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Jul 1, 2024 | 
findknowdo.com | Steven Lofchie
House Financial Services Ranking Member Maxine Waters (D-CA) criticized recent Supreme Court rulings for "significantly weaken[ing] the ability of the federal government to protect our consumers and investors, our housing and financial markets, our food supply, healthcare, and even the air we breathe or the parks we visit." In a public statement, Ms. Waters asserted that the Court's ruling in SEC v.
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Jun 28, 2024 | 
findknowdo.com | Steven Lofchie
The CFTC extended the comment period until August 8, 2024 for proposed amendments to ban the listing and clearing of certain "event contracts" and "gaming" derivatives. The original comment deadline was July 9, 2024.
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Jun 28, 2024 | 
findknowdo.com | Steven Lofchie
In a 6-3 decision, the Supreme Court overturned the "Chevron" doctrine, which required the courts to defer to an agency's interpretation of statutes that are administered by the agency.
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Jun 20, 2024 | 
findknowdo.com | Steven Lofchie
The Financial Crimes Enforcement Network ("FinCEN") reminded financial institutions to "remain vigilant" in identifying and reporting suspicious activity related to elder financial exploitation ("EFE"). FinCEN referred to a 2024 analysis covering Bank Secrecy Act ("BSA") suspicious activity report ("SARs") data filed by financial institutions between June 15, 2022, and June 15 2023.
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Jun 17, 2024 | 
findknowdo.com | Steven Lofchie
The SEC delayed a decision on a FINRA proposal for a new set of reporting rules (Rule 6500 Series: Securities Lending and Transparency Engine (SLATETM)) to implement SEA Rule 10c-1a ("Securities lending transparency"). The SEC extended the date for a decision from June 21, 2024 until August 5, 2024 by which it shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.
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Jun 17, 2024 | 
findknowdo.com | Steven Lofchie
President Joseph R. Biden announced his nominees for senior regulatory positions. They include:For FDIC Chair–Christy Goldsmith Romero is currently a CFTC Commissioner and sponsor of the CFTC's Technology Advisory Committee. Previously, Ms. Romero served at Treasury where she was the Special Inspector General for the Troubled Asset Relief Program. For Assistant to the Treasury Department–Secretary Kristin N. Johnson is currently a CFTC Commissioner.
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Jun 14, 2024 | 
findknowdo.com | Steven Lofchie
Much of the substance of the FICC proposals is simply a reiteration of SEA Rule 17Ad-22; (i.e., stating the transactions to which the clearing mandate applied and the counterparties that would be exempt from the clearing mandate.) One point of clarification made in the proposing release is that a bank that is a FICC member is required to abide by the clearing mandate as to transactions entered into by every branch of the bank; the bank can not take the position that only certain branches are...
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Jun 14, 2024 | 
findknowdo.com | Steven Lofchie
The Financial Services Institute ("FSI"), the Investment Company Institute ("ICI"), the Insured Retirement Institute ("IRI") and SIFMA urged passage of the bipartisan Financial Exploitation Prevention Act (S.
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Jun 13, 2024 | 
findknowdo.com | Steven Lofchie
The SEC reported that the US District Court for the Southern District of Texas granted the SEC's application to enforce a subpoena for the production of documents in connection with its efforts to determine if crypto asset "LGBCoin," (aka "Let's Go Brandon Coin") is a security.
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Jun 12, 2024 | 
findknowdo.com | Steven Lofchie
A firm that provides execution services for broker-dealers settled FINRA charges for short sale violations by failing to locate shares available for borrowing in connection with "net trading." According to the AWC, the firm "incorrectly believed that it could rely on a broker-dealer client's locate when effecting a short sale for its own account to facilitate net trading." FINRA found that the firm "effected at least 10 million short sales for its own account to facilitate short sale orders...
