All articles by Aaron Nicodemus – Page 30
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BlockFi ruling leaves big crypto question unresolved
The SEC’s determination regarding BlockFi’s crypto lending product is a landmark resolution, yet the ruling does little to settle the larger question still looming: Are cryptocurrencies securities or currencies?
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SEC, states fine BlockFi $100M; crypto lending product declared a security
BlockFi Lending agreed to pay $100 million in penalties as part of a first-of-its-kind case in which the Securities and Exchange Commission declared a type of cryptocurrency lending product should be registered as a security.
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SEC proposal seeks to undo Trump-era whistleblower changes
The Securities and Exchange Commission will seek to undo several changes to the agency’s whistleblower program enacted during the Trump administration to potentially limit large awards.
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FINRA 2022 exam report highlights Reg BI compliance, AML trends, more
The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring contains insights on issues the organization uncovered regarding broker-dealers’ compliance with Regulation Best Interest during the rule’s first full year in existence.
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SEC proposes enhanced disclosures for private equity and hedge funds
The Securities and Exchange Commission voted to propose a rule that would require hedge funds and private equity funds to provide detailed information on fees, expenses, and performance on a quarterly basis.
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Banks, small firms wary of compliance costs of FinCEN beneficial ownership rule
Comment letters submitted to the Financial Crimes Enforcement Network regarding its proposed beneficial ownership registry rule express concerns related to compliance costs, implementation timelines, and more.
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Indictment: China-based Hytera stole trade secrets from Motorola
Hytera Communications allegedly conducted a scheme to systematically steal trade secrets from Motorola Solutions by hiring away Motorola employees who had developed its “walkie-talkie” product line, according to a federal indictment.
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Meta threatens to pull Facebook, Instagram in Europe over GDPR data transfer dispute
Meta Platforms is threatening to pull down Facebook and Instagram in the European Union over concerns it cannot meet data-sharing rules set in the region’s General Data Protection Regulation.
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Westpac combines risk, compliance leadership; hires Ryan Zanin as chief risk officer
Australian bank Westpac announced it will combine the leadership of its risk and compliance divisions into one position under Ryan Zanin, who joins after most recently serving as executive vice president, chief risk officer at Fannie Mae.
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False Claims Act-related settlements top $5.6B in 2021
False Claims Act settlements totaled more than $5.6 billion in the past federal fiscal year, the second-largest amount ever collected by the government in FCA actions in one year, according to the Department of Justice.
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CFTC delays compliance for new swap data reporting rule until December
A May 2022 deadline for compliance with amended swap data reporting requirements has been delayed six months by the Commodity Futures Trading Commission to allow market participants more time to comply.
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FinCEN readying rule for banks to prove AML/CFT programs ‘reasonably designed’
The Financial Crimes Enforcement Network will likely require banks and other financial institutions to assess their anti-money laundering and countering the financing of terrorism programs to ensure they are “effective and reasonably designed.”
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Remedial actions help HeadSpin avoid fine in SEC fraud settlement
Silicon Valley-based tech company HeadSpin’s significant remedial actions in response to its chief executive’s alleged fraudulent behavior helped it settle charges with the Securities and Exchange Commission without being fined.
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SEC reopens comment period on Dodd-Frank pay vs. performance rule
The Securities and Exchange Commission reopened the comment period for its pay versus performance rule, a long-dormant provision contained in the Dodd-Frank Act that was never implemented.
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Supreme Court declines case on False Claims Act anti-retaliation provisions
The Supreme Court has declined to settle conflict between two federal court decisions on whether former employees are covered by whistleblower anti-retaliation protections contained in the False Claims Act.
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SEC proposes expanded reporting requirements for private funds, trading platforms
The Securities and Exchange Commission issued a pair of proposals that would increase the volume and timeliness of information that certain segments of the market must disclose, in order to provide more transparency and a deeper understanding of potential risks.
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Adrienne Harris confirmed to lead NYDFS
Former U.S. Treasury official Adrienne Harris was confirmed to be the first Black woman to officially lead the New York State Department of Financial Services.
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Survey: Working in compliance is stressful, but satisfying
More than half the compliance officers responding to a new survey on working conditions said they feel burned out on the job, yet 60 percent of respondents still reported being satisfied with their work.
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Gensler says SEC to consider new rules for cybersecurity, data privacy disclosures
The Securities and Exchange Commission is kicking the tires on new cybersecurity and data privacy disclosure requirements for investment companies, investment advisers, broker-dealers, and public companies, according to agency Chair Gary Gensler.
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FinCEN seeking input on SARs-sharing program with foreign branches
The Financial Crimes Enforcement Network is requesting comment on a pilot program that would allow financial institutions to share suspicious activity reports with foreign branches, subsidiaries, and affiliates.