- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-06-07T18:22:00
The Securities and Exchange Commission (SEC) on Wednesday adopted two rules aimed at curbing potential misconduct in the security-based swaps market.
One of the rules will prohibit officers and employees of security-based swaps from taking any action to coerce, manipulate, mislead, or fraudulently influence their firm’s chief compliance officer in performing a CCO’s duties. The rule is designed to “protect the independence and objectivity of the CCO,” the SEC said in a press release.
The other adopted rule will make it unlawful for any person, directly or indirectly, to influence security-based swaps through fraudulent schemes, making misleading statements or omitting material facts, obtaining or attempting to obtain money or property by means of any untrue statement, or manipulating or attempting to manipulate the price or valuation of any security-based swap, the agency explained in a fact sheet.
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The Securities and Exchange Commission approved new regulations for security-based swap execution facilities, part of the agency’s steady progress in implementing languishing rules from the Dodd-Frank Act.
The Securities and Exchange Commission continued its push to get across the finish line the remaining provisions of the Dodd-Frank Act with the adoption of a new rule for institutional investment managers to provide greater transparency regarding short sale data.
The convicted former chief compliance officer at an unnamed New York-based investment adviser was barred from working in the industry by the Securities and Exchange Commission.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
