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On Our Radar: Crypto Legislative, Regulatory and Enforcement Roundup
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03-22-23

On Our Radar: Crypto Legislative, Regulatory and Enforcement Roundup

Fast-moving events in the financial markets are underscoring the need for a workable digital asset legislative and regulatory framework. Ongoing volatility continues to reduce overall crypto market value, and federal and state regulators have ramped up their enforcement efforts. Such volatility is the backdrop to this latest roundup on crypto developments.

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Banking Update: Separating Fact from Speculation
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03-21-23

Banking Update: Separating Fact from Speculation

In the aftermath of the collapse of three banking firms, Silvergate, Silicon Valley Bank and Signature Bank earlier in March, tensions in the banking sector continued over the past week with the shares of a number of regional banks including First Republic, PacWest Bancorp and Zions Bancorp under pressure. During the turmoil-filled week, several questions were raised about the strength of U.S. banks, whether regulators moved quickly enough, the role of VCs, and if the failures were foreseeable. Read the analysis from Bates Expert and Director Greg Kyle.

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Banking Alert: Silvergate Capital, Silicon Valley Bank, and Signature Bank
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03-13-23

Banking Alert: Silvergate Capital, Silicon Valley Bank, and Signature Bank

On Sunday, U.S. regulators seized Signature Bank, and on Friday, U.S. regulators seized the assets of Silicon Valley Bank (“SVB”). The seizure of SVB led to one of the largest bank failures in U.S. history and the largest failure of a financial institution since the 2008 financial crisis. The failure of SVB comes on the heels of Silvergate Capital announcing on Wednesday that it would voluntarily wind down operations and liquidate its bank. With three bank collapses in one week, the markets, investors, and many of our clients are understandably on edge.

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What is the Purpose of Consumer Protection Laws?
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03-10-23

What is the Purpose of Consumer Protection Laws?

Consumer protection laws are designed to protect consumers, to keep sellers honest and to protect purchases of goods from fraudulent or deceptive marketing. Consumer protection laws are enforced by the Federal Trade Commission, and businesses that fail to maintain compliance with federal consumer protection laws could face severe consequences.

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The New Jersey Digital Asset and Blockchain Technology Act:    A Better Licensing Alternative than New York?
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03-08-23

The New Jersey Digital Asset and Blockchain Technology Act:  A Better Licensing Alternative than New York?

In the coming months, the New Jersey legislature is expected to pass the Digital Asset and Blockchain Technology Act, a bill that would establish one of the broadest licensing and regulatory frameworks on digital assets in the country. The legislation is being closely watched as it offers companies a more comprehensive alternative to the current standard for the regulation of digital assets prescribed under New York law. Bates has a short summary and comparison chart.

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FINRA Arbitration Update - February 2023

03-02-23

FINRA Arbitration Update - February 2023

FINRA proposed amendments to the Codes of Arbitration Procedures for Customer Disputes and Industry Disputes that would affect the arbitrator list selection process. The proposed amendments would also make clarifying changes on administrative practices. 

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Spotting and Reporting Romance Scams
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02-13-23

Spotting and Reporting Romance Scams

Romance scams are a growing concern, as evidenced by The Federal Trade Commission’s report that romance fraud is one of the most costly forms of consumer fraud in the United States. Read the full article for the warning signs AML and Compliance professionals should look out for, as well as Elder Exploitation red flags and Bank Secrecy Act obligations.

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FINRA and SEC Increase Focus on Reg BI Compliance – What You Need to Know
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02-10-23

FINRA and SEC Increase Focus on Reg BI Compliance – What You Need to Know

In its latest annual report on examinations and risk monitoring, FINRA offered the regulator’s perspective on strengthening compliance programs on Reg BI and the corresponding Form CRS. FINRA included observations from its compliance reviews on each of the core duties under the two-plus-year-old rule. These areas were also the focus of an SEC Division of Examination Alert on broker-dealer compliance with Reg BI and a recent Bates webinar, cosponsored with NICE Actimize, discussing how broker-dealer firms are adapting their compliance programs in response to Reg BI. The insights offered from both the regulatory officials and the private consulting community offer perspective on what lies ahead. 

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SEC Division of Examinations Announces 2023 Examination Priorities

02-07-23

SEC Division of Examinations Announces 2023 Examination Priorities

The Securities and Exchange Commission’s Division of Examinations has just released its 2023 examination priorities report, providing insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets. Stay tuned for our annual commentary and chart, coming soon, on the SEC's 2023 priorities and how they may impact your legal, regulatory and compliance matters.

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