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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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How a Prior DOJ Settlement Doomed a SEC Enforcement Action: A Volkswagen Case Study
September 10, 2020 | Blog | By Ellen Shapiro
The August 20, 2020 decision in In re: Volkswagen “Clean Diesel” Mktg., Sales Practices, and Prods. Liab. Litig., MDL No. 2672 CRB (JSC) by the United States District Court for the Northern District of California (“the Opinion”), dismissing a significant portion of the SEC’s federal securities claims against Volkswagen as having been previously released by the DOJ, serves as an important reminder for why such coordination is important and how defendants may take advantage of the failure to coordinate, as did Volkswagen.
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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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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 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 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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SEC Brings Action Against Company and its CEO for Alleged COVID-19 Scam
April 30, 2020 | Blog | By David L. Ward
In what will likely be the first of many, the SEC brought an action against a company for false and misleading press releases related to the COVID-19 pandemic.
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SEC (OCIE) Issues Risk Alerts Concerning Reg. BI
April 9, 2020 | Blog | By David L. Ward
The SEC’s Office of Compliance Inspection and Examinations (OCIE) issued two risk alerts relating to Regulation Best Interest (Reg. BI).
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State Securities Regulators Adapt in Response to COVID-19
April 3, 2020 | Blog | By Pete Michaels, Michael Pastore
As financial professionals struggle to adapt during these trying times, securities regulators are also revising their processes and procedures to address the current realities of investor protection in the time of COVID-19 while being fair to the regulated entities.
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Material Non-Public Information in the Time of COVID-19: SEC Warning on Insider Trading
March 30, 2020 | Blog | By Pete Michaels, Michael Pastore
On March 23, 2020 the SEC issued a statement warning about the risks of insider trading posed by the COVID-19 pandemic.
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Newly Expanded CFIUS Jurisdiction
February 12, 2020 | Alert | By Cory S. Flashner, Steve Ganis, Robert Kidwell, Alyssa C. Scruggs
This alert covers new regulations taking effect on February 13, 2020 that significantly broaden CFIUS’s jurisdiction by granting it significant new review power over foreign investments in US businesses and real estate.
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Developments in Judicial Deference of Administrative Agency Actions
April 22, 2015 | Advisory | By Thomas Crane
In my post of April 2, Divided Supreme Court Restricts Provider Challenges to State Medicaid Rates, I wrote about the March 31st Supreme Court decision that providers may not sue in federal court over the adequacy of state Medicaid rates (See Armstrong v. Exceptional Child Ctr., Inc. (“Exceptional Child Center”).
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CPSC Approves $3.9 Million Penalty and Imposition of Compliance Program for National Retail Chain
July 17, 2013 | Alert | By Charles Samuels
A unanimous U.S. Consumer Product Safety Commission (“CPSC”) announced that Ross Stores Inc. (“Ross”), a national discount retailer, agreed to pay a $3.9 million civil penalty to settle allegations that it failed to report its continued sale of banned children’s upper outerwear containing drawstrings.
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