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Dec 12, 2024 | 
jdsupra.com | Kelley A. Howes
CFTC-Regulated Entity Identified AI Use Cases Identified Regulatory Considerations Order Processing and Trade Matching Derivatives Contract Markets (“DCMs”) Swap Execution Facilities (“SEFs”) Swap Data Repositories (“SDRs”) AI may be utilized in the order processing and trade matching functions, particularly as it relates to the preparation of message data at the time of execution. For example, AI may be used to anticipate trades before they happen, allowing for greater efficiency in the...
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Nov 22, 2024 | 
jdsupra.com | Kelley A. Howes
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Aug 29, 2024 | 
jdsupra.com | Henry Fields |Kelley A. Howes |Jiang Liu
On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking (NPR)[1] that would expand the FDIC’s role under the Change in Bank Control Act of 1978 (CBCA).[2] The NPR seeks, in part, to address the FDIC’s concerns about the increasing stakes in insured depository institutions (IDIs) and their holding companies (IDI Holding Companies) held by large fund complexes and other asset managers.
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Jul 8, 2024 | 
jdsupra.com | Deborah Connor |Marc-Alain Galeazzi |Kelley A. Howes
On May 13, 2024, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) issued a joint Notice of Proposed Rulemaking (NPRM) that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to implement and maintain a customer identification programs (CIP) to verify the identities of their customers.
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Jul 8, 2024 | 
lexology.com | Kelley A. Howes |Marc-Alain Galeazzi |Deborah Connor |Malka Levitin |Caroline Sir
On May 13, 2024, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) issued a joint Notice of Proposed Rulemaking (NPRM) that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to implement and maintain a customer identification programs (CIP) to verify the identities of their customers.
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Jun 13, 2024 | 
jdsupra.com | Val Dahiya |Kelley A. Howes |Brian K. Kidd
Summary On June 5, 2024, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) unanimously vacated the “Private Fund Adviser Rules,”[1] which the U.S. Securities and Exchange Commission (the SEC) adopted in August 2023, with compliance dates beginning September 14, 2024.[2] The Fifth Circuit found that in adopting the rules, the SEC exceeded its statutory authority under Section 206(4) and Section 211(h) of the Investment Advisers Act of 1940 (the...
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Mar 13, 2024 | 
jdsupra.com | Val Dahiya |Kelley A. Howes
In November of 2023, FINRA made an initial rule filing with the Securities and Exchange Commission (SEC) pursuant to Exchange Act Rule 19b-4, seeking to amend FINRA Rule 2210 – Communications with the Public (the ”Communications with the Public Rule”).
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Feb 27, 2024 | 
jdsupra.com | Deborah Connor |Marc-Alain Galeazzi |Kelley A. Howes
In July 2020, a sensitive Federal Bureau of Investigation (FBI) document was leaked to the public. The document outlined the FBI’s suspicions that the private investment funds industry was providing choice money laundering vehicles for bad actors. In the report, the FBI called for regulatory action in response. Four years later, the Financial Crimes Enforcement Network (FinCEN) has answered the call, with a February 15th Notice of Proposed Rulemaking (NPRM).
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Feb 2, 2024 | 
jdsupra.com | Michael Birnbaum |Kelley A. Howes |Malka Levitin
On January 9, a hacker posted from the Securities and Exchange Commission’s (SEC) official X account. The post announced that the SEC had officially approved exchange-traded funds (ETFs) to hold spot bitcoin. Within 30 minutes, the post was deleted and the SEC declared a breach. The next day, the SEC made an official announcement to the same effect. Specifically, the SEC approved the listing and trading of 11 exchange-traded products (ETPs) holding spot bitcoin.
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Sep 18, 2023 | 
jdsupra.com | Michael Birnbaum |Jina Choi |Kelley A. Howes
September 18, 2023 Michael Birnbaum, Jina Choi, Kelley Howes, Aaron Russ, Derek Steingarten Morrison & Foerster LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: A series of recent actions by the Securities and Exchange Commission (SEC) and its staff should prompt registered investment advisers (RIAs) to reassess their risk tolerance for some relatively common RIA marketing, custody, and other business practices. On August...
