Securities law enforcement entered the metaverse recently in the form of an emergency cease and desist order issued by the Texas State Securities Board against individuals and a company using NFTs to finance multiple metaverse casinos. Much like Wyatt Earp
FinReg + Policy Watch
FinReg + Policy Watch, published by Goodwin Procter, focuses on regulatory developments and policy issues affecting financial markets and institutions. The blog covers topics such as SEC rulemakings and examinations, compliance with financial regulations including security-based swaps and identity theft protections, market structure proposals, and regulatory notices from FINRA. It provides updates and analysis on enforcement priorities, regulatory alerts, and best practices for firms operating in investment funds, broker-dealer, and advisory sectors. The content is aimed at helping financial services professionals understand and navigate evolving regulatory frameworks and compliance obligations.
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SEC Examinations Division Publishes 2022 Priorities
The SEC Division of Examinations recently published its list of priorities for 2022. While it was a bit late compared to a typical year, the priorities letter provides a roadmap for firms to better understand where the Division will…
Ding, Dong! The Dealer/Trader Distinction is Dead. HFTs and DEX AMMs Should Take Notice
The SEC recently proposed rules that would greatly expand the Exchange Act definition of “dealer” and essentially kill the existing dealer/trader distinction long-recognized by the SEC. The likely outcome is that most proprietary trading firms will need to register with…
FINRA Reminds CCOs About Potential Supervisory Liability
FINRA recently published Regulatory Notice 22-10 reminding firms of the scope of Rule 3110 (Supervision) and the potential liability of Chief Compliance Officers for failure to reasonably discharge supervisory responsibilities delegated to them.
FINRA recognizes that compliance and supervision are…
White House Issues Crypto Executive Order
By Nick Losurdo
Our recent client alert discusses President Biden’s Executive Order Ensuring Responsible Development of Digital Assets.
The post White House Issues Crypto Executive Order appeared first on FinReg + Policy Watch.
SEC Commissioner Allison Herren Lee Announces Departure (Sorta)
On March 15, 2022, SEC Commissioner Allison Herren Lee announced she will not seek a second term once her current term expires in June of this year. The departure of Commissioner Lee, a Democrat-appointee, follows the January 2022 departure of…
SEC Proposes Expanded and Accelerated Cybersecurity Disclosures for Public Companies
By Nick Losurdo
Our recent client alert discusses the SEC’s proposed rules for public company cybersecurity disclosures. The proposed rules are the latest step in the SEC’s broad approach to cybersecurity matters such as risk management, corporate governance and strategy, incident reporting and…
FINRA Reminds Firms of Evolving Definition of “Prompt” Order Execution
FINRA recently reminded firms of their obligation to execute marketable customer orders fully and promptly. While this seems fairly routine, what’s notable about the reminder is that “prompt” doesn’t necessarily mean what it used to.
FINRA Rule 5310 (Best Execution…
Regulation Best Interest and Form CRS: Spotlight on FINRA’s 2022 Exam and Risk Monitoring Program Report
Our recent client alert distills FINRA’s findings on Reg. BI and Form CRS so you don’t need to read it all yourself.
SEC Penalizes 12 Additional BDs and IAs with CRS Failures
On February 15, 2022, the SEC announced settlements with 12 broker-dealers and investment advisers for failing to satisfy their Form CRS obligations. These settlements come on the heels of 27 settlements last year for similar violations. While all settlements included…