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FinCEN Notice Launches Regulatory Process Requiring Covered Domestic and Foreign Companies to Report Beneficial Ownership to U.S. Government
April 5, 2021 | Blog | By Steve Ganis, William F. Weld, Taylor Shepherd
Today the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (“FinCEN”) published in the Federal Register a notice framing and seeking comment on key questions about how it will implement the new law requiring domestic and foreign legal entities to report their beneficial ownership to the U.S. government.
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SEC Exam Priorities for 2021 – Focus on Seniors, Reg. BI and Climate Risk (ESG)
March 5, 2021 | Blog | By David L. Ward
The U.S. Securities and Exchange Commission (SEC) recently released its 2021 Examination Priorities. The SEC indicates it will focus on senior investors and those saving for retirement, with a specific focus on potential conflicts of interests faced by brokers and advisors in giving them financial advice.
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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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ESG Investing in Retirement Accounts: Down But Not Out
November 30, 2020 | Blog | By Pete Michaels, Alyssa C. Scruggs
Proponents of environmental, social, and governance (“ESG”) investing may have good news on the horizon—in particular, good news that could resuscitate ESG investing in retirement accounts following the Department of Labor’s recent blow to the practice.
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OCIE Report Uncovers Repeated Compliance Issues At Advisers' Branch Offices
November 20, 2020 | Blog | By David L. Ward
SEC Commissioner Considers Future ESG Investment Regulation
November 17, 2020 | Blog | By David L. Ward
FINRA Limits Registered Persons from being Beneficiaries or Holding Positions of Trust
November 17, 2020 | Blog | By David L. Ward
In FINRA Regulatory Notice 20-38, FINRA has adopted Rule 3241 to limit registered persons from holding “positions of trust” for clients. The new rule requires that registered persons have written approval from the member firm to act as a trustee, executor, or hold power of attorney for a client account.
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National Adjudicatory Council Revises FINRA Sanction Guidelines
November 2, 2020 | Blog | By David L. Ward
In FINRA Regulatory Notice 20-37, FINRA set forth revised Sanction Guidelines that became effective October 20, 2020.
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Wither Enforcement? CFPB Reorganization Signals Big Changes
October 27, 2020 | Blog
On October 14, 2020, the Consumer Financial Protection Bureau (“ CFPB”) announced a series of organizational changes affecting the Supervision, Enforcement and Fair Lending Division (SEFL), the result of an organizational review that began in February of this year.
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You Can’t Always Get What You Want: The End of ESG Investing in ERISA Accounts
October 26, 2020 | Blog | By Pete Michaels, Alyssa C. Scruggs
With ESG, Things Aren’t Always As Green As They Seem
October 22, 2020 | Blog | By Pete Michaels, Alyssa C. Scruggs
Environmental, social, and governance (“ESG”) investing has captured the attention (and dollars) of more institutional investors each year and continues to grow exponentially. However, how can an ESG investor be sure that the investments it is making truly align with the values those funds purport to prioritize?
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Final Section 529A ABLE Plan Regulations Are Well-Intended But Will Require Further Clarification
October 12, 2020 | Blog | By Leonard Weiser-Varon
On October 2, 2020, the Internal Revenue Service released final regulations providing guidance for Section 529A “qualified ABLE programs” established by states under the Stephen Beck Jr. Achieving a Better Life Experience Act of 2014 (the “ABLE Act”) to provide tax-favored savings and investment accounts for individuals with disabilities. Building on proposed regulations issued in 2015 and 2019 and several prior IRS notices as to how the final regulations would resolve specific issues under the ABLE Act, the final regulations clearly seek to avoid, within statutory constraints, imposing major administrative burdens on ABLE programs. Nonetheless, several key provisions contain ambiguities or raise concerns. As indicated by prior IRS guidance, the regulations provide a transition period of at least two years for ABLE programs operating in good faith to implement provisions applicable to such programs, and thus an opportunity for the IRS address such ambiguities and concerns through notices or other guidance prior to their full implementation.
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FinCen Issues Statement Regarding Publication of Suspicious Activity Reports (SARs)
September 3, 2020 | Blog | By Eoin Beirne, Cory S. Flashner, Pete Michaels, Jason Burrell
On September 1, 2020, the Financial Crimes Network (“FinCEN”) issued a statement regarding various media outlets’ intent to publish Suspicious Activity Reports (“SARs”) and “other sensitive government documents”.
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Massachusetts Securities Division Begins Enforcement Of New State Fiduciary Conduct Standard
September 2, 2020 | Blog | By Pete Michaels, David L. Ward, Michael Pastore
On September 1, 2020, the Massachusetts Securities Division (“MSD”) began enforcing a new state regulation that holds all broker-dealers and their agents to a fiduciary conduct standard requiring them to “make recommendations and provide investment advice without regard to the financial or any other interest of any party other than the customer”.
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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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Executive Orders, Administrative Court Orders, and Legislation: The Ever-Changing NY Landscape on Foreclosures, Evictions, and Out-of-State Travel [Updated August 25, 2020]
August 26, 2020 | Blog | By Therese Doherty, Alexandra Calistri
The landscape for foreclosures and evictions in New York State is constantly evolving. With the entire State of New York in Phase 4 of New York Forward, the courts have begun to reopen (at least virtually) and certain foreclosure proceedings have resumed. Eviction proceedings remain stayed as against those commercial and residential tenants who demonstrate COVID-related hardship.
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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
SEC Risk Alert Addresses COVID-19 Compliance Risks and Considerations
August 14, 2020 | Blog | By David L. Ward, Jason Burrell
CFPB Solicits Assistance in Combatting Credit Discrimination
August 11, 2020 | Blog | By Pete Michaels, Michael Pastore
FINRA Will Look at “Good Faith Efforts” of Firms on Reg. BI Enforcement
July 9, 2020 | Blog | By David L. Ward, Jason Burrell
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