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Don’t Text and Trade: Regulators Crack Down on the Use of Improper Communication Channels
June 20, 2023 | Blog | By Pete Michaels, Alyssa C. Scruggs
High Risk, No Reward: SEC’s First Reg BI Enforcement Action
June 21, 2022 | Blog | By Pete Michaels, Michael Pastore, Alyssa C. Scruggs
Massachusetts Securities Division Lawsuit a Bullseye for Robinhood
April 5, 2022 | Blog | By Pete Michaels, Alyssa C. Scruggs
FINCEN Seeks the Assistance of Financial Institutions in the Fight Against Environmental Crimes
November 24, 2021 | Blog | By Pete Michaels, Michael Pastore
On November 18, 2021, the Financial Crimes Enforcement Network (FinCEN) issued a Notice “to call attention to an upward trend in environmental crimes and associated illicit financial activity.” This focus on environmental crimes is designed to help address FinCEN’s priorities previously announced on June 30, 2021.
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Federal Jury Concludes Cryptocurrency Products NOT Securities
November 4, 2021 | Blog | By Sean T. Prosser, Edmund P. Daley
A Connecticut federal jury just answered one of the biggest questions on the minds of cryptocurrency investors, developers, and regulators – are cryptocurrencies securities? The jury concluded that Paycoin and several cryptocurrency mining-related assets are not securities.
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SPACS and Scams: FINRA Announces New Sweep Exams
July 26, 2021 | Blog | By Pete Michaels
Call it a Comeback: The Likely Return of ESG Investing in ERISA Accounts
June 4, 2021 | Blog | By Pete Michaels, Alyssa C. Scruggs
Environmental, social, and governance (“ESG”) investing has experienced quite the regulatory roller coaster in recent years.
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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
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
FINRA Limits Registered Persons from being Beneficiaries or Holding Positions of Trust
November 17, 2020 | Blog
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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SEC Commissioner Considers Future ESG Investment Regulation
November 17, 2020 | Blog
National Adjudicatory Council Revises FINRA Sanction Guidelines
November 2, 2020 | Blog
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
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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