On April 8, 2025, then Acting Chairman Mark T. Uyeda of the U.S. Securities and Exchange Commission (“SEC”), highlighted in remarks before the Annual Conference on Federal and State Securities Cooperation two areas where...more
FINRA’s Office of Financial Innovation published a report on “The Metaverse and the Implications for the Securities Industry” to raise awareness among its member firms and the broader securities industry and seek industry...more
State securities regulators saw a busy 2021, and 2022 looks to continue in much the same fashion. Some of the more active topics for regulators have included protecting senior investors, stopping fraudulent investment schemes...more
In February 2020, the Massachusetts Securities Division (the “MSD”) adopted a first-in-the-nation state fiduciary duty rule applicable to broker dealers and broker-dealer agents. Now, roughly three months after enforcement...more
A number of New England securities regulators have issued orders or guidance modifying key provisions of their regulations in light of the COVID-19 pandemic. New England securities regulators, in particular, have provided...more
As anticipated, 2020 has seen a number of fiduciary and best interest advice regulations advance at both the federal and state levels. Firms subject to these regulations face challenges in dealing with rules that impose a...more
On February 21, 2020, the Massachusetts Securities Division adopted final amendments to its regulations, formalizing a fiduciary duty rule applicable to broker-dealers and broker-dealer agents (the “Amendments”). The...more
FDIC and OCC Propose CRA Modernization Rule with Opt-Out for Small Banks The FDIC and the OCC have jointly proposed amendments to modernize the agencies’ Community Reinvestment Act (“CRA”) regulations, which are intended...more
Recently, the Massachusetts Securities Division made public its proposed final fiduciary duty rule (the “Proposed Rule”). The MSD has requested public comment concerning the Proposed Rule by January 7, 2020....more
Although the price of Bitcoin is down nearly 80 percent since January, there continues to be tremendous interest in digital currencies and assets (sometimes referred to as “cryptocurrencies”), and in the potential benefits of...more
The surge in cryptocurrency activity has led to an increase in attention from enforcement authorities at both the state and national levels. The Texas State Securities Board launched an investigation into cryptocurrency...more
BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more
On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more
While the SEC has worked over the last several months to provide meaningful guidance around the offer and sale of digital tokens, state securities regulators have now begun to take action, with Texas leading the way. In the...more