SEC Outlines 2024 Examination Priorities
The priorities highlight emerging and core risk areas for investment advisers, broker-dealers, and other entities, including cybersecurity and crypto assets. On October 16, 2023, the Securities and...
View ArticleFinCEN Seeks Enhanced Oversight of Crypto Mixing
A proposed rule would increase Treasury’s insight into non-US crypto mixing transactions to combat illicit activities by malicious actors. On October 19, 2023, the US Department of the Treasury’s...
View ArticleSEC Division of Examinations Publishes 2024 Examination Priorities
On October 16, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) published its annual Examination Priorities for 2024 (the “Exam...
View ArticleLeash the Kraken: SEC Sues Kraken
On November 20, 2023, the SEC filed a complaint in the United States District Court for the Northern District of California against Payward, Inc. and Payward Ventures, Inc. which, together, do business...
View ArticleOverhaul of Québec Legislation Concerning Publicity Contests
Québec recently repealed the province’s strict regulations concerning contests open to Québec participants by amending the Act respecting lotteries, publicity contests, and amusement machines (Act) and...
View ArticleSEC to Consider Final SPAC Related Amendments
The Securities and Exchange Commission (the “SEC”) announced as part of its agenda for its January 24, 2024 open meeting that it will consider whether to adopt new rules and amendments to disclosures...
View ArticleSEC Expands Dealer Definition to Capture Large Traders Regularly Providing...
High-frequency traders, private funds, decentralized exchange automated market makers, and even state pension plans should consider whether the expanded dealer definition triggers the need to register...
View ArticleIn Practice: Preparing for a New UK Securitisation Framework
The start of 2024 heralds the rollout of a new suite of rules for securitisation in the UK, which once adopted, will replace the existing on-shored UK Securitisation Regulation (the “UKSR”). Originally...
View ArticleSEC Expands Statutory Definition of “Dealer” and “Government Securities Dealer”
SEC defines the phrase “as part of a regular business” to capture private funds and other market participants that take on liquidity-providing roles. The Securities and Exchange Commission (SEC)...
View ArticleSEC Adopts New Rules That Will Require More Market Participants to Register...
On February 6, 2024, by a vote of 3-2 along party lines, the Securities and Exchange Commission (the SEC or the Commission) adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (the...
View ArticleCFTC Seeks Comments on Use of AI in Derivatives Markets
The Commodity Futures Trading Commission (CFTC) has issued a request for comment (RFC) seeking public input on the use of artificial intelligence (AI) in CFTC-regulated markets. The RFC – distributed...
View ArticleThe SEC’s Definition of a “Dealer” - End of the Road for DeFi, or Just...
The SEC’s ambiguous rule could have a chilling effect both on decentralized finance and on the provision of liquidity to centralized crypto exchanges. The Securities and Exchange Commission (SEC)...
View ArticleSecuritization – What to Expect in 2024
Please join Mayer Brown partners Tameem Zainulbhai, Joanna Nicholas, Melissa Kilcoyne, Evan DeCresce and Jim Antonopoulos for a discussion on What to Expect in 2024 in the fields of structured finance...
View ArticleNavigating the Hazy Landscape: Challenges and Solutions in Cannabis Payment...
The sale of adult-use cannabis has been legalized in 24 states in the United States. But this does not mean there are no other legal impediments to the cannabis industry in those jurisdictions. For...
View ArticleFTC and DOJ Launch New Cross-Government Inquiry on the Role of Private Equity...
On March 5, 2024, the Federal Trade Commission (FTC), Department of Justice (DOJ), and Department of Health and Human Services (HHS, and collectively with the FTC and DOJ, the Agencies) launched a...
View ArticlePotential Impact of the SEC’s Rulemaking Agenda on Crypto
The current SEC administration has expressed the view that most crypto assets are offered and sold as securities and has proposed several rules that address “digital asset securities” or “crypto asset...
View ArticleRegulación y revolución: Avances y perspectivas en la industria de activos...
En el marco de la constante evolución del ecosistema financiero global y de la transformación digital que vivimos, la industria de los activos digitales sigue cobrando una gran relevancia, permitiendo...
View ArticleThird Circuit Holds Securitization Trusts Can Be Subject to CFPB Enforcement...
In a long-awaited decision, the Third Circuit handed the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) a victory in the National Collegiate Student Loan Trust litigation that could have...
View ArticleWyoming Adopts New Legal Structure for DAOs
The legislation allows decentralized autonomous organizations to gain legal entity status and operate within the bounds of applicable law....By: Latham & Watkins LLP
View ArticleWisdomTree Granted New York Limited Purpose Trust Company Charter
As federal regulation remains patchy, firms may want to consider a New York state charter as a potential avenue to expand digital asset offerings in a compliant manner. On March 22, 2024, WisdomTree,...
View ArticleRuling for SEC Clears Path for Continued Litigation in SEC v. Coinbase
The decision, which addresses a broad range of market activity by Coinbase relating to 13 third-party tokens, could have significant implications for market participants. On March 27, 2024, Judge...
View ArticlePrivate Credit Deep Dives – Going Exclusive (Europe)
In recent months, market participants have become increasingly optimistic about the probability of a “soft landing” in the US economy, whereby tight monetary policy is shown to have tamed inflation...
View ArticleISDA Future Leaders in Derivatives Publishes White Paper on Generative AI
The white paper examines how generative AI might shape the global derivatives markets, including new opportunities for industry stakeholders. ISDA Future Leaders in Derivatives (IFLD) is a cohort of...
View ArticleFCA and PRA Publish Final Securitisation Rules: Key Points
Firms will need to update their internal procedures and ensure they are ready to comply with the new requirements ahead of 1 November 2024. HM Treasury (HMT), the Financial Conduct Authority (FCA), and...
View ArticleCFTC’s Updated Large Trader Report Rule Leaves Important Questions Unanswered
Last week, the CFTC updated its large trader position reporting rules for futures and options. First proposed in June 2023, this much-needed change modernizes a rule that had gone largely unchanged...
View ArticleFCA issues warning about Market Abuse and Market Soundings
On 31 October 2023, the FCA published its Market Watch newsletter no. 75 ("MW75"), expressing concern about instances of possible market abuse it has come across when routinely reviewing trading, and...
View ArticleFCA Decision Offers More Regulatory Clarity for Professional Crypto Investors
Professional investors will benefit from increased exposure to cryptoassets via traditional financial instruments, though retail investors’ exposure remains limited. In the fast-paced world of...
View ArticleDenmark to Allow Stacking of Voluntary Carbon Credits and Nationally...
Denmark’s unprecedented carbon removals fund has facilitated the coexistence of corporate and national carbon claims in carbon accounting. In the past few years, stakeholders in the carbon market have...
View ArticleEU AI Office Seeks Stakeholder Engagement in Drafting AI Act Implementing Rules
The EU AI Office has just published a consultation on the topics that should be covered by the first general-purpose AI (GPAI) Code of Practice and a call for interest to participate in drafting the...
View ArticleAntitrust & Competition Healthcare Quarterly Update Q2 2024
In the second quarter, federal and state antitrust enforcers continued their intense scrutiny of consolidation in the healthcare market by implementing new initiatives and laws designed to gather...
View ArticleSEC Adopts New Regulation NMS Rules on Tick Sizes, Access Fees and Market Data
On September 18, 2024, the Securities and Exchange Commission (SEC or Commission) approved amendments to Regulation NMS (the Amendments) that take several steps intended to narrow bid/ask spreads,...
View ArticleNew OCC Bank Merger Act (BMA) Guidance
The Office of the Comptroller of the Currency (OCC) released guidance regarding its planned changes to the Bank Merger Act (BMA). The New Rule: Explicitly adds financial stability as a key factor for...
View ArticleSEC Amends Regulation NMS to Provide for Half-Penny Quoting in Securities and...
The SEC voted unanimously to adopt changes to Regulation NMS (Reg. NMS) that address minimum pricing increments for securities, the access fees that securities exchanges charge, and increased...
View ArticleSEC Brings Charges for Failure to File Forms 13F (Investment Manager Share...
The SEC’s September 17, 2024, actions signal its commitment to penalize non-compliance, while encouraging market participants to self-report violations. On September 17, 2024, the US Securities and...
View ArticleA Timely Reminder from CME Market Regulation of the Broad Reach of the Duty...
The CME has issued a revised Market Regulation Advisory Notice on Supervisory Responsibilities for Employees and Agents that includes a new “FAQ Related to Supervisory Responsibilities” (the “MRAN”)....
View ArticleFINRA Publishes Metaverse Report and Requests Industry Comments
FINRA’s Office of Financial Innovation published a report on “The Metaverse and the Implications for the Securities Industry” to raise awareness among its member firms and the broader securities...
View ArticleSEC Division of Examinations publishes 2025 Examination Priorities
On October 21, 2024, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) published its annual Examination Priorities for 2025 (the “Exam...
View ArticleFMC Final Rule on “Refusal to Deal or Negotiate”
The Federal Maritime Commission ( FMC) issued its Final Rule on July 22, 2024, establishing its approach to determining what constitutes an unreasonable refusal to deal or negotiate cargo space and...
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