Customer Protection Fund: Slip it to SIPC
In January 2024, the Financial Industry Regulatory Authority (FINRA) reported a staggering rate of potentially inaccurate and misleading information in broker-dealer crypto asset communications. The Regulator revealed that...more
On June 6, Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin each filed enforcement actions against leading cryptocurrency exchange Coinbase and its parent,...more
Regulators have been slow walking the imposition of cryptocurrency regulation schemes despite multi-billion-dollar thefts and losses. This lack of regulation could be coming to an end…and fast, with the finance capital of the...more
The Financial Industry Regulatory Authority announced, on November 14, 2022, a targeted exam focusing on broker-dealers’ practices for communications with retail investors regarding Crypto Assets (as defined below)....more
In the world of cryptocurrency, exchange platforms act as intermediaries allowing investors to buy and sell assets while making money through commissions and transaction fees. Any assets purchased may be held in either...more
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
BROKER-DEALER - FINRA and SIPC Agree To Streamline the Annual Report Filing Process for Broker-Dealers - On August 1, the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation (SIPC)...more
Troubled financial institutions, some with substantial broker dealer operations, played a prominent role in the 2008 financial crisis. In an effort to protect the financial system from serious threats posed by significant...more
Yesterday, the Supreme Court denied two petitions for certiorari filed by Irving H. Picard—the Trustee for the estate of Bernard L. Madoff Investment Securities (“Madoff Securities”)—and the Securities Investor Protection...more
The D.C. Circuit rejected efforts by the SEC to compel the Securities Investor Protection Corporation to liquidate a broker-dealer that was part of the Stanford Ponzi scheme empire. The investors had purchased CDs from an...more
Mt. Gox filed for bankruptcy protection in Japan alleging that nearly all of the exchanges’ 850,000 bitcoins worth half-a-billon dollars had been looted by hackers. Customers were left asking whether any of their bitcoins are...more
The Alberta Securities Commission (ASC) has entered into a settlement agreement with Anthony Lambert, the former CEO of Daylight Energy Ltd., following allegations by the ASC that Mr. Lambert violated provisions of the...more
A Florida federal court has dismissed a class action alleging that the Securities and Exchange Commission was negligent for failing to report that Robert Allen Stanford’s $7 billion fund was a Ponzi scheme, finding the...more
In this issue: - SEC, CFTC and FINRA Issue Joint Advisory on Business Continuity and Disaster Recovery Planning - FINRA Updates Private Placement Form and Issues FAQ - SEC Approves Amendments to FINRA...more
The Securities and Exchange Commission adopted amendments to the financial responsibility requirements for broker dealers under the Securities Exchange Act of 1934 (Exchange Act) designed to safeguard customer securities and...more