On Sept. 6, 2023, the Securities and Exchange Commission’s Division of Examinations issued a Risk Alert detailing the Division’s examination selection process for SEC-registered investment advisers (Advisers). The Risk Alert

Continue Reading SEC Risk Alert to Investment Advisers: Assessing Risks, Scoping Examinations, and Requesting Documents

By a 3-2 party-line vote, on Aug. 23, 2023, the Securities and Exchange Commission adopted some of the most significant new rules under the Investment Advisers Act of 1940, as

Continue Reading Private Fund Adviser Rulemaking

On Aug. 2, 2023, California’s Department of Financial Protection and Innovation (DFPI) released a new rule expanding its authority to regulate unfair, deceptive, and abusive acts and practices (UDAAP). The

Continue Reading California Regulator Finalizes Rule Expanding UDAAP Authority to Commercial Financing

On July 27, 2023, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an interagency

Continue Reading Federal Banking Agencies Propose New Rules to Strengthen Capital Requirements for Large Banks

If enacted, the Unlocking Capital Act would establish two investment professional categories—private placement brokers and finders. The legislation would allow these professionals to engage in many activities that, due to

Continue Reading Proposed Legislation Would Create a Tiered Exemption from Broker Registration

On July 26, 2023, the Securities and Exchange Commission (SEC) adopted the long-awaited final rule requiring that public companies disclose information about cybersecurity incidents within four business days of determining

Continue Reading SEC Finalizes Cyber Rules for Public Companies: What You Need to Know

On July 7, 2023, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of the Treasury (Treasury) issued a Request for Information

Continue Reading CFPB Teams with HHS and Treasury to Examine Medical Financial Products

On May 17, 2023, Prometheum Ember Capital LLC (Prometheum Ember Capital), a subsidiary of Prometheum Inc., received approval from the Financial Industry Regulatory Authority (FINRA) to

Continue Reading FINRA Approves Prometheum Ember Capital LLC to Operate as Special Purpose Broker-Dealer for Digital Assets

On June 15, 2023, Nevada Gov. Joe Lombardo signed SB 290, establishing the nation’s first state licensing regime for earned wage access (EWA) services provided to consumers in the

Continue Reading Nevada Enacts Nation’s First State Licensing Regime for Earned Wage Access Services

The Consumer Financial Protection Bureau (CFPB) recently released its Spring 2023 rulemaking agenda. The agenda includes a new rulemaking that did not appear on the Fall 2022 agenda—a rule

Continue Reading CFPB Intends to Supervise and Examine Consumer Payments Companies