On January 10, Commodity Futures Trading Commission Commissioner Dawn D. Stump, the sponsor of the CFTC’s Global Markets Advisory Committee (GMAC), announced the members of the newly-established Subcommittee on Margin Requirements for Non-Cleared Swaps (the Margin Subcommittee).
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Adam P. Haft
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SEC Announces Proposed Amendments to the Definitions of “Accredited Investor” and “Qualified Institutional Buyer”
Posted in Broker-Dealer, SEC/Corporate
On December 18, the Securities and Exchange Commission voted to propose amendments (the Proposal) to the definition of “accredited investor” for purposes of private placements under Regulation D and the definition of “qualified institutional buyer” in Rule 144A under the Securities Act of 1933. The Proposal is intended to update and improve the definitions of those terms in order to more effectively identify both institutional and individual investors with the sophistication to participate in private capital markets transactions. In the SEC’s press release announcing the Proposal, SEC Chairman Jay Clayton noted that, “The current test for individual accredited investor status takes a binary approach to who does and does not qualify based only [on] a person’s income or net worth. Modernization of this approach is long overdue.” As highlighted in the fact sheet included in the press release, the Proposal would, among other things:…
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FINRA’s Board of Governors Approves Two Rule Proposals
By Susan Light, Michael T. Foley & Adam P. Haft on
Posted in Broker-Dealer
The Financial Industry Regulatory Authority’s (FINRA) Board of Governors approved two rule proposals at a meeting held on December 4–5, to be filed with the Securities and Exchange Commission.…
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SEC Adopts Final SBS Cross-Border Rule Amendments and Sets Compliance Date for SBS Dealer Registration
By Guy C. Dempsey Jr. & Adam P. Haft on
Posted in Broker-Dealer, Derivatives
On December 18, the Securities and Exchange Commission adopted some amendments to its rules concerning the cross-border application of certain security-based swap requirements under the Securities Exchange Act of 1934 and issued a statement that it will be allowing some time-limited relief for reporting parties when security-based swap reporting goes into effect.…
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CFTC to Hold Open Commission Meeting on November 25
By Kevin M. Foley & Adam P. Haft on
Posted in CFTC
The Commodity Futures Trading Commission (CFTC) will hold an open meeting on Monday, November 25 at 10:00 a.m. EST to discuss (1) Final Rules amending CFTC Rules 4.5, 4.7, 4.13, 4.14 and 4.27; and (2) a Proposed Rule amending swap clearing requirement exemptions under Part 50 of the Commodity Exchange Act.
The meeting is open…
CFTC, FinCEN, and SEC Issue Joint Statement on Activities Involving Digital Assets
On October 11, the leaders of the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), and the Securities and Exchange Commission (collectively, the Agencies) issued a joint statement reminding persons engaged in activities involving digital assets of their anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations under the Bank Secrecy Act of 1970 (BSA).…
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SEC Announces the Formation of Asset Management Advisory Committee
By Susan Light, Michael T. Foley & Adam P. Haft on
Posted in Broker-Dealer
On October 9, the Securities and Exchange Commission announced the formation of its Asset Management Advisory Committee.
The committee will provide the SEC with diverse perspectives on asset management and related advice and recommendations. Topics the committee may address include trends and developments affecting investors and market participants, the effects of globalization, and changes in the role of technology and service providers. …
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SEC Proposes Transparency and Financial Accountability Amendments to CAT NMS Plan
By Susan Light, Michael T. Foley & Adam P. Haft on
Posted in Broker-Dealer
On September 9, the Securities and Exchange Commission voted to propose amendments to the national market system plan (CAT NMS Plan) governing the Consolidated Audit Trail (CAT).
SEC Releases Small Entity Compliance Guide for Regulation Best Interest and Form CRS
By Susan Light, Michael T. Foley & Adam P. Haft on
Posted in Broker-Dealer
On September 9, the Securities and Exchange Commission (SEC) released two small entity compliance guides to assist broker-dealers and investment advisers in complying with the recently adopted Regulation Best Interest (Reg BI) and Form CRS.
FINRA Issues Call for Candidates in Upcoming Small Firm Advisory Committee Election
By Susan Light, Michael T. Foley & Adam P. Haft on
Posted in Broker-Dealer
On September 4, the Financial Industry Regulatory Authority (FINRA) issued a notice informing small FINRA member firms of the upcoming Small Firm Advisory Committee (SFAC) election. One seat on the SFAC representing the New York region is open for election.
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