James C. Munsell

May 17, 2024 | jdsupra.com | Brian Daly |Nnedinma Ifudu Nweke |James C. Munsell

Key Points On May 13, 2024, the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a joint notice of proposed rulemaking, Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers (“Joint NPRM”), that would require SEC-registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) to establish, document and maintain written customer...

Feb 14, 2024 | lexology.com | Peter Altman |Michael Asaro |Brian Daly |Jason Daniel |Katherine Goldstein |Alexis Guinan | +11 more

Key PointsOn February 13, 2024, FinCEN issued an NPRM that seeks to include certain investment advisers in the definition of “financial institution” under the BSA. As described in the NPRM as well as in FinCEN’s fact sheet, RIAs and ERAs would be required to implement risk-based AML/CFT programs, file SARs with FinCEN, fulfill certain recordkeeping requirements and fulfill other obligations currently applicable to financial institutions subject to the BSA and FinCEN’s implementing regulations.

Apr 12, 2023 | lexology.com | Nathan Howell |Lilya Tessler |Kate L. Lashley |James C. Munsell

USAApril 12 2023On March 29, 2023, the National Futures Association (NFA) issued a new rule, Compliance Rule 2-51 (Rule 2-51, or the Rule), applicable to NFA member firms and associated persons (Members and Associates) engaging in activities involving “digital asset commodities.” The Rule imposes anti-fraud, just and equitable principles of trade, and supervision requirements on Members and Associates and codifies Members’ existing disclosure obligations under NFA Interpretative Notice 9073.