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On Our Radar: Crypto Regulatory and Enforcement Roundup

11-21-22

On Our Radar: Crypto Regulatory and Enforcement Roundup

Regulatory and enforcement activity has been brisk since nine federal agencies issued a “Comprehensive Framework for Responsible Development of Digital Assets” in response to President Biden’s Executive Order to collaborate on a “whole of government approach.” 

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Are Your Firm’s Policies and Procedures Working as Intended for Rights of Reinstatement?

11-16-22

Are Your Firm’s Policies and Procedures Working as Intended for Rights of Reinstatement?

FINRA has remained focused on ensuring that eligible customers received Rights of Reinstatement (“ROR”) benefits where appropriate. Just recently, we were retained by another large firm looking to leverage the depth of our experience gained through many engagements assisting our clients with Rights of Reinstatement issues since the targeted examination announcement in 2020. Contact Bates today if you are facing a FINRA inquiry or other action or need to update your policies and procedures.

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The New Federal Digital Asset Framework: Where Are We Now?
Image © [OlegKachura] /Adobe Stock

11-16-22

The New Federal Digital Asset Framework: Where Are We Now?

Since President Biden issued an Executive Order in March 2002 directing agencies to collaborate on a “whole of government approach” for ensuring the responsible development of digital assets, the market has been anticipating the release of the broader framework. The Framework, issued on September 16, 2022, remains a high-level mix of broad directives by nine separate federal agencies which support these goals. Bates has the highlights.

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Bates Is Proud To Sponsor CrossTech World 2022, November 15-17

11-10-22

Bates Is Proud To Sponsor CrossTech World 2022, November 15-17

Bates is a proud sponsor of CrossTech World 2022 (formerly IMTC), the signature event of the Cross Border Transfers & Payments Industry, November 15-17, 2022, at the Seminole Hard Rock Hotel & Casino in Miami, FL. Meet members of the Bates MSB, FinTech & Virtual Assets team (pictured) and attend the Crypto Investment & Trading Workshop featuring Bates Managing Director Brandi Reynolds.

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FinCEN Beneficial Ownership Information Reporting & Overview: Are MSBs Required to Report? Here’s What You Need to Know.
Image © [Jarretera] /Adobe Stock

11-10-22

FinCEN Beneficial Ownership Information Reporting & Overview: Are MSBs Required to Report? Here’s What You Need to Know.

FinCEN's final Beneficial Ownership Information (BOI) Reporting Rule becomes effective on January 1st, 2024. The rule establishes requirements for business entities—such as corporations or limited liability companies—who are created or registered in the U.S. to disclose information regarding their beneficial ownership to FinCEN. How do MSBs and Money Transmitters fit into the new rule? Read the full alert for what you need to know.

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Newly Proposed SEC Rule Would Impose New Requirements on IAs to Oversee Outsourced Providers

11-07-22

Newly Proposed SEC Rule Would Impose New Requirements on IAs to Oversee Outsourced Providers

Under a proposed new rule, the SEC would require investment advisers to conduct due diligence and monitor “covered services” outsourced to third-party providers. The Commission said it recognizes that investment advisers are increasingly relying on outsourced sources to perform many functions in support of advisory services and, as a result, “more needs to be done to protect investors.” Bates breaks down what you need to know.

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Bates Sponsors 4th Annual Raymond James Valor Golf Outing
Image © [thaninee] /Adobe Stock

11-05-22

Bates Sponsors 4th Annual Raymond James Valor Golf Outing

Bates is proud to be a sponsor of the 4th annual Raymond James Valor golf outing on November 5, 2022. Valor, the Veterans' Inclusion Network at Raymond James, sponsors this annual golf tournament and raffle to benefit local veterans and their families.

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State Securities Regulators Report on 2021 Enforcement Trends:  Digital Assets Investigations, Increase in Promissory Note Enforcement, Concerns About Metaverse Fraud
image: Alabama Securities Commission - Joseph P. Borg, Director

11-01-22

State Securities Regulators Report on 2021 Enforcement Trends:  Digital Assets Investigations, Increase in Promissory Note Enforcement, Concerns About Metaverse Fraud

NASAA, the North American Securities Administrators Association, published their 2022 Enforcement Report detailing data collected from 48 jurisdictions in 2021. This annual publication serves several purposes. Primarily, it is an attempt to aggregate the efforts undertaken by state regulators to protect the public from fraud. As Joseph Borg (NASAA 2021-2022 Enforcement Section Chair, pictured) states in his introduction, the report flags concerns about complex theft and misapplication, real estate and energy scams, cryptocurrency, non-fungible tokens, metaverse schemes, and more. Learn what to expect as state regulators assert their jurisdiction over new products, new markets and new marketplaces. Bates has the highlights.

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Preparing for an Independent Review of a Money Services Business’s (MSB) AML Program

10-21-22

Preparing for an Independent Review of a Money Services Business’s (MSB) AML Program

Independent reviews on AML risk are becoming more important, not only to ensure compliance with current regulation and the documentation of all efforts undertaken, but also to uncover systemic weaknesses and to provide corrective recommendations for management. In this article, Bates offers tips to help MSB firms navigate the process, including key elements of a review, timing, and selecting the right reviewer.

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Visit the Bates Booth at NSCP 2022

10-17-22

Visit the Bates Booth at NSCP 2022

Bates Compliance is a proud exhibitor at this year's NSCP National Conference. Visit Bates leaders at booth #25 - Bates Managing Director Hank Sanchez, Esq. to speak on the Day 3 Disaster Recovery panel.

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Contact Bates Group

Bates Group is with you every step of the way. Contact us today for more information on how our End-to-End Solutions can help your firm.