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Regulatory Alert: FINRA Exam Letter Targets Options Trading

08-17-21

Regulatory Alert: FINRA Exam Letter Targets Options Trading

On August 10, 2021, FINRA issued a targeted examination letter alerting firms that the regulator was conducting a review of all activities related to options accounts. In the new examination letter, FINRA requests information on account supervision, communications, and diligence from January 1, 2021, through August 10, 2021 (the date of the letter). Though the due date for the information has not yet been published, firms should begin working to formulate their responses immediately.

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The Inevitability of Cryptocurrency Regulation: The Race to Establish a Regulatory Framework is On
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08-12-21

The Inevitability of Cryptocurrency Regulation: The Race to Establish a Regulatory Framework is On

Legislators, administrators and regulators have publicly advocated for government intervention to protect consumers and investors from cryptocurrency price volatility and the fraud and money laundering that has proliferated across digital platforms. With the passage of the bipartisan infrastructure bill in the U.S. Senate, comprehensive regulation of the industry seems inevitable. Meanwhile, SEC Chair Gensler’s recent remarks on crypto assets demonstrate the regulator’s focus on addressing gaps and protecting investors.

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SEC Focuses on Wrap Fee Programs, Fixed Income Principal and Cross Trading Compliance Deficiencies in New Alerts
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08-04-21

SEC Focuses on Wrap Fee Programs, Fixed Income Principal and Cross Trading Compliance Deficiencies in New Alerts

On July 21, 2021, the SEC Division of Examination issued two new risk alerts on Wrap Fee Programs and Principal and Cross Trading. The alerts were based on the latest observations of compliance deficiencies drawn from extensive examinations. The Division stated that the new alerts should be considered alongside earlier priorities and observations from 2019. In this article, Bates reviews the Division’s recent findings and guidance.

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Coordinating on Ransomware: Federal, State Law Enforcement and Regulators Mobilize
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07-23-21

Coordinating on Ransomware: Federal, State Law Enforcement and Regulators Mobilize

The White House, Congress, federal and state law enforcement agencies and regulators are mobilizing to combat the threat of ransomware. In the wake of high-profile attacks on businesses of all sizes, the Biden administration has made the issue a priority. In this article we focus on the significant recent administrative, legislative and regulatory efforts to confront ransomware, including: strengthening the digital resilience of critical infrastructure, the launch of a new interagency website to support the private sector’s cyber defenses, a $10 million “Rewards for Justice” program to catch cybercriminals, bipartisan cyber legislation, and SEC and NYSDFS developments, to name few.

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FinCEN Posts AML Priorities: A Road Map for Compliance
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07-15-21

FinCEN Posts AML Priorities: A Road Map for Compliance

With the recent publication of its of national priorities for anti-money laundering and countering the financing of terrorism ("AML/CFT"), the Financial Crimes Enforcement Network ("FinCEN") fulfilled one of the core mandates under the Anti-Money Laundering Act of 2020: the establishment and dissemination of national AML priorities. The 12-page document is the product of consultations among the U.S. Treasury Secretary and Attorney General, federal regulators, state financial regulators, and national security agencies. In this article, Bates takes a look at the newly published policy, each of FinCEN’s national priorities, and what your firm and clients need to know. 

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Temporary Holds and Other Developments to Address Senior and Vulnerable Investor Financial Exploitation
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07-08-21

Temporary Holds and Other Developments to Address Senior and Vulnerable Investor Financial Exploitation

Early last month, FINRA proposed new amendments to rules on the financial exploitation of seniors and other vulnerable individuals. The changes have implications for state rules protecting seniors as well. The SEC, FINRA and NASAA have also announced a joint training program designed to help firms comply with Senior Safe Act requirements. The program has compliance implications for firms seeking to utilize FINRA’s safe harbor rule 2165. In this article, Bates takes a closer look at the proposed changes and what they could mean for your firm.

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Bates Welcomes Mary Simonson to Bates Compliance

07-07-21

Bates Welcomes Mary Simonson to Bates Compliance

Bates welcomes Mary Simonson as a new Managing Director of Bates Compliance. A seasoned compliance professional with more than 30 years of experience, she brings a substantial background in compliance, supervision, and risk management leadership roles.

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FinCEN Issues First National AML/CFT Priorities
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06-30-21

FinCEN Issues First National AML/CFT Priorities

The Financial Crimes Enforcement Network (FinCEN) today issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy.

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SEC Chair Gary Gensler’s Rulemaking Priorities Emerge
SEC Chair Gary Genlser/SEC.gov

06-17-21

SEC Chair Gary Gensler’s Rulemaking Priorities Emerge

On June 11, 2021, the White House Office of Information and Regulatory Affairs released a Unified Agenda of Regulatory and Deregulatory Actions containing the latest official list of the SEC’s regulatory rulemakings. The list includes proposed items the agency will undertake in the near future, which reflect the emergent priorities of the independent agency’s Chair Gary Gensler, who was sworn in on April 14, 2021. In this article, Bates takes a look at a few of the proposed items positioned for regulatory action this year.

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Bates Expert Ronald Filler Honored by New York Law School with Launch of the Filler Institute for Financial Services Law

06-17-21

Bates Expert Ronald Filler Honored by New York Law School with Launch of the Filler Institute for Financial Services Law

On May 21, 2021,  New York Law School announced the launch of the Ronald H. Filler Institute for Financial Services Law. Named in honor of distinguished Professor Emeritus and Bates affiliate expert Ronald H. Filler, the Institute will provide cutting-edge educational programming, CLE panels, and speaker forums for students and practitioners that respond to emerging challenges in securities, derivatives, banking, and insurance laws and regulations.

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