Journal of Investment Compliance最新文献_第8页

SEC adopts rules and interpretive guidance designed to enhance and clarify the obligations of financial professionals 美国证券交易委员会采用旨在加强和澄清金融专业人员义务的规则和解释性指导

Journal of Investment Compliance Pub Date : 2019-11-04 DOI: 10.1108/joic-08-2019-0049

Michael R. Rosella, Vadim Avdeychik, Justin R. Capozzi

{"title":"SEC adopts rules and interpretive guidance designed to enhance and clarify the obligations of financial professionals","authors":"Michael R. Rosella, Vadim Avdeychik, Justin R. Capozzi","doi":"10.1108/joic-08-2019-0049","DOIUrl":"https://doi.org/10.1108/joic-08-2019-0049","url":null,"abstract":"\u0000Purpose\u0000This article provides an overview of the US Securities and Exchange Commission’s (SEC) recent approval of a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers.\u0000\u0000\u0000Design/Methodology/Approach\u0000The article provides legal analysis for and historical context of the requirements of the SEC’s adopted rules, Regulation Best Interest and Form CRS in addition to the two separate interpretations under the Investment Advisers Act of 1940, the Standard of Conduct for Investment Advisers; and the Broker-Dealer Exclusion from the Definition of Investment Adviser.\u0000\u0000\u0000Findings\u0000The SEC’s adopted regulatory package does not adopt a uniform fiduciary standard for broker-dealers and investment advisers but instead promulgates legal requirements and mandated disclosures in order to conform to the SEC’s perceived expectations for reasonable investors.\u0000\u0000\u0000Practical implications\u0000Investment advisers and broker-dealers should consult with their legal counsel in assessing how and to what extent the new regulatory package is applicable to them.\u0000\u0000\u0000Originality/Value\u0000This article provides practical guidance from lawyers who have extensive experience with the Investment Company Act, Investment Advisers Act, and the Securities Acts.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122876354","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

Annuities are not securities: the regulatory Island in Illinois 年金不是证券:这是伊利诺斯州的监管孤岛

Journal of Investment Compliance Pub Date : 2019-11-04 DOI: 10.1108/joic-10-2019-0055

Michele L. Schaff, J. E. Schaff

{"title":"Annuities are not securities: the regulatory Island in Illinois","authors":"Michele L. Schaff, J. E. Schaff","doi":"10.1108/joic-10-2019-0055","DOIUrl":"https://doi.org/10.1108/joic-10-2019-0055","url":null,"abstract":"\u0000Purpose\u0000Discusses the significance of the Illinois Supreme Court ruling in Van Dyke v. White, which clarified that annuities are not securities in the state of Illinois, with a particular focus on the ramifications to insurance, brokerage and investment advisory standards of care as well as causes of action for breaches thereof.\u0000\u0000\u0000Design/methodology/approach\u0000Describes the Court’s ruling as it relates to the industry going forward. Does not discuss the specifics of the plaintiff’s case or history.\u0000\u0000\u0000Findings\u0000The statutory language of Illinois’ securities laws specifically excludes annuities from the definition of securities. For this reason, the Illinois Department of Insurance has sole authority over regulating annuities, giving the Illinois Department of Securities no authority, except to the extent there is an investment advisor breach pursuant to §12(J) of the Illinois Securities Law of 1953. The industry has yet to react or adjust to the Court’s ruling, so there may be a future wave of reactions.\u0000\u0000\u0000Originality/value\u0000Assists the reader in understanding the unique regulatory environment of annuities in Illinois, the relevant standards of care related to annuity advice and transactions, and remedies for grievances after the Illinois Supreme Court ruling in Van Dyke v. White.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130472009","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

Hong Kong regulation of crypto-related investments 香港对加密相关投资的监管

Journal of Investment Compliance Pub Date : 2019-11-04 DOI: 10.1108/joic-08-2019-0050

M. Wong

{"title":"Hong Kong regulation of crypto-related investments","authors":"M. Wong","doi":"10.1108/joic-08-2019-0050","DOIUrl":"https://doi.org/10.1108/joic-08-2019-0050","url":null,"abstract":"\u0000Purpose\u0000To provide an overview of the Hong Kong regulatory regime for crypto-related investment products.\u0000\u0000\u0000Design/methodology/approach\u0000Describes the existing regulatory regime in Hong Kong for crypto-related investment products prior to November 2018 and, following circulars issued by the Hong Kong Securities and Futures Commission (SFC) in November 2018, regulatory standards relating to virtual asset portfolio managers and fund distributors and a conceptual framework for potential regulation of virtual asset trading platform operators. Discusses the implications of the regulatory standards and conceptual framework.\u0000\u0000\u0000Findings\u0000The regulatory standards have aligned the requirements relating to crypto-related securities and futures contracts with those for crypto-related assets that do not fall within such definitions. The opt-in approach under the conceptual framework demonstrates that the SFC is actively trying to learn about the operations of platform operators and develop appropriate regulations accordingly.\u0000\u0000\u0000Originality/value\u0000Practical guidance from experienced lawyer with expertise in fund formation, fund investments and retail fund registration\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126556173","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 framework and no-action letter provide guidance on analyzing whether a digital asset is a security SEC框架和不作为函为分析数字资产是否为证券提供了指导

Journal of Investment Compliance Pub Date : 2019-11-04 DOI: 10.1108/joic-10-2019-0054

Kenneth Berman, Morgan J. Hayes, Matthew E. Kaplan, Byungkwon Lim, Gary E. Murphy, Yean Do, Jonathan R. Steinberg

{"title":"SEC framework and no-action letter provide guidance on analyzing whether a digital asset is a security","authors":"Kenneth Berman, Morgan J. Hayes, Matthew E. Kaplan, Byungkwon Lim, Gary E. Murphy, Yean Do, Jonathan R. Steinberg","doi":"10.1108/joic-10-2019-0054","DOIUrl":"https://doi.org/10.1108/joic-10-2019-0054","url":null,"abstract":"\u0000Purpose\u0000To analyze and draw conclusions from the “Framework for ‘Investment Contract’ Analysis of Digital Assets” (the “Framework”), released by the US Securities and Exchange Commission (the “SEC”) on April 3, 2019, and the SEC’s corresponding no-action letter to TurnKey Jet, Inc. (“TKJ”), which is the SEC’s first no-action letter publicly agreeing with the view that the digital asset described therein is not a security.\u0000\u0000\u0000Design/Methodology/Approach\u0000Explains how the Framework assists market participants in analyzing whether a digital asset is a security, by applying the Howey factors for identifying an investment contract. Discusses the SEC’s TKJ Letter, highlighting the factors the SEC emphasized in its analysis of the Framework.\u0000\u0000\u0000Findings\u0000While largely reiterating prior guidance, the Framework provides a helpful overview of the SEC’s views on when a digital asset is a security and how to properly analyze the prongs of Howey with respect to digital assets. The Framework also leaves certain important questions unanswered, including, for example, whether digital assets distributed by means of a so-called “Airdrop” are securities under the Framework, and the extent to which the Framework is meant to interact with digital assets that were issued or otherwise operate on platforms that are primarily overseas.\u0000\u0000\u0000Originality/Value\u0000Expert guidance from lawyers with broad experience in financial services, securities, investment funds, derivatives, and digital assets regulation and compliance.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130230131","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

The SEC meditates on The DAO: tracing the initial arc of cryptosecurities regulation 美国证券交易委员会对DAO进行了思考:追踪加密证券监管的初始弧线

Journal of Investment Compliance Pub Date : 2019-11-04 DOI: 10.1108/joic-09-2019-0053

Aegis J. Frumento, S. Korenman

{"title":"The SEC meditates on The DAO: tracing the initial arc of cryptosecurities regulation","authors":"Aegis J. Frumento, S. Korenman","doi":"10.1108/joic-09-2019-0053","DOIUrl":"https://doi.org/10.1108/joic-09-2019-0053","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to review the first two years of the US Securities and Exchange Commission (SEC) efforts to regulate cryptosecurities to assess the trends of that regulation.\u0000\u0000\u0000Design/methodology/approach\u0000The authors review the SEC’s official pronouncements and informal statements about, and its enforcement actions against participants in, various early experiments in cryptosecurities.\u0000\u0000\u0000Findings\u0000The SEC has been evolving how to apply the US securities laws to cryptosecurities since its report on The DAO two years ago. When “coins” on a blockchain meet the traditional Howey Test, it is easy to categorize them as “securities.” However, the bedrock regulatory principle that some person must account for violations is frustrated by automated blockchain transactions, where no human is in control. This tension risks a “moral crumple zone” arising around cryptosecurities, in which persons might become liable for violations that they cannot fairly be said to have caused.\u0000\u0000\u0000Originality/value\u0000This paper provides valuable information and insights about the beginnings of US regulation of cryptosecurities and how the evolution of that regulation is trending after two years.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124144679","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 announces results of share class selection disclosure initiative 美国证券交易委员会公布股票类别选择披露计划的结果

Journal of Investment Compliance Pub Date : 2019-11-04 DOI: 10.1108/joic-08-2019-0047

Brenden Carroll, M. Perlow, Christine Ayako Schleppegrell, Samuel Scarritt-Selman

{"title":"SEC announces results of share class selection disclosure initiative","authors":"Brenden Carroll, M. Perlow, Christine Ayako Schleppegrell, Samuel Scarritt-Selman","doi":"10.1108/joic-08-2019-0047","DOIUrl":"https://doi.org/10.1108/joic-08-2019-0047","url":null,"abstract":"\u0000Purpose\u0000To explain the SEC’s Share Class Selection Disclosure Initiative (SCSD Initiative), the purpose it seeks to serve, the results it has generated, and its broader implications for the asset management industry.\u0000\u0000\u0000Design/methodology/approach\u0000Explains the newly announced results of the SEC’s Share Class Selection Disclosure Initiative. Provides background on the principles underlying the initiative, the mechanics by which the initiative’s self-reporting program operated, and industry reaction to the initiative. Analyzes the results the initiative generated, in terms of both aggregate disgorgement and the terms of settlement offered to self-reporting advisers. Draws conclusions and provides key takeaways.\u0000\u0000\u0000Findings\u0000Although the terms of the actual settlements were consistent with the framework of standardized settlement terms set forth in the SCSD Initiative, whether the standardized terms of settlement offered under the SCSD Initiative ultimately will be viewed as favorable will depend in large part upon how the SEC continues to treat advisers that did not self-report.\u0000\u0000\u0000Originality/value\u0000Expert analysis from experienced lawyers in the mutual fund and investment advisory industries.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"88 3 Pt 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131058708","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

CFTC enters the market for anti-corruption enforcement CFTC进入反腐败执法市场

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/joic-06-2019-0038

Alice S. Fisher, Douglas K. Yatter, Douglas N. Greenburg, W. R. Baker, Benjamin A. Dozier, Robyn J. Greenberg

{"title":"CFTC enters the market for anti-corruption enforcement","authors":"Alice S. Fisher, Douglas K. Yatter, Douglas N. Greenburg, W. R. Baker, Benjamin A. Dozier, Robyn J. Greenberg","doi":"10.1108/joic-06-2019-0038","DOIUrl":"https://doi.org/10.1108/joic-06-2019-0038","url":null,"abstract":"\u0000Purpose\u0000This paper aims to analyze the March 6, 2019 enforcement advisory in which the Division of Enforcement (Division) of the US Commodity Futures Trading Commission (CFTC or Commission) announced that it will work alongside the US Department of Justice (DOJ) and other agencies to investigate foreign bribery and corruption relating to commodities markets.\u0000\u0000\u0000Design/methodology/approach\u0000This paper explains the enforcement advisory and outlines key considerations for industry participants and their compliance teams, including the CFTC’s plan to investigate in parallel with other enforcement authorities, an expansion of the CFTC’s existing self-reporting, cooperation and remediation policy to address foreign corruption and the CFTC’s focus on market and economic integrity, and provides guidelines for commodities companies concerning anti-corruption compliance and training programs, investigating potential incidents of bribery and corruption, reporting obligations under the Commodity Exchange Act (CEA) and CFTC regulations, voluntary reporting of incidents of foreign corruption and whistleblowing.\u0000\u0000\u0000Findings\u0000The CFTC announcement adds a new dimension to an already crowded and complex landscape for anti-corruption enforcement. A range of industries, including energy, agriculture, metals, financial services, cryptocurrencies and beyond, must now consider the CFTC and the CEA when assessing global compliance and enforcement risks relating to bribery and corruption.\u0000\u0000\u0000Originality/value\u0000Expert guidance from lawyers with broad experience in white collar defense, investigations, financial services, securities, commodities, energy and derivatives.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129491188","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

FINRA relaxes restrictions on pre-inception performance data 美国金融业监管局放宽对期权交易前业绩数据的限制

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/JOIC-04-2019-0026

Richard F. Kerr, Matthew Rogers

引用次数: 0

Smart contracts that violate the Commodity Exchange Act: which parties are liable? 违反《商品交易法》的智能合约:哪一方应承担责任?

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/joic-06-2019-0037

Nikiforos Mathews, J. Robison

{"title":"Smart contracts that violate the Commodity Exchange Act: which parties are liable?","authors":"Nikiforos Mathews, J. Robison","doi":"10.1108/joic-06-2019-0037","DOIUrl":"https://doi.org/10.1108/joic-06-2019-0037","url":null,"abstract":"\u0000Purpose\u0000The US Commodity Futures Trading Commission (CFTC), to date, has not directly addressed how liability for Commodity Exchange Act (CEA) violations involving blockchain or distributed ledger technology should be allocated among the various parties involved in the distributed ledger network, such as the network itself, persons running consensus nodes, developers building applications on the platform, and businesses and end users using such applications. This article discusses recent statements by CFTC Commissioner Brian Quintenz regarding this issue and the approach that the CFTC may take going forward.\u0000\u0000\u0000Design/methodology/approach\u0000This article examines the allocation of liability in the context of smart contracts that may violate the CEA. The article discusses how the CFTC, despite its significant focus in recent years on virtual currency and blockchain, has not addressed the issue of liability allocation directly. Recent remarks by Commissioner Quintenz may shed light on the CFTC’s future approach.\u0000\u0000\u0000Findings\u0000This article finds that liability allocation questions may become increasingly pressing as smart contracts that potentially violate the CEA proliferate, possibly exposing a broad range of parties involved in a distributed ledger network to liability. To the extent that Commissioner Quintenz’s recent remarks are indicative, the CFTC ultimately may adopt a foreseeability standard in determining liability.\u0000\u0000\u0000Practical implications\u0000Applications of distributed ledger technology (DLT) are ever-expanding, continually posing novel CFTC regulatory issues. This is especially the case with respect to smart contracts that may be subject to CFTC jurisdiction. Parties involved in such applications should be mindful of potential liability.\u0000\u0000\u0000Originality/value\u0000Practical guidance from experienced finance and derivatives lawyers with strong CFTC expertise.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123301214","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

FINRA’s disciplinary actions in 2018:Increased fines ordered with significant drop in number of cases 2018年美国金融业监管局的纪律处分:罚款增加，案件数量大幅下降

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/JOIC-04-2019-0024

B. L. Rubin, A. Pollet

{"title":"FINRA’s disciplinary actions in 2018:Increased fines ordered with significant drop in number of cases","authors":"B. L. Rubin, A. Pollet","doi":"10.1108/JOIC-04-2019-0024","DOIUrl":"https://doi.org/10.1108/JOIC-04-2019-0024","url":null,"abstract":"\u0000Purpose\u0000To analyze FINRA’s 2018 disciplinary actions, the issues that resulted in the most significant fines and restitution, and the emerging enforcement trends from 2018 and beyond.\u0000\u0000\u0000Design/methodology/approach\u0000Discusses the disciplinary actions in 2018 and prior years; details the top 2018 enforcement issues measured by total fines assessed, including anti-money laundering, suitability, variable annuity, and short selling; and explains current enforcement trends, including higher fines per case, more cases with larger sanctions in the second half of the year, share class issues, and inadequate resources.\u0000\u0000\u0000Findings\u0000In 2018, the Financial Industry Regulatory Authority (FINRA) ordered fewer fines than in 2017, and the number of cases and amount of restitution were down.\u0000\u0000\u0000Practical implications\u0000Firms and their representatives should heed the trends in both the substantial fines per case that FINRA is ordering and the related enforcement issues in the cases FINRA has brought.\u0000\u0000\u0000Originality/value\u0000Expert analysis and guidance from experienced securities enforcement lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128375682","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