Recent regulatory developments provide some clarifications regarding the market access rule for broker-dealers

2014 ◽  
Vol 15 (3) ◽  
pp. 10-19
Author(s):  
Bruce H. Newman ◽  
Elizabeth Mitchell ◽  
Stephanie R. Nicolas ◽  
Andre Owens ◽  
Ashley E. Bashur
Keyword(s):  
Design Methodology ◽  
Market Access ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
Key Points ◽  
Recent Developments ◽  
Practical Guidance ◽  
Insight Into

Purpose – To provide an overview of recent developments relating to the Securities and Exchange Commission (SEC)’s Market Access Rule, Rule 15c3-5 promulgated under the Securities Exchange Act of 1934. Design/methodology/approach – Provides a brief overview of the Rule’s requirements; highlights key points of guidance from the Frequently Asked Questions released by the Staff of the SEC’s Division of Trading and Markets in April 2014; and discusses the SEC’s first enforcement actions for alleged violations of the Rule, which include a settlement with Knight Capital Americas, LLC and administrative and cease-and-desist proceedings instituted against Wedbush Securities, Inc. Findings – The SEC has prioritized its focus on Rule 15c3-5, which has resulted in the issuance of FAQs and enforcement actions against broker-dealers for violations of the Rule. While the FAQs and the Knight Capital settlement provide some insight into the Enforcement Staff’s view of what the Rule requires, there are still areas where the substantive requirements are not entirely clear. Originality/value – Practical guidance from experienced securities lawyers that consolidates several recent developments in one piece.

SEC charges “ICO Superstore” as unregistered broker-dealer

2019 ◽  
Vol 20 (1) ◽  
pp. 40-43
Author(s):  
John J. Sikora Jr. ◽  
Stephen P. Wink ◽  
Douglas K. Yatter ◽  
Naim Culhaci
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
The Us ◽  
Recent Developments ◽  
Practical Guidance ◽  
Securities Laws ◽  
Enforcement Activity

Purpose To analyze the settled order of the US Securities and Exchange Commission (SEC) against TokenLot LLC (TokenLot), which was the SEC’s first action charging a seller of digital tokens as an unregistered broker-dealer. Design/methodology/approach Analyzes the SEC’s order within the context of other recent actions by the SEC on cryptocurrencies and digital tokens and discusses future implications of the order in this area. Findings The SEC’s order against TokenLot as an unregistered broker-dealer was a logical next step in its enforcement activity in the cryptocurrency and digital token space.The order demonstrates that the SEC expects firms in the cryptocurrency space to use the well-established constructs of federal securities laws to evaluate their business activities to ensure those activities are legally compliant. Originality/value Practical guidance from experienced securities and financial services lawyers analyzing recent developments in a nascent area of SEC enforcement.

Strengthening AML/CFT controls of digital payment token service providers in Singapore

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tju Liang Chua
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Service Providers ◽  
Task Force ◽  
Content Type ◽  
Key Points ◽  
Recent Developments ◽  
Terrorism Financing ◽  
Financial Action Task ◽  
Practical Guidance

Purpose To raise awareness of money laundering and terrorism financing (ML/TF) controls and regulations in Singapore for digital payment token (DPT) service providers. Design/methodology/approach This article summarizes the key points in the guidance infographic published by the Monetary Authority of Singapore on strengthening the AML/CFT controls of DPT service providers (Infographic). In line with the Infographic, these points pertain to: (1) recent developments in the Financial Action Task Force (FATF) Standards; (2) ML/TF risks in the DPT sector; and (3) an overview of MAS’ measures to address such risks, which include (i) licensing and supervision; (ii) AML/CFT notice and guidelines; and (iii) surveillance. Findings To combat illicit activities in Singapore’s DPT sector, the MAS has introduced AML/CFT measures that are aligned with the FATF Standards. DPT service providers should be cognizant of these regulations in developing their own internal measures. Originality/value Practical guidance from experienced lawyers in the Technology Transactions and Financial Services Regulatory & Enforcement practices.

Are your customer accounts in order? – SEC announces sweep of broker-dealers and implementation of the customer protection rule initiative

2017 ◽  
Vol 18 (1) ◽  
pp. 68-74
Author(s):  
Melissa Beck Mitchum ◽  
Bob Xiong
Keyword(s):  
Current Account ◽  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
Policies And Procedures ◽  
Practical Guidance ◽  
Reporting Mechanism

Purpose To explain the Customer Protection Rule Initiative announced by the Securities and Exchange Commission (SEC) and offer practical guidance for complying with Rule 15c3-3 under the Securities Exchange Act of 1934. Design/methodology/approach This article discusses Rule 15c3-3 under the Securities Exchange Act of 1934, related interpretative guidance, and the Customer Protection Rule Initiative announced in June 2016 by the SEC. Findings This article concludes that broker-dealers should take advantage of the Customer Protection Rule Initiative’s self-reporting mechanism and use this time to review their current account arrangements with banks, existing internal policies and procedures, and account documentation. Originality/value This article contains valuable information about the SEC’s Customer Protection Rule Initiative and practical compliance guidance from experienced securities lawyers.

SEC credits self-reporting and cooperation in not imposing penalty on ICO sponsor

2019 ◽  
Vol 20 (2) ◽  
pp. 13-15
Author(s):  
Daniel Hawke
Keyword(s):  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Self Report ◽  
Content Type ◽  
Enforcement Action ◽  
Expert Analysis ◽  
Securities Laws ◽  
Insight Into ◽  
Civil Penalty ◽  
Do So

Purpose To explain a February 20, 2019 US Securities and Exchange Commission (SEC) settled enforcement action against Gladius Network LLC for failing to register an initial coin offering (ICO) under the federal securities laws, in which Gladius was able to avoid a civil penalty by self-reporting the violation and cooperating with the SEC enforcement staff. Design/methodology/approach Explains Gladius’ self-reporting, cooperation and remedial steps; why the SEC imposed no civil penalty on Gladius; and two similar cases the SEC instituted in July 2018 against companies that conducted unregistered ICOs, did not self-report, and were penalized. Provides analysis and conclusions. Findings The Gladius case offers important insight into how the SEC and its staff think about cooperation credit in resolving SEC enforcement actions and sends a clear message that self-reporting to the SEC can result in meaningful cooperation credit. In three recent cases, the Commission has made clear that once it put the industry on notice that ICOs could be securities that must be registered under the federal securities laws, a party risks enforcement action by failing to do so. Originality/value Expert analysis and guidance from an experienced securities lawyer who counsels clients on all manner of SEC enforcement, examination and regulatory policy matters.

Miniature and microrobots: a review of recent developments

2015 ◽  
Vol 42 (2) ◽  
pp. 98-102 ◽  
Author(s):  
Robert Bogue
Keyword(s):  
Design Methodology ◽  
Swarm Robotics ◽  
Power Sources ◽  
Content Type ◽  
Miniature Robots ◽  
Healthcare It ◽  
Recent Developments ◽  
And Control ◽  
Insight Into ◽  
Selection Of

Purpose – This paper aims to provide an insight into recent miniaturised robot developments and applications. Design/methodology/approach – Following an introduction, this article discusses the technology and applications of miniature robots and considers swarm robotics, assembly robots, flying robots and their uses in healthcare. It concludes with a brief consideration of the emerging field of nanorobotics. Findings – This shows that all manners of miniaturised terrestrial, airborne and aquatic robots are being developed, but size and weight restraints pose considerable technological challenges, such as power sources, navigation, actuation and control. Prototypes have been developed for military, assembly, medical, environmental and other applications, as well as for furthering the understanding of swarm behaviour. In the longer term, microrobots and nanorobots offer prospects to revolutionise many aspects of healthcare, such as cancer treatment. Originality/value – This study provides details of a wide-ranging selection of miniaturised robot developments.

British Library document supply – a fork in the road

2010 ◽  
Vol 38 (1) ◽  
pp. 12-16 ◽  
Author(s):  
Andy Appleyard
Keyword(s):  
Design Methodology ◽  
British Library ◽  
Improvement Strategy ◽  
Content Type ◽  
The Road ◽  
Current Thinking ◽  
Recent Developments ◽  
Insight Into ◽  
Future Plans

PurposeThis paper seeks to provide an overview of recent developments within the British Library's document supply service and offer an insight into future plans.Design/methodology/approachThe paper takes the form of a general review.FindingsThe British Library Document Supply Centre (BLDSC) has made tremendous gains in optimising the service in its current guise. As with similar organisations, challenges are presenting themselves that require a completely new look at the way the business model is designed. Although the long‐term plan is not completely formed, this paper aims to give an insight into current thinking.Originality/valueThe paper spells out the improvement strategy that the BL has adopted for document supply in the light of the worldwide decline.

SEC flexes its muscle on accounting fraud and targets more individuals

2016 ◽  
Vol 17 (2) ◽  
pp. 50-53
Author(s):  
David Woodcock ◽  
Joan McKown
Keyword(s):  
Financial Reporting ◽  
Financial Services ◽  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Internal Controls ◽  
Accounting Fraud ◽  
Department Of Justice ◽  
Content Type ◽  
Practical Guidance ◽  
A Priority

Purpose To note the increase in accounting and financial reporting matters at the Securities and Exchange Commission by highlighting a number of recent cases filed by the agency. Design/methodology/approach The SEC recently announced the settlement or filing of a number of significant accounting fraud cases. Coupled with recent statements by the SEC and the Department of Justice, it is clear that accounting fraud is a priority and that individuals are in the cross-hairs. This article discusses a few of the recent cases and the trend toward more financial reporting and issuer disclosure cases. Findings The number of financial reporting and issuer disclosure cases will likely continue to increase. Individuals will be targeted in more of those cases, internal controls will be a focus, whistleblowers will continue to be important in this area, and SOX 304 clawbacks will continue to be a weapon for the SEC. Originality/value Practical guidance from experienced securities and financial services lawyers.

SEC approves long-anticipated FINRA research rules

2016 ◽  
Vol 17 (1) ◽  
pp. 39-44 ◽  
Author(s):  
Amy Natterson Kroll ◽  
John Ayanian
Keyword(s):  
Design Methodology ◽  
Comprehensive Review ◽  
Content Type ◽  
Research Activities ◽  
Policies And Procedures ◽  
Equity Research ◽  
Practical Guidance ◽  
Research Analysts ◽  
Required Disclosures ◽  
Insight Into

Purpose To analyze the changes to the FINRA equity research rules and evaluate concerns that may be important to and have an impact on equity research activities following the effective date. Design/methodology/approach This article provides an overview of the changes reflected in FINRA Rule 2241 pertaining to equity research analysts and research reports, as well as changes to licensing requirements for equity research analysts. It highlights potential issues for firms and provides some commentary on how these issues should be considered in light of FINRA’s articulated position and assurances FINRA has given to the SEC. Findings This article concludes that firms should anticipate these changes and begin a comprehensive review of research policies and procedures, the personnel who prepare research reports and the scope of their research products so as to be compliant with Rule 2241 from its effective date. Firms should also begin an investigation of technologies used to gather, produce and disseminate research and required disclosures to ensure they meet the new requirements when they are effective. Originality/value This article provides insight into the new FINRA Rule 2241 and practical guidance from experienced securities lawyers.

A review of the SEC Participating Affiliate No-Action Letters’ relief from Investment Advisers Act of 1940 registration for foreign investment advisers

2017 ◽  
Vol 18 (4) ◽  
pp. 22-28 ◽  
Author(s):  
Wendy E. Cohen ◽  
David Y. Dickstein ◽  
Christian B. Hennion ◽  
Richard D. Marshall ◽  
Allison C. Yacker ◽  
...  
Keyword(s):  
Foreign Investment ◽  
Financial Services ◽  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Content Type ◽  
The Us ◽  
Information Update ◽  
Practical Guidance ◽  
Investment Advisers

Purpose To explain the US Securities and Exchange Commission (the “SEC”) staff’s (the “Staff”) participating affiliate exemption from investment adviser registration for foreign advisers set forth in a line of Staff no-action letters issued between 1992 and 2005 (the “Participating Affiliate Letters”) and to discuss recent guidance issued by the Staff in an information update published in March 2017 (the “Information Update”) with respect to complying with requirements of the Participating Affiliate Letters. Design/methodology/approach Reviews the development of the Staff’s approach regarding the non-registration of foreign advisers that rely on the Participating Affiliate Letters from prior to the issuance of those letters through the Information Update and sets forth recommendations for registered investment advisers and their participating affiliates. Findings While there are arguments that the Information Update goes beyond restating established standards and does not clearly explain whether submission of all listed documentation is required, the Information Update will likely standardize the information submitted to the SEC. Originality/value Practical guidance for advisers relying on the Participating Affiliate Letters from experienced securities and financial services lawyers.

The Chinese robot industry

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Robert Bogue
Keyword(s):  
Automotive Industry ◽  
Financial Incentives ◽  
Design Methodology ◽  
Research Effort ◽  
Short Introduction ◽  
Content Type ◽  
Foreign Companies ◽  
Recent Developments ◽  
The Government ◽  
Insight Into

Purpose This paper aims to provide an insight into China’s rapidly developing robot industry. Design/methodology/approach Following a short introduction, this paper first provides a market perspective and then identifies the key user industries and gives examples of applications. The robot supply companies are considered and details are provided for some of the more important. The research effort is then discussed, together with some examples of recent developments. Finally, conclusions are drawn. Findings The Chinese robot market is the largest in the world although the robot density remains far lower than that of many other industrialised nations. Major users include the electrical and electronics sector and the automotive industry, together with growing applications in the burgeoning hospitality and logistics sectors. Markets are presently dominated by foreign companies, but the government has ambitious plans to boost domestic production, and with the aid of financial incentives, the number of Chinese robot manufactures has recently increased dramatically. The country’s robot research effort is diverse and wide ranging and benefits from significant levels of government funding. China is ultimately expected to become a major force within the global robot business. Originality/value This illustrates the growing importance of robots in China, both in its industries and as a robot manufacturer.

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