SEC

SEC Staff Doubles Down on Howey for Digital Assets

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Last week, the SEC staff published new detailed guidance on its views of when a digital asset may be considered a security, in the form of two documents:  a guidance “framework” issued by the SEC’s Strategic Hub for Innovation and Financial Technology and a no-action letter from the SEC’s Division of Corporation Finance.

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SEC’s New Rule 606: Execution Transparency At a Cost

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For brokerage trade operations, compliance and IT managers, giving fund managers a lot more details about where and how their trades were executed to fulfill the US Securities and Exchange Commission’s enhancements to Rule 606 could turn into a major operational headache. At issue is how much data broker-dealers have readily available, how much they […]

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SEC’s New Rule 606: Execution Transparency At a Cost

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For brokerage trade operations, compliance and IT managers, providing fund managers with more granular details about where and how their trades were executed to fulfill the US Securities and Exchange Commission’s enhancements to Rule 606 could turn into a major operational headache. At issue is how much data broker-dealers have readily available, how much they […]

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Chairman Jay Clayton and Director Brett Redfearn Preview Potential Further Equity Market Structure Reforms—Exchange Market Data Business Model Targeted

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Earlier this month, SEC Chairman Jay Clayton and Division of Trading and Markets Director Brett Redfearn engaged in a public dialogue on equity market structure issues.  In addition to reviewing three equity market structure initiatives adopted by the SEC in 2018 (the transaction fee pilot,

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Consolidated Audit Trail: Those Messy Data Linkages

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US brokerage operations managers are quickly turning their attention to how they will meet the cumbersome requirements for data linkages now that the Financial Industry Regulatory Authority (FINRA) has been stepped in at the eleventh hour to operate the new consolidated audit trail (CAT). The initial phase-in of CAT — 2a and 2b– starting in […]

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Status of Financial Regulatory Leadership Changes

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As the new Congress gets underway, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations, confirmations, resignations and expiring terms.  The first slide summarizes the state of play for the agencies’ principals; the later slides provide a deeper look on an agency-by-agency basis, including select senior staff.  We intend to continue to update this resource from time t

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AML Exams: Data Quality Takes Center Stage

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Data integrity and integration. The popular terms used in trade and post-trade operations are quickly making their way into the world of anti-money laundering compliance as financial firms prepare for more stringent regulatory exams. With the number and value of fines growing, buy-side and sell-side firms are returning to the basics of evaluating their data […]

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Wyoming’s Digital Custody Law: Taming the Wild West?

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Wyoming’s attempt to establish banks as custodians for digital assets sounds great, but it might not be enough to convince institutional investors to take the plunge, caution some legal experts. The reason: without explicit rules from either federal securities or banking regulators, attorneys aren’t willing to tell any registered investment advisor it is on solid […]

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‘Exchanges owe us answers’ says IEX as it discloses market data and connectivity costs

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Investors Exchange (IEX) has publicly disclosed its costs of producing market data and connectivity, suggesting that incumbent exchanges could be marking up charges for such services by as much as 4,000%.

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Major US institutions to rival NYSE and Nasdaq with launch of ‘low-cost’ exchange

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