A regulatory change of importance got lost in the avalanche of news that we deal with every day — the SEC is adopting amendments to Form PF, the confidential reporting form launched 12 years ago for hedge funds and private equity funds. “Currently, advisers to private funds file Form PF on a quarterly or annual… Read More >>
N.Y. Attorney General Wants New Crypto Regulations
New York Attorney General Letitia James is no stranger to controversy and to major legal forays such as her recently proposed legislation, described as “the strongest and most comprehensive set of regulations” in the U.S. to govern cryptocurrency markets. The proposed legislation, the Crypto Regulation, Protection, Transparency & Oversight (CRPTO) Act, would give James more… Read More >>
SEC Whistleblower Awarded Nearly $279M & Other News
Biggest SEC Whistleblower Award to Date A whistleblower somewhere recently got a check or two for nearly $279 million from the Securities and Exchange Commission, according to the SEC, which adds that it is the “largest-ever award” to date. The whistleblower’s “information and assistance led to the successful enforcement of SEC and related actions,” according… Read More >>
Barclays Capital Fined $2.5M via LOPR Reporting Case
Barclays Capital Inc., a member of FINRA, the broker-dealer industry’s self-regulatory authority since 2007, has agreed to a censure and a $2.5 million fine for allegedly failing to report, or inaccurately reporting, over-the-counter (OTC) options positions to the Large Options Positions Reporting (LOPR) system. That alleged reporting hiccup happened approximately 4.3 million times from January… Read More >>
Bittrex Exits U.S. Markets as SEC’s Charges Linger
Bittrex and the Securities and Exchange Commission (SEC) appear to be heading to court over the regulator’s allegations that the crypto asset trading platform Bittrex, Inc., and its co-founder and former CEO operated an unregistered national securities exchange, brokerage, and clearing agency. Bittrex, Inc.’s foreign affiliate, Bittrex Global GmbH has also been accused of “failing… Read More >>
Reporter’s Notebook: Merrill Lynch & the FX Fees Case
When crypto companies allegedly scam their clients, it’s often a disaster for the kids and old folks who are convinced to “invest.” But we expect better, much better, from Merrill Lynch, Pierce, Fenner & Smith, a pillar of the financial services world. That’s one reason it’s troubling to learn that the U. S. Securities and… Read More >>
The SEC Wants Electronic Filing for All Forms
Late last month, the SEC put forward amendments intended to “modernize its information collection and analysis methods by, among other things, proposing that a number of filings be submitted to the Commission electronically on EDGAR [the Electronic Data Gathering, Analysis, and Retrieval] system using structured data where appropriate,” according to the regulator’s announcement. Many in… Read More >>
SEC Charges Tron Founder With Misleading Investors
It’s a time-tested way to con good, honest folks out of their hard-earned money. Dazzle them with celebrities while you pick their pockets! Case in point, according to recent allegations filed by the United States Securities and Exchange Commission (SEC): Justin Sun, a cryptocurrency entrepreneur, who paid a long list of celebrities big bucks to… Read More >>
Crypto Crash Fugitive Arrested in Montenegro
Do Hyeong Kwon, the alleged mastermind of a cryptocurrency fraud, has been arrested by authorities in Montenegro, a Balkan country, far from Terraform Labs, the company Kwon co-founded in Singapore. “One of the world’s most wanted fugitives was arrested in Podgorica,” according to Filip Adzic, the interior minister for Montenegro, who posted an update via… Read More >>
SEC Pushes New Cybersecurity Risk Mitigation
The United States Securities and Exchange Commission (SEC) proposes to address cybersecurity risks to the financial services sector. Seems like a pretty good idea, doesn’t it? Maybe even overdue, given what we know about the intentions and actions of countries like Russia and China. The new cybersecurity rules would apply to “broker-dealers, the Municipal Securities… Read More >>
