Journal of Investment Compliance最新文献_第10页

2018 SEC enforcement actions reinforce the importance of effective supervision, policies, and procedures for broker-dealers and investment advisers 2018年美国证券交易委员会的执法行动加强了对经纪交易商和投资顾问进行有效监管、政策和程序的重要性

Journal of Investment Compliance Pub Date : 2019-07-01 DOI: 10.1108/JOIC-02-2019-0014

Alec Koch, R. Ryan, Laura K. Bennett

引用次数: 0

UK Cryptoassets Taskforce publishes its final report 英国加密资产工作组发布最终报告

Journal of Investment Compliance Pub Date : 2019-07-01 DOI: 10.1108/JOIC-02-2019-0015

Sam Maxson, Stuart Davis, Robert L. Moulton

{"title":"UK Cryptoassets Taskforce publishes its final report","authors":"Sam Maxson, Stuart Davis, Robert L. Moulton","doi":"10.1108/JOIC-02-2019-0015","DOIUrl":"https://doi.org/10.1108/JOIC-02-2019-0015","url":null,"abstract":"\u0000Purpose\u0000To analyse the final report of the UK Cryptoassets Taskforce published in October 2018 and discuss the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services.\u0000\u0000\u0000Design/methodology/approach\u0000This article considers some of the key aspects of the final report of the UK Cryptoassets Taskforce and provides a summary of the next steps the UK authorities have committed to taking in relation to regulation of crypto-assets in the UK.\u0000\u0000\u0000Findings\u0000The approach to regulation of crypto-assets in the UK is evolving and the relevant UK authorities are continuing to improve their understanding of crypto-assets in order to assess the appropriate type and level of regulation that should apply to them. Whilst risks relating to consumer detriment and anti-money laundering have been identified as needing to be addressed as a matter of priority, the UK authorities appear to be taking a measured approach to regulation of crypto-assets. They also remain supportive of the adoption of distributed ledger technology in financial services, whilst noting some potential challenges to scalability.\u0000\u0000\u0000Originality/value\u0000This article contains valuable information about current policy direction and regulatory thinking in the UK in relation to crypto-assets, and analysis from leading FinTech lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114337306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Virtual currency in sanctioned jurisdictions: stepping outside of SWIFT 受制裁司法管辖区的虚拟货币:走出SWIFT

Journal of Investment Compliance Pub Date : 2019-07-01 DOI: 10.1108/JOIC-04-2019-0019

Katherine J. Kirkpatrick, C. Savage, R. Johnston, Matthew Hanson

{"title":"Virtual currency in sanctioned jurisdictions: stepping outside of SWIFT","authors":"Katherine J. Kirkpatrick, C. Savage, R. Johnston, Matthew Hanson","doi":"10.1108/JOIC-04-2019-0019","DOIUrl":"https://doi.org/10.1108/JOIC-04-2019-0019","url":null,"abstract":"\u0000Purpose\u0000To understand and analyze sanctions evasion and enforcement via virtual currencies.\u0000\u0000\u0000Design/methodology/approach\u0000Discusses various jurisdictions’ attempts to further the use of virtual currency to facilitate and maximize access to international funds; analyzes the aspects that make virtual currency uniquely suited to evade sanctions; suggests best practices for industry participants to be sure to account for the differences in crypto asset structure and related risks.\u0000\u0000\u0000Findings\u0000The US Treasury Department’s Office of Foreign Assets Control (OFAC) has explicitly stated that despite virtual currency’s anonymity, industry participants are still responsible for policing and enforcing client compliance. Although sanctioned jurisdictions are thinking creatively about ways around SWIFT, the use of virtual currency to skirt sanctions presents certain challenges.\u0000\u0000\u0000Practical implications\u0000Virtual currency industry participants should understand OFAC’s specific guidance regarding compliance obligations in the cryptocurrency space, and should implement best practices and conservative measures to avoid unknowingly running afoul of sanctions laws.\u0000\u0000\u0000Originality/value\u0000Expert analysis and guidance from experienced investigations and sanctions lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132812895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

A failure to supervise: the SEC casts a shadow over internal investigations 监管不力:SEC给内部调查蒙上了阴影

Journal of Investment Compliance Pub Date : 2019-07-01 DOI: 10.1108/JOIC-04-2019-0023

J. Nowak, Thomas A. Zaccaro, Katherine K. Solomon

{"title":"A failure to supervise: the SEC casts a shadow over internal investigations","authors":"J. Nowak, Thomas A. Zaccaro, Katherine K. Solomon","doi":"10.1108/JOIC-04-2019-0023","DOIUrl":"https://doi.org/10.1108/JOIC-04-2019-0023","url":null,"abstract":"\u0000Purpose\u0000The purpose of this article is to highlight a recent settlement by the United States Securities and Exchange Commission (the “SEC”) in which it alleged that a regulated entity failed to supervise a representative principally because the entity did not establish clear guidance as to how its personnel should investigate red flags of a representative’s potential misconduct (e.g., how to follow up on the red flags and define the scope of any inquiry).\u0000\u0000\u0000Design/methodology/approach\u0000This article provides an overview of failure-to-supervise liability for broker-dealers and investment advisers, and highlights key takeaways from the SEC’s recent enforcement resolution that may be applied in establishing compliance procedures relating to internal investigations going forward.\u0000\u0000\u0000Findings\u0000The article concludes that the SEC appears to expect regulated entities to implement procedures guiding employees on “how to investigate” suspicious activity. Companies, however, should define such procedures in general terms to allow for flexibility in investigations, which can present unique or unforeseen situations. Internal procedures must also account for and preserve attorney-client privilege and attorney work product protections.\u0000\u0000\u0000Originality/value\u0000This article provides expert analysis and practical guidance from experienced lawyers in the Investigations and White Collar Defense and Securities Enforcement practices\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130059420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

SEC approves amendments to the NYSE’s substantial stockholder issuance rule and 20 per cent rule for shareholder approval of certain private offerings 美国证交会批准修改纽交所的大股东发行规则，以及股东批准某些私人发行的20%比例规则

Journal of Investment Compliance Pub Date : 2019-06-24 DOI: 10.1108/JOIC-04-2019-0020

J. Hoffman, Jude Dworaczyk

{"title":"SEC approves amendments to the NYSE’s substantial stockholder issuance rule and 20 per cent rule for shareholder approval of certain private offerings","authors":"J. Hoffman, Jude Dworaczyk","doi":"10.1108/JOIC-04-2019-0020","DOIUrl":"https://doi.org/10.1108/JOIC-04-2019-0020","url":null,"abstract":"\u0000Purpose\u0000To explain recent amendments by the US Securities and Exchange Commission (the SEC) to Sections 312.03(b) relating to issuances of securities to substantial stockholders (the Substantial Stockholder Issuance Rule) and 312.03(c) (the 20 Per cent Rule) of the New York Stock Exchange’s (the NYSE) Listed Company Manual to change the definition of “market value” for purposes of the 20 Per cent Rule and eliminate the requirement for shareholder approval of certain private issuances at a price less than book value but greater than market value.\u0000\u0000\u0000Design/methodology/approach\u0000This article provides background on the purpose and policy behind the Substantial Stockholder Issuance Rule and the 20 Per cent Rule and summarizes the provisions of each rule, both before and after the recent SEC amendments thereto. This article then highlights the most important changes to the Substantial Stockholder Issuance Rule and the 20 Per cent Rule and explains the implications thereof for NYSE-listed issuers.\u0000\u0000\u0000Findings\u0000The amended Substantial Stockholder Issuance Rule and the 20 Per cent Rule provide NYSE-listed issuers greater flexibility in structuring transactions involving private placements of equity and will likely reduce the number of such transactions requiring a shareholder vote.\u0000\u0000\u0000Originality/value\u0000Practical guidance from experienced corporate finance and capital markets lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"152 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127029590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Lorenzo v. SEC: the supreme court rules on scheme liability under the federal securities laws 洛伦佐诉美国证券交易委员会:联邦证券法下最高法院对计划责任的规定

Journal of Investment Compliance Pub Date : 2019-06-19 DOI: 10.1108/JOIC-04-2019-0021

Susan O Hurd, M. Gworek, Evan Glustrom

引用次数: 2

US SEC report calls for better internal accounting controls for cyber-related threats 美国证券交易委员会(SEC)的一份报告呼吁加强内部会计控制，以应对与网络相关的威胁

Journal of Investment Compliance Pub Date : 2019-05-07 DOI: 10.1108/JOIC-12-2018-0055

D. Martin, D. Engvall, K. Burke, Gerald Hodgkins, Matthew C. Franker, Reid S. Hooper

{"title":"US SEC report calls for better internal accounting controls for cyber-related threats","authors":"D. Martin, D. Engvall, K. Burke, Gerald Hodgkins, Matthew C. Franker, Reid S. Hooper","doi":"10.1108/JOIC-12-2018-0055","DOIUrl":"https://doi.org/10.1108/JOIC-12-2018-0055","url":null,"abstract":"\u0000Purpose\u0000To summarize and explain the US Securities and Exchange Commission’s (Commission) recent report of investigation cautioning public companies to consider cyber-related threats when designing and implementing internal accounting controls.\u0000\u0000\u0000Design/methodology/approach\u0000Explains that the Commission’s report arose out of a Commission enforcement investigation into the internal accounting controls of nine unidentified public companies that were victims of email scams, explains that the Commission issued the report to emphasize that cybersecurity remains a high priority for the Commission and the report should serve as a reminder that all public companies need to consider cyber-related threats when devising and maintaining internal accounting controls and provides practical considerations for public companies to consider in light of the Commission’s report.\u0000\u0000\u0000Findings\u0000Public companies should assume that the Commission is actively monitoring all areas related to cybersecurity, including corporate disclosures of cyber-related incidents and also whether companies have established policies, procedures, and internal controls in place to ensure cyber-related incidents are prevented. Given that assumption, public companies should take prompt steps to assess and, if appropriate, improve internal accounting controls, disclosure controls, and cyber-related policies and procedures to address the risk of cyber-related incidents.\u0000\u0000\u0000Originality/value\u0000Practical guidance from experienced securities lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"502 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116198018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

SEC sues asset managers for using untested, error-filled quantitative investment models 美国证券交易委员会起诉资产管理公司使用未经测试、充满错误的量化投资模型

Journal of Investment Compliance Pub Date : 2019-05-07 DOI: 10.1108/JOIC-01-2019-0004

Wendy E. Cohen, Richard D. Marshall, Allison C. Yacker, L. Zinman

{"title":"SEC sues asset managers for using untested, error-filled quantitative investment models","authors":"Wendy E. Cohen, Richard D. Marshall, Allison C. Yacker, L. Zinman","doi":"10.1108/JOIC-01-2019-0004","DOIUrl":"https://doi.org/10.1108/JOIC-01-2019-0004","url":null,"abstract":"\u0000Purpose\u0000To explain actions the US Securities and Exchange Commission (SEC) brought on August 27, 2018, against a group of affiliated investment advisers and broker-dealers for what the SEC considered misleading and insufficient representations and disclosures, insufficient compliance policies and procedures, and insufficient research and oversight concerning the use of faulty quantitative models to manage certain client accounts.\u0000\u0000\u0000Design/methodology/approach\u0000Explains the SEC’s findings concerning the advisers’ and broker-dealers’ failure to confirm that certain models worked as intended, to disclose the risks associated with the use of those models, to disclose the role of a research analyst in developing the models, to disclose the use of volatility overlays along with the associated risks, to determine whether a fund’s holdings were sufficient to support a consistent dividend payout without a return of capital, and to take sufficient steps to confirm the advertised performance of another investment manager whose products they were marketing. Provides insight into the SEC’s position and offers key takeaways.\u0000\u0000\u0000Findings\u0000These cases are significant for advisers who use quantitative models to implement their investment strategies in the management of client accounts and signal the SEC’s continued focus on investment advisers’ compliance with disclosure obligations to discretionary account investors.\u0000\u0000\u0000Practical implications\u0000Each manager should consider its own facts and circumstances, and should consult with counsel, in assessing how and to what extent to incorporate the SEC’s conclusions in crafting disclosure and other communications with investors on matters such as adequate representations, testing and validation of models, disclosure of errors, and verifying performance claims.\u0000\u0000\u0000Originality/value\u0000Practical guidance from experienced securities lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122051006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

SEC charges “ICO Superstore” as unregistered broker-dealer SEC指控“ICO Superstore”为未注册的经纪自营商

Journal of Investment Compliance Pub Date : 2019-05-07 DOI: 10.1108/JOIC-01-2019-0006

J. J. Sikora, Stephen P. Wink, Douglas K. Yatter, Naim Culhaci

引用次数: 1

Sanofi settles FCPA charges with SEC for $25.2 million 赛诺菲以2520万美元与美国证券交易委员会达成反海外腐败法和解

Journal of Investment Compliance Pub Date : 2019-05-07 DOI: 10.1108/JOIC-01-2019-0005

Jennifer Park, A. Mainoo

引用次数: 0