On December 23, 2020, the Securities and Exchange Commission issued a statement and request for comment relating to custody of digital asset securities by broker-dealers, including certain conditional, time-limited relief for such arrangements. The statement will become effective 60 days after its publication in the Federal Register.
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On December 17, the Commodity Futures Trading Commission’s innovation office, LabCFTC, released a Digital Assets Primer, which provides the public with updated information about emerging concepts in digital assets. The Digital Assets Primer is intended to build on LabCFTC’s 2017 Primer on Virtual Currencies, which focused on virtual currencies, such as bitcoin. Topics covered by

On March 18, the Commodity Futures Trading Commission (CFTC) issued a Customer Advisory warning the public to watch for fraudulent schemes attempting to profit from recent market volatility stemming from the COVID-19 (coronavirus) pandemic. The CFTC identified common fraud tactics often used during major news events (such as the spread of the COVID-19 pandemic), including the following:
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On February 12, the International Organization of Securities Commissions (IOSCO) published its final report on “Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms (CTPs)” (the Final Report). The Final Report follows a consultation paper IOSCO published in May 2019 (for more information, please see the June 14, 2019 edition of Corporate & Financial Weekly Digest).

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On July 18, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 19-24 (Notice), which encourages member firms to continue notifying their Regulatory Coordinators about their digital assets activities. The Notice extends the requested notification period originally set forth in Regulatory Notice 18-20 from July 31, 2019 to July 31, 2020. (For additional information regarding

On May 28, the International Organization of Securities Commissions (IOSCO) published a consultation paper on regulating crypto-asset trading platforms (CTPs).

The consultation paper describes issues and risks identified by IOSCO in relation to CTPs. The consultation paper describes key considerations and provides related toolkits that are intended to assist regulatory authorities who may be evaluating

On April 5, the UK Financial Stability Board (FSB) published a directory of regulators and other authorities in FSB jurisdictions who cover cryptoasset issues.

The FSB delivered the directory to the April 2019 G20 Finance Ministers and Central Bank Governors meeting. It notes that the directory’s purpose is to provide information only—it does not define

Recognizing the need for guidance as to the application of US federal securities law for those considering an Initial Coin Offering (ICO), or otherwise engaging in the offer, sale or distribution of a digital asset, the Securities and Exchange Commission released its Framework for “Investment Contract” Analysis of Digital Assets. The Framework represents the views of the SEC’s Strategic Hub for Innovation and Financial Technology (FinHub) and is designed to provide additional guidance in areas that the SEC has not previously addressed.
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On January 22, the Financial Industry Regulatory Authority (FINRA) issued its annual Risk Monitoring and Examination Priorities Letter. This year’s letter includes a number of new areas for firms to consider in seeking to improve their compliance, supervisory and risk management programs.
Continue Reading FINRA Releases 2019 Annual Risk Monitoring and Examination Priorities Letter