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.

FINRA Publishes 2022 Examination and Risk Monitoring Report

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…

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SEC Proposes Rules that Could Regulate DeFi, Extend to Aspects of Centralized Crypto Exchanges

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…

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SEC Eyeing Rulemaking to Combat Market Volatility, Modernize Market Structure

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…

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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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