- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-12-09T19:23:00
The Securities and Exchange Commission (SEC) and Office of the Comptroller of the Currency (OCC) this week reminded public companies and financial institutions, respectively, of their responsibilities to properly manage risks related to the crypto asset market.
Noting there has been “widespread disruption” in the crypto asset market recently, the SEC’s Division of Corporation Finance issued a sample letter Thursday urging companies to “evaluate their disclosures with a view towards providing investors with specific, tailored disclosure about market events and conditions, the company’s situation in relation to those events and conditions, and the potential impact on investors.”
The Division of Corporation Finance’s letter provided a sample list of concerns about a public company’s incomplete or missing disclosures related to its exposure to the crypto asset market. The agency would like to understand through a company’s disclosures:
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The Office of the Comptroller of the Currency established its Office of Financial Technology to supervise the fintech industry as it grows at a “rapid pace.”
Banking regulators unveiled new stress test requirements for the largest financial institutions, including a series of hypothetical global market shocks six banks will be required to face.
The Securities and Exchange Commission announced the promotion of Erik Gerding to lead its Division of Corporation Finance following the departure of Renee Jones.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
