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 >>
Firms Are Looking for T+1 Accelerators: Q&A
(Editor’s note: Last month, the SEC passed a set of amendments and new rules that make possible an industry-wide move from the current trading day plus two (T+2) settlement cycle to the shorter, one-day, T+1 time frame for U.S. equity markets. The SEC also endorsed a compliance date of May 28, 2024, for the start… Read More >>
The Mormons Settle with the SEC for $5M
A settlement between the SEC and The Church of Jesus Christ of Latter-day Saints and its investment management company got lost in the media shuffle amid the overshadowing crypto-related enforcement stories. Late last month, the SEC announced it had settled with Ensign Peak Advisers, a non-profit entity operated by the Mormon Church, and with the… Read More >>
FTX Insider Faces SEC & CFTC Charges Too
Attention, screenwriters: Sharpen your pencils. We’ve reached a key moment in the FTX saga! The US Securities & Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Feds have turned their enforcement lasers on Nishad Singh, “the former co-lead engineer of FTX Trading Ltd. … for his role in a multiyear scheme to… Read More >>
Canadian Regulators Push for CDOR’s Exit & Other News
Expiration Date Coming for CDOR It’s the beginning of the end for the LIBOR-based, Canadian Dollar Offered Rate (CDOR) as the Canadian Securities Administrators (CSA) are urging market participants to move away from the CDOR benchmark. The CSA is “the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the… Read More >>
Reporter’s Notebook: The SEC Stops Kraken’s Staking Service
The United States Securities and Exchange Commission (SEC) reports that it has charged Payward Ventures, Inc. and Payward Trading Ltd., both commonly known as the crypto exchange Kraken, with “failing to register the offer and sale of their crypto asset staking-as-a-service program, whereby investors transfer crypto assets to Kraken for staking in exchange for advertised… Read More >>
