On June 22, the SEC and Department of Justice (DOJ) Antitrust Division announced the signing of an interagency Memorandum of Understanding (MOU) “to foster cooperation and communication between the agencies with the aim of enhancing competition in the securities industry.” The announcement came during a joint equity market structure discussion. The conversation…
On June 19, the President announced his intention to nominate SEC Chairman Jay Clayton to serve as the next U.S. Attorney for the Southern District of New York (SDNY). The SDNY post is one of the most coveted and significant at DOJ, in part because SDNY’s jurisdiction covers New York City and,…
On June 18, the President announced his intention to nominate current SEC staffer Caroline A. Crenshaw to serve as the next SEC Commissioner. According to the statement, Ms. Crenshaw currently serves as Senior Counsel at the SEC and as a Captain in the U.S. Army Reserve, Judge Advocate General’s Corp. Ms. Crenshaw…
In a public statement issued on June 15, 2020, U.S. Securities and Exchange Commission (SEC) Chairman Clayton confirmed the June 30, 2020, deadlines for compliance with Regulation Best Interest (Reg. BI) and the Form CRS requirements, echoing his statements from April that the implementation of Reg. BI and Form CRS…
On June 16, the United States Court of Appeals for the D.C. Circuit dealt a blow to the SEC by overturning the agency’s “Transaction Fee Pilot.” The court ruled that the SEC’s adoption of the Pilot “was an unprecedented action that clearly exceeded the SEC’s authority under the Exchange Act.” Analyzing transaction…
The compliance date of June 30, 2020, is looming for U.S. broker-dealers subject to Regulation Best Interest (Reg. BI)[1] and broker-dealers and investment advisers required to prepare and provide relationship summaries pursuant to Form CRS and related rules.[2] Staff of the U.S. Securities and Exchange Commission (SEC) have provided answers…