News & Analysis as of

SIPA Broker-Dealer

Lowenstein Sandler LLP

A ‘Token’ Gift: The US SEC Giveth And Taketh Away

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While we would be remiss not to laud the SEC’s statement as a step in the right direction, the shortcomings are inescapable. On Dec. 23, 2020, the SEC published a statement proposing a framework for broker-dealers to...more

Jones Day

FDIC, SEC Adopt Rule on Orderly Liquidation of Large Broker-Dealers Under Title II of Dodd-Frank

Jones Day on

The Situation: Title II of the Dodd-Frank Act created an insolvency framework for the orderly liquidation of large financial companies, including SEC-registered broker-dealers, if certain financial distress and systemic risk...more

Foley & Lardner LLP

Finally 190! Years in the Making: CFTC Proposes New Bankruptcy Rules for FCMs and DCOs

Foley & Lardner LLP on

On April 14, by unanimous vote of the Commissioners, the Commodity Futures Trading Commission (“CFTC” or “Commission”) approved a notice of proposed rulemaking to update comprehensively its Part 190 Rules governing a...more

Dechert LLP

SEC and FINRA Staffs Jointly Address Broker-Dealer Custody of Digital Asset Securities

Dechert LLP on

The Staffs of the Securities and Exchange Commission’s Division of Trading and Markets and the Financial Industry Regulatory Authority’s Office of General Counsel (jointly, Staffs) issued a Joint Statement on July 8, 2019...more

Jones Day

SEC/FINRA Issue Joint Guidance on Broker-Dealer Custody of Digital Assets

Jones Day on

The Situation: In a recently released joint statement ("Statement"), the Staffs of the U.S. Securities and Exchange Commission's ("SEC") Division of Trading and Markets, and the Financial Industry Regulatory Authority...more

Katten Muchin Rosenman LLP

SEC and FINRA Issue Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities

On July 8, the Division of Trading and Markets for the Securities and Exchange Commission (SEC) and the Office of General Counsel for the Financial Industry Regulatory Authority (FINRA) issued a joint statement (the...more

Orrick - On the Chain

SEC/FINRA Joint Statement on Digital Asset Securities Does Not Address Regulatory Log Jam

Orrick - On the Chain on

Last week, the Staffs of the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) (collectively, the Staffs) released a Joint Statement concerning the application of the SEC’s...more

White & Case LLP

Key Takeaways from the SEC and FINRA Joint Statement on Broker-Dealer Custody of Digital Asset Securities

White & Case LLP on

As part of the continuing dialogue with market participants working toward developing methodologies for establishing possession or control by broker-dealers over their customers' digital asset securities, on July 8, 2019, the...more

Latham & Watkins LLP

Can Broker-Dealers HODL? SEC and FINRA Say Keep It Noncustodial for Now

Latham & Watkins LLP on

The regulators attempt to clarify their position on the possible custody of digital assets by broker-dealers, but questions remain. The SEC and FINRA recently released a joint staff statement (Joint Statement) addressing...more

Perkins Coie

SEC and FINRA Staffs Issue Joint Statement on Broker-Dealer Custody of Digital Asset Securities

Perkins Coie on

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

Katten Muchin Rosenman LLP

Bridging the Weeks - July 2019 #3

Staff of the Securities and Exchange Commission and the Financial Industry Regulatory Authority issued a joint statement setting forth concerns they have with the ability of broker-dealers to comply with the SEC’s Customer...more

A&O Shearman

US Regulators Clarify Position on Broker-Dealer Custody of Digital Asset Securities

A&O Shearman on

The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority have issued a joint statement clarifying how their traditional regulatory approaches would apply to how broker-dealers handle their...more

Morgan Lewis

Regulators Issue Joint Statement on Broker-Dealer Custody of Digital Asset Securities

Morgan Lewis on

A joint statement issued by the staffs of the SEC and FINRA provides insight into the issues under consideration regarding broker-dealer custody of digital asset securities, such as initial coin offerings. The SEC and FINRA...more

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