On Aug. 9, 2024, the Securities and Exchange Commission initiated administrative and cease-and-desist proceedings against a U.S. registered investment adviser (the Adviser). This action resulted from the Adviser’s failure to
Continue Reading SEC Cracks Down on Marketing Rule Violations: Takeaways for Investment Advisers
On July 30, 2024, the SEC announced it had reached a settlement agreement with Western, a dually registered investment adviser and broker-dealer providing investment advice and brokerage services to retail
Continue Reading Reg BI Enforcement Intensifies: SEC Fines Western International Securities for Violating Care and Compliance Obligations
The SEC finalized the Private Funds Rule in August 2023, imposing compliance and regulatory requirements on private fund advisers, as summarized in this GT Alert. The Private Funds Rule
Continue Reading SEC Elects Not to Request a Rehearing on Private Funds Rule
On Feb. 6, 2024, the U.S. Securities and Exchange Commission (SEC) adopted new Rules 3a5-44 and 3a44-2 (the final rules) under the Securities Exchange Act of 1934 (the Exchange
Continue Reading SEC Expands Dealer Registration Requirements
U.S. Sen. Cynthia Lummis (R-WY) and Reps. Wiley Nickel (D-NC) and Mike Flood (R-NE) are working to overturn a controversial Securities and Exchange Commission (SEC) staff accounting bulletin, SAB 121
Continue Reading Lawmakers Introduce Resolution to Nullify SEC’s Crypto Accounting Bulletin
On Sept. 18, 2023, the New York State Department of Financial Services (NYDFS) issued a press release announcing updates to its ongoing oversight of the digital asset space, including (1)
Continue Reading NYDFS Updates Guidance on Virtual Coin-Listing/Delisting Frameworks and the Greenlist
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 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
A holding subjecting Term Loan Bs to securities regulation would have a profound effect on the $1.4 trillion market for syndicated term loans and on financial institutions at a time of limited liquidity.
Continue Reading Are Syndicated Term Loans Securities Under Reves v. Ernst & Young? 2nd Circuit Solicits SEC Views
On Jan. 10, 2023, the Financial Regulatory Authority (FINRA) released its 2023 Report on FINRA’s Examination and Risk Monitoring Program (“Report”) in which it identifies the year’s areas of examination
Continue Reading 2023 Report on FINRA’s Examination and Risk Monitoring Program