The U.S. Securities and Exchange Commission (SEC) has shut down WeedGenics, a firm that raised more than $60 million dollars from investors in the cannabis business. The SEC’s emergency order calls the firm’s offering a fraud and a Ponzi scheme, and lodges charges against the two WeedGenics owners, Rolf Max Hirschmann and Patrick Earl Williams…. Read More >>
HSBC Pays $75M to Resolve Swaps Violations Charges
HSBC is writing checks to the CFTC totaling $75 million via the resolution of two of the regulator’s orders — one involving alleged swaps transaction violations and a $45 million penalty, and the other based on charges of recordkeeping and supervisory failures that incurred a $30 million penalty. The swaps order encompasses allegations that HSBC… Read More >>
SEC Pushes New ‘Living Wills’ for Clearing Agencies
Late last week, the SEC announced that it is proposing big changes for covered clearing agencies (CCAs) that “would augment and strengthen the requirements of the rules that govern CCAs.” When translated from the legal gobbledygook, the SEC really wants better “living wills” a.k.a. “recovery and orderly wind-down plans (RWP)” for clearing agencies that may… Read More >>
FTF Unveils Winners of the 2023 FTF Awards
With nods to established players and voter enthusiasm for other providers hitting their stride, Financial Technologies Forum (FTF) has unveiled the winners of the 2023 FTF News Technology Innovation Awards competition. The 30 winners of the FTF Awards competition — now in its 12th year — are being honored for achievements during 2022. “It’s not… Read More >>
Templum Brings Trading Technology to Securitized Artwork: Q&A
(Editor’s note: Earlier this month, Templum, a provider of capital markets infrastructure technology for alternatives and private securities, reported that it had a new client — Masterworks LLC. The new client is an alternative investment platform for buying and trading shares in works of art that are often worth millions. Masterworks, which finds and then… Read More >>
The SEC Wants More Reporting via Form PF
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 >>
