Tag: Regulation and compliance

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Glen Barrentine is Of Counsel in the New York office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Glen Barrentine is Of Counsel in the New York office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Glen Barrentine is Of Counsel in the New York office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Glen Barrentine is Of Counsel in the New York office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the … Continue Reading

FINRA Updates FAQs Related to COVID-19 Regulatory Relief

FINRA has supplemented its FAQs related to COVID-19 regulatory relief. Summaries of the new FAQs are provided below. Helpfully, FINRA has also provided a link to state “shelter-in-place” and “stay-at-home” orders. Impact of Communication Disruptions – Implications for Firms. FINRA states that member firms should consider steps they can take to mitigate risks that may … Continue Reading

SEC provides further COVID-19 relief relating to investment advisers regarding temporary locations and inadvertent adviser custody

On March 16, 2020, the Securities and Exchange Commission’s Division of Investment Management announced additional COVID-19 related relief. This relief is available on the SEC’s COVID-19 page, available here, and summarized below. Operation of Business From Temporary Locations. The conduct of business from temporary locations, such as an employee’s home, as part of a firm’s … Continue Reading

Coronavirus | COVID-19: US SEC provides temporary relief to assist funds and advisers by permitting virtual board meetings and providing reporting relief

On March 13, 2020, the Securities and Exchange Commission (“SEC”) announced conditional, temporary relief for funds (available here) and both registered and exempt reporting investment advisers (available here) impacted by COVID-19. The relief covers in-person board meetings by fund boards and certain filing and delivery requirements for both advisers and funds. Funds and advisers that … Continue Reading

FINRA’s Guidance to Broker-Dealers on Pandemic Preparedness (coronavirus, COVID-19)

In light of mounting concerns about COVID-19, aka the coronavirus, FINRA recently published FINRA Regulatory Notice 20-08 – Pandemic-Related Business Continuity Planning, Guidance and Regulatory Relief. Notice 20-08 provides both guidance on pandemic preparedness and regulatory relief to impacted member firms. Notice 20-08 supplements previous guidance on pandemic preparedness that FINRA published in October 2009 … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Glen Barrentine is Of Counsel in the New York office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the preparation … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Glen Barrentine is Of Counsel in the New York office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Glen Barrentine, who recently joined as Of Counsel in the New York Office of Norton Rose Fulbright, has extensive experience in regulatory, compliance and enforcement issues affecting financial service companies, particularly broker-dealers, investment advisers, municipal advisors, and securities exchanges. He prepares a monthly update on FINRA (and selected SEC) regulatory matters at a glance, focusing … Continue Reading

SEC sues Kik for its US$100m ICO

On June 4, 2019, the Securities and Exchange Commission (“SEC”) filed a complaint against Kik Interactive, Inc. (“Kik”), which owns and operates a mobile messaging application called Kik Messenger, in connection with its 2017 initial coin offering (“ICO”) that raised over $100 million; more than $55 million of which came from U.S. investors. The SEC … Continue Reading

A Framework for OFAC Compliance Commitments

Yesterday, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published ‘A Framework for OFAC Compliance Commitments’* in order to provide organizations subject to US jurisdiction, as well as foreign entities that conduct business in or with the United States or US persons, or that use US-origin goods or services, with a … Continue Reading

CSBS releases action items to improve regulation of nonbank financial services companies

On February 14, 2019, the Conference of State Bank Supervisors (“CSBS”) announced several actions that it would be taking to modernize and harmonize state licensing, regulation, and supervision of non-depository financial institutions, including mortgage lenders, money services businesses, and consumer finance companies.… Continue Reading

FINTRAC amplifies requirements for Suspicious Transaction Reporting

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has recently updated its industry guidance (Revised Guidance) in relation to the filing of suspicious transaction reports (STRs). The Revised Guidance reflects FINTRAC’s increased expectations as to certain key requirements for filing STRs. Reporting entities, including financial entities, are encouraged to revisit their current approach … Continue Reading

New bipartisan bills aim to regulate and promote blockchain and cryptocurrencies

Legislation has been introduced in the US House of Representatives directed at regulating virtual currency.  In a post from the Norton Rose Fulbright Project Finance blog available, Deanne Barrow analyzes the bills. Readers interested in learning more about cryptocurrency can sign up for updates on our FinTech law and regulation page.… Continue Reading

New AUSTRAC Compliance Report format for 2018

AUSTRAC has released a new format for reporting entities to submit their annual compliance report (Compliance Report).  This new compliance reporting format comes as a result of AUSTRAC’s reforms to their previous Compliance Report requirements which were suspended for the 2017 reporting period, and is designed so that reporting entities are required to provide more … Continue Reading

Hong Kong: HKMA publishes a revised guideline on Virtual Banks

Following a public consultation, the Hong Kong Monetary Authority (HKMA) published a revised Guideline on Authorization of Virtual Banks (the Guideline) on 30 May 2018. The Guideline supersedes the previous guideline issued in 2000 (and updated in 2012). Our blog entry dated 4 March 2018 which provides details of the public consultation can be found … Continue Reading

Tribunal strikes out application by third party in relation to Supervisory Notice

The Tribunal has held that third party rights do not arise in the context of Supervisory Notices, nor do the relevant provisions allow third parties to refer Supervisory Notices to the Tribunal, even where they are identified. Although Parliament has specifically provided for this right in the context of Warning and Decision Notices, it has … Continue Reading

Hong Kong’s SFC steps in to halt ICO

An investigation by Hong Kong’s Securities and Futures Commission (SFC) has led to the halt and unwinding of an initial coin offering (ICO) by Black Cell Technology Limited (Black Cell) to the Hong Kong public on the basis that Black Cell potentially engaged in unauthorized promotional and unlicensed regulated activities. Black Cell promoted the token … Continue Reading
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