This update covers legal developments and regulatory news for funds, their advisers, and industry participants for the quarter ended March 31. Rulemaking and Guidance: • SEC Adopts Reforms Relating to Investment Advisers...more
Introduction - On 6 February 2024, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt two new rules that significantly expand the definitions of a “dealer” and “government securities dealer” in Sections...more
SEC defines the phrase “as part of a regular business” to capture private funds and other market participants that take on liquidity-providing roles. The Securities and Exchange Commission (SEC) adopted new rules that...more
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
As part of a recent rulemaking, the Securities and Exchange Commission ("Commission" or "SEC") adopted Rule 3a5-4 to include certain liquidity providers within the meaning of the phrase "as a part of a regular business" in...more
On December 21, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the final rule on Beneficial Ownership Information Access and Safeguards (the “Access Rule”) laying out the...more
Amid ongoing federal government shutdown risks and the close of its fiscal year, the U.S. Securities and Exchange Commission's (SEC) Division of Examinations (Exams) recently announced its fiscal year (FY) 2024 priorities....more
It’s not just the New York Yankees that wish they could put the summer behind them. We previously wrote about the shocking blow the D.C. Circuit Court of Appeals dealt FINRA in early July by enjoining the self-regulatory...more
The 2023 Regular Session of the Connecticut General Assembly concluded on June 7, 2023. The following is a brief description of acts that were passed by the General Assembly that may be of interest to Connecticut’s K-12...more
A DC Circuit Court of Appeals challenge to a recent Financial Industry Regulatory Authority (FINRA) enforcement action brings into question whether FINRA should be held accountable to constitutional restrictions on state...more
Supreme Court Blocks Use of Race in Harvard, UNC Admissions in Blow to Diversity Efforts - "In one of its most closely watched cases this year, the court ruled along ideological lines that the way the schools approached race...more
Congress will be back in session after the Labor Day weekend with a final push before the November elections. Over 20 bills regarding digital assets have been introduced to Congress, addressing a wide variety of areas...more
U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) - SEC Staff No-Action Letter to FINRA: Allowing Technical or Temporary Relief by FINRA - On May 13, 2020, the Staff of the SEC’s Division of Trading and Markets issued a...more
As reported in prior McGuireWoods alerts, financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and public companies continue to deal with the impact COVID-19...more
As reported in prior McGuireWoods alerts (see April 15, April 6, March 26 and March 17 updates), financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and...more
As reported in prior McGuireWoods alerts (see March 26 and March 17 updates), financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and public companies...more
On March 12, 2019, the Securities and Exchange Commission (SEC) announced that, on April 16, 2019, SEC fee rates applicable to most securities transactions will be raised from the current rate of $13.00 per million to the new...more
The CFTC unanimously approved proposed regulatory amendments intended to simplify obligations imposed on a self-regulatory organization (SRO) when carrying out its financial surveillance program for futures commission...more
• Coinbase, one of the largest cryptocurrency exchanges, recently approached the U.S. Securities and Exchange Commission (SEC) about possible licensing as a broker-dealer. If Coinbase decides to register with the SEC, it will...more
This quarter's issue includes summaries and associated court opinions of selected cases principally decided between November 2017 and January 2018. The cases address developing trends in appraisal, class certification, core...more
The U.S. Department of the Treasury has issued a report to the President recommending extensive regulatory and legislative reforms to the U.S. capital markets. The recommendations, in response to the White House's executive...more
CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues - On October 13, 2017, the U.S. Commodity Futures Trading Commission ("CFTC") announced determinations by the CFTC and the...more
The SEC must generally approve rules and rule changes by self-regulatory organizations, which are referred to as SROs. According to this SEC web page, there are 37 active SROs. The volume of rule filings submitted for...more
Taxpayers who make payments in conjunction with a forfeiture action should attempt to understand the characterization of a payment to see if the specific payment can avoid being treated as a fine or penalty. Originally...more
SEC/CORPORATE - SEC Division of Corporation Finance Issues Revised and Additional C&DIs Relating to Form S-8 - On November 9, the Division of Corporation Finance of the Securities and Exchange Commission issued two...more