Securities Exchange Act, Financial Services Industry

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

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

Pagefreezer on 4/2/2024

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

Inside the Courts – An Update From Skadden Securities Litigators - February 2024

Skadden, Arps, Slate, Meagher & Flom LLP on 3/5/2024

Securities Class Actions Show No Signs of Slowing in 2024 - Key Points - While the volume of securities class actions filings has remained consistently elevated over the past several years, the composition of the class...more

2023 Securities Litigation Year in Review

Jones Day on 2/28/2024

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

“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

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

Troutman Pepper on 11/28/2023

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

SEC Adopts New Short Position and Short Activity Reporting Requirements

Dorsey & Whitney LLP on 11/10/2023

The Securities and Exchange Commission (the “SEC”) adopted a new short position and short activity disclosure requirement under Rule 13f-2 of the Securities Exchange Act of 1934 (the “Exchange Act”). Under Rule 13f-2, an...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

Opportunistic Credit Default Swap Strategies in the Crosshairs: SEC Finalizes Rule 9j-1

Alston & Bird on 7/25/2023

The Dodd–Frank Act continues to spawn new rules more than a decade after its passage. Our Financial Services & Products Group reviews a rule finalized 10 years after its proposal that protects security-based swaps from fraud...more

Fintech Company Secures Dismissal Of Purported Class Action In Northern District Of California

A&O Shearman on 5/8/2023

On April 27, 2023, Judge Charles R. Breyer of the United States District Court for the Northern District of California granted a motion to dismiss a proposed securities class action suit against a financial technology company...more

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

Orrick, Herrington & Sutcliffe LLP on 4/27/2023

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

SEC fines gaming company $4 million as successor to a company charged with FCPA violations

Orrick, Herrington & Sutcliffe LLP on 3/9/2023

On March 6, the SEC announced that an Ireland-based global gaming and sports betting company, as successor-in-interest to a company it acquired in 2020 (the “acquired company”), agreed to pay a $4 million civil money penalty...more

SEC Staff Grants Temporary Relief from Compliance with Rule 15c2-11 for Rule 144A Fixed Income Securities

Mayer Brown Free Writings + Perspectives on 12/6/2022

With the January 3, 2023, deadline fast approaching for compliance with Exchange Act Rule 15c2-11, as amended and reinterpreted by the staff of the US Securities and Exchange Commission (“SEC”) to apply to fixed income...more

SEC Deals New Proposal to Expand Reach of Dealer Registration Requirements

Katten Muchin Rosenman LLP on 4/6/2022

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

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

Goodwin on 3/9/2022

IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

SEC Proposes Amendments to Electronic Recordkeeping Requirements

Morgan Lewis on 12/17/2021

While the US Securities and Exchange Commission seeks to modernize electronic recordkeeping requirements in a technology-neutral manner, its proposed amendments are unclear as to the permissible use of the “cloud” or...more

House Votes to Repeal OCC True Lender Rule

Goodwin on 7/28/2021

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

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

Goodwin on 3/25/2021

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

OCC Proposes Rules for CRA Benchmarks and Fair Access

Goodwin on 11/30/2020

In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more

Financial Industry Regulatory Authority Arbitration Of Employment Disputes

Jackson Lewis P.C. on 11/23/2020

The Financial Industry Regulatory Authority, Inc. (FINRA) is an independent regulatory body, overseeing securities firms and their brokers and other registered personnel. Arbitration of employment disputes in the arbitration...more

SEC Proposal for Limited Exemption from Broker-Dealer Registration

Nutter McClennen & Fish LLP on 10/21/2020

On October 7, 2020, the Securities and Exchange Commission (the “SEC”) proposed a limited, conditional exemption from the broker registration requirements of Section 15(a) of the Securities Exchange Act of 1934 (the “Exchange...more

SEC Proposes New Rules that would Exempt Certain “Finders” from Registration as Brokers

Seyfarth Shaw LLP on 10/15/2020

Seyfarth Synopsis: The Securities and Exchange Commission currently takes the view that "finders" who introduce potential investors to a company must register as brokers if they receive compensation based on the amount of...more

SEC proposes narrow broker-dealer registration exemption for finders

Hogan Lovells on 10/15/2020

The U.S. Securities and Exchange Commission (SEC) proposed a new exemptive order on Wednesday, October 7, which would exempt certain “finders” from broker-dealer registration under Section 15(a) of the U.S. Securities...more

New Life For Finders?

Morrison & Foerster LLP on 10/9/2020

Background- For many years, small businesses and other private issuers have struggled to connect with investors when seeking to raise capital in a private offering. The amount of money being raised was sometimes too small...more

SEC's Proposed Exemptive Order For Finders Overlooks California Exemption

Allen Matkins on 10/8/2020

Yesterday's big news at the Securities and Exchange Commission was a proposed exemptive order for finders. The question of whether issuers can compensate anyone other than a registered broker for finding investors has...more

Securities Exchange Act › Financial Services Industry

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