellus Health, Inc.

Goodwin on 10/10/2022

On September 21, 2022, U.S. District Judge George B. Daniels of the Southern District of New York dismissed with prejudice a putative securities class action against BELLUS Health, Inc. and certain of its officers....more

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

Lowenstein Sandler LLP on 10/6/2022

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

First-of-a-Kind Crypto Insider Trading Prosecution: SEC-v-Wahi et al Action May Have Broad Implications Across the Digital Asset...

ArentFox Schiff on 8/9/2022

As use of cryptocurrency investment has increased throughout the world, regulators have faced a bevy of novel questions, especially related to applying different strains of law to regulate novel digital assets. To date,...more

Grayscale Investments Petitions D.C. Circuit For Review Of SEC’s Decision To Disapprove Proposed Bitcoin Exchange-Traded Product

Goodwin on 7/14/2022

On June 29, 2022, Grayscale Investments, LLC petitioned the U.S. Court of Appeals for the District of Columbia for review of the U.S. Securities and Exchange Commission’s June 29, 2022 final order disapproving of an October...more

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets - SEC and Securities

Latham & Watkins LLP on 6/21/2022

Securities issues are covered in Title III (Responsible Securities Innovation) of the Responsible Financial Innovation Act (RFIA). The RFIA would add a new Section 41 to the Securities Exchange Act of 1934 (Securities...more

Securities Exchange Act › Commodities Futures Trading Commission

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