The financial services industry is subject to a regularly changing landscape of regulations and laws, driven in part by shifts in policy from regulators and lawmakers.

Goodwin’s FinReg + Policy Watch provides real-time updates and analyses focusing on regulation and policymaking. Issues are framed in an easy-to-digest manner, providing insight gained from our experience serving in key roles in government and advising clients across the industry.

Follow along as we deliver our take on the latest developments affecting the financial services community as well as the road ahead.

tZERO ATS Settlement with SEC: Square Peg/Round Hole or Simple Failure to Follow Existing Rules?

On January 10, 2022, tZERO’s ATS settled a matter with the SEC in which it agreed to an $800,000 fine.  Given the size of the penalty and substantial attention on the SEC’s approach to regulating digital asset securities, readers may have thought that this would present a blockbuster set of…

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FINRA Extends the Registration Qualification Window from Two to Five Years After Termination

Persons registered with a broker-dealer historically have had two years from their Form U5 filing date to re-register with another firm before their prior qualifications (examinations) would lapse.  Our recent Client Alert  discusses a FINRA rule change that extends this to five years under certain circumstances.

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SEC to Propose Cybersecurity Risk Governance Disclosures—Commissioner Roisman Shares His Views

SEC Commission Elad Roisman recently spoke about cybersecurity threats and challenges facing the agency’s registrants, including public companies and financial institutions.  One source of challenges (our words, not Roisman’s) may come from the government itself—the combination of (1) the lack of clarity on requirements and expectations from the SEC in…

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Is the SEC Still Considering Fixes to the Bond Markets?

The SEC has made a concerted effort in recent years to look more closely at the fixed income markets.  But under the new leadership of Chairman Gary Gensler, that spotlight seemed to have dimmed—or so some thought. For example, FIMSAC—the Fixed Income Market Structure Advisory Committee—which the SEC convened in…

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SEC’s Gensler Shines Additional Light on Agency’s Focus

The SEC has been increasingly focused on digital engagement practices (DEPs) and gamification in the marketplace.  In August, for example, the SEC solicited public comment on broker-dealer and investment adviser DEPs and potential regulatory approaches in this area.  In October, SEC staff produced a report on “meme” stock events and…

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