The SEC Division of Examinations recently published its list of priorities for 2022. While it was a bit late compared to a typical year, the priorities letter provides a roadmap for firms to better understand where the Division will take its examination efforts over the coming months. Significant focus areas…
The SEC recently proposed rules that would greatly expand the Exchange Act definition of “dealer” and essentially kill the existing dealer/trader distinction long-recognized by the SEC. The likely outcome is that most proprietary trading firms will need to register with the SEC as dealers and become members of FINRA or…
Here is a link to our client alert discussing the SEC proposed rulemaking in this area.
Here is a link to our client alert addressing the SEC’s proposed change to the “exchange” definition, including introduction of the new term “communication protocol system.” There were zero references to crypto, blockchain, DeFi, or distributed ledger technology in the 654-page proposal. Nevertheless, the proposal makes clear that it applies…
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.
On April 16, 2021, the staff of the SEC Division of Trading and Markets reminded broker-dealers borrowing fully paid and excess margin securities from their customers (FPL programs) that they are obligated to comply with Exchange Act Rule 15c3-3 (Customer Protection Rule), and in particular, paragraph (b)(3). This reminder was…
The Department of Labor (DOL) recently announced that it will not enforce its own rule on investment duties under ERISA. The rule makes it more difficult for investment fiduciaries to consider environmental, social, governance and similar (“ESG”) issues in their decision-making. The ESG rule was finalized under the Trump administration…
On December 27, 2020, the President signed into law the “Consolidated Appropriations Act, 2021” (H.R. 133) (or the “2021 CAA”), which modifies and reopens the U.S. Small Business Administration’s Paycheck Protection Program initially created under the CARES Act. The reopened Paycheck Protection Program is available through March 31, 2021 and,…
On November 17, the SEC adopted rules and rule amendments permitting the use of electronic signatures in authentication documents, and facilitating electronic service and filing in the SEC’s administrative proceedings. The rules and amendments are permanent and not limited to the duration of the pandemic or national emergency, and will…
On November 5, the CFPB submitted a Paperwork Reduction Act (PRA) notice to the Federal Register, seeking comment on the CFPB’s plan to study how consumers locate, comprehend and use information in payday loan disclosures. The CFPB intends to use the data it obtains from its study to evaluate and refine potential options…