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Substantial AML Reforms Enable Regulators to “Follow the Money”
January 21, 2021 | Blog | By Pete Michaels, Cory S. Flashner, Laura E. Martin
On January 1, 2021, Congress enacted the National Defense Authorization Act for Fiscal Year 2021 (the “NDAA”), after overriding a presidential veto. Within the NDAA is the Anti-Money Laundering Act of 2020 (the “AMLA”), which introduces substantial reforms to U.S. anti-money laundering (“AML”) and counter-terrorism financing (“CFT”) laws.
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NASAA’s COVID-19 Task Force Uncovers Investment Scams Related to the Pandemic
August 26, 2020 | Blog | By David L. Ward, Jason Burrell
In response to the COVID-19 pandemic, the North America Securities Administrators Association (NASAA) put together a task force in April 2020 specifically targeted to use “online investigative techniques to identify websites and social media posts that may be offering or promoting fraudulent offerings, investment frauds, or improper unregistered regulated activities” which were related to any aspect of COVID-19.
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Interactive Brokers LLC Submits to SEC, FINRA, and CFTC Penalties Totalling $38 Over Widespread AML Failures
August 19, 2020 | Blog | By Pete Michaels, Michael Pastore
CFPB Solicits Assistance in Combatting Credit Discrimination
August 11, 2020 | Blog | By Pete Michaels, Michael Pastore
FINRA Revises Rule 4530 Problem Codes for Regulation Best Interest
June 22, 2020 | Blog | By David L. Ward
FINRA recently issued Regulatory Notice 20-17 (“Reg. Notice 20-17”) addressing changes to FINRA Rule 4530 due to the impending implementation of Regulation Best Interest (“Reg. BI”). Rule 4530 requires member firms to report, among other things, statistical and summary information regarding written customer complaints, as well as specified criminal actions, civil complaints and arbitration claims.
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SEC Whistleblower Complaints Swell to a Flood: How to Find the High Ground of Sound Compliance
June 9, 2020 | Alert | By Adam Sisitsky, Megan Gates, Bryan J. Jennings
This article lists five best practices that employers can adopt to improve their compliance efforts and reduce the risk of a substantiated SEC whistleblower complaint.
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FINRA Reminds Member Firms of Obligations in the Sale of Exchange Traded Products
June 3, 2020 | Blog | By David L. Ward
FINRA Shares Best Practices by Firms to Supervise in a Remote Work Environment
May 29, 2020 | Blog | By Pete Michaels, David L. Ward, Michael Pastore
FINRA, through its most recent Regulatory Notice 20-16 , shares certain common practices they have seen taken by member firms to enhance supervision in the remote work environment due to the COVID-19 pandemic.
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FINRA Again Reminds Firms to Beware of Fraud during COVID-19 Pandemic
May 6, 2020 | Blog | By Pete Michaels, David L. Ward
As we previously discussed, FINRA issued guidance to member firms and their associated persons in April 2020 to remain “vigilant in their surveillance against cyber threats and take steps to reduce the risk of cyber events.”
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FINRA Fines Broker-Dealer for Sharing Customer Data with Third-Party Vendor
April 30, 2020 | Blog | By Pete Michaels, David L. Ward
Kestra Investment Services LLC (“Kestra”) was fined $125,000 by FINRA for sharing personal customer data with a third-party vendor.
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FINRA Issues Guidance to Small Firms on Annual Assessment and Net Capital due to COVID-19
April 23, 2020 | Blog | By Pete Michaels, David L. Ward
Due to the economic impact of COVID-19, especially on smaller broker-dealers, FINRA will allow small firms more time to pay their Annual Assessment (comprised of the Gross Income Assessment and the Personal Assessment).
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FINRA Provides Guidance on Client Communications and Supervision During COVID-19 Pandemic
April 21, 2020 | Blog | By David L. Ward
Because they are working from home and are not able to meet clients face-to-face due to COVID-19 restrictions, many registered representatives are communicating with clients via live audio or video conference meetings.
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FINRA Says Receipt of PPP Loan May Not Require Form U-4 Disclosure
April 15, 2020 | Blog | By David L. Ward
In its online forum regarding COVID-19/Coronavirus, FINRA stated that a loan received pursuant to the Paycheck Protection Program (PPP) does not necessarily trigger a disclosure on the Form U-4
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Fed To Add COVID-19 as Essential New Element to Bank Stress Tests
April 13, 2020 | Blog | By Pete Michaels, David L. Ward
The Federal Reserve (Fed) announced that it is modifying this year's stress test to reflect how banks have performed during the COVID-19 pandemic.
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FinCEN Addresses the CARES Act, Suspends Implementation of CTR Filing Changes, and Offers COVID-19 Online Contact Mechanism
April 10, 2020 | Blog | By Therese Doherty, LisaMarie Collins
On April 3, 2020, FinCEN issued its second notice related to the COVID-19 pandemic (Notice).
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SEC Says No Reg. BI Extension Despite COVID-19 Concerns
April 6, 2020 | Blog | By David L. Ward
In a Statement on April 2, the Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, announced that the June 30, 2020 timeline for implementation of Regulation Best Interest (“Reg. BI”) will remain.
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The CFTC and NFA Offer Further No-Action Relief to Market Participants in Response to the Unprecedented Conditions Posed by COVID-19
April 3, 2020 | Blog | By Therese Doherty, Jason Burrell
On March 31, 2020, the CFTC extended temporary no-action relief to foreign affiliates of certain futures commission merchants (FCMs) in further response to the COVID-19 pandemic.
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The CFTC Issued a Third Wave of No-Action Relief in View of the COVID-19 Pandemic and the NFA Followed Suit
March 24, 2020 | Alert | By Therese Doherty, Jason Burrell
This alert covers new DSIO temporary relief to a major insured depository institution (IDI) and commodity pool operators related to COVID-19 as well as temporary relief from the NFA to CPO members.
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The CFTC and NFA Offer No-Action Relief to Market Participants Facing Unprecedented Conditions Posed by the COVID-19 Pandemic
March 19, 2020 | Advisory | By Therese Doherty, Jason Burrell
This alert outlines the conditions set forth in the DSIO and DMO’s no-action letters providing temporary relief to market participants facing COVID-19–related challenges.
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Regulatory Update for NFA and FINRA Member Firms — COVID-19
March 18, 2020 | Alert | By Therese Doherty, Kara M. Cormier, Jason Burrell
This alert from the Mintz Financial Services Practice reviews the recent relief and guidance provided for NFA and FINRA member firms related to challenges posed by the COVID-19 pandemic.
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