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 both a failure to timely file and deliver relationship summaries,…
On February 9, 2022, FINRA published its 2022 Report on its Examination and Risk Monitoring Program, identifying key areas of focus for broker-dealer exams this year. While each exam is unique to the firm under FINRA’s microscope, the Report provides a general roadmap of FINRA’s core concerns for 2022. FINRA’s…
Here is a link to our client alert discussing the SEC proposed rulemaking in this area.
On January 26, 2022, SEC Chairman Gary Gensler issued a brief statement noting the agency’s efforts to address the market volatility in January 2021 and beyond. The statement referenced the SEC staff report on volatility and market structure conditions and a request for comment related to digital engagement practices or…
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…
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…
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…
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…
The onset of fall signals a sad realization that summer has ended, but also the joy that “market structure” season has arrived for securities industry participants and policy wonks. Right on cue, in early October, SEC staff issued a report on equity and option market structure conditions related to the…
The SEC recently solicited public comment on digital engagement practices (DEPs) used by some broker-dealers and investment advisers, including predictive data analytics, differential marketing, and behavioral prompts (such as gamification). The public comment window closes October 1, 2021. Comments letters submitted already are available here—viewpoints run the gamut and are…