Journal of Investment Compliance最新文献_第9页

Cryptoassets consumer research points to ignorance and risky behaviour 加密资产消费者研究指出了无知和冒险行为

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/JOIC-05-2019-0029

B. Rice, Bisola Williams

引用次数: 0

SEC reporting obligations for insiders and large traders under Section 13 and Section 16 of the Exchange Act 根据交易法第13条和第16条，内幕人士和大型交易商在美国证券交易委员会的报告义务

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/joic-07-2019-0040

Arthur L. Zwickel, Keith D. Pisani, Alicia M. Harrison

{"title":"SEC reporting obligations for insiders and large traders under Section 13 and Section 16 of the Exchange Act","authors":"Arthur L. Zwickel, Keith D. Pisani, Alicia M. Harrison","doi":"10.1108/joic-07-2019-0040","DOIUrl":"https://doi.org/10.1108/joic-07-2019-0040","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to provide investment advisers, broker dealers, individual investors and other securities firms with a current and detailed summary of the reporting regime under Sections 13 and 16 of the Securities Exchange Act of 1934 (the “Exchange Act”) and guidance on how to comply with the disclosure requirements of the U.S. Securities and Exchange Commission (the “SEC”) on Schedule 13D, Schedule 13G, Form 13F, Form 13H and Forms 3, 4 and 5.\u0000\u0000\u0000Design/methodology/approach\u0000The approach of this paper discusses the transactions or beneficial ownership interests in securities that trigger a reporting requirement under Section 13 and/or Section 16 of the Exchange Act, identifies the person or persons that have the obligation to file reports with the SEC, details the information required to be disclosed in the publicly available reports, and explains certain trading restrictions imposed on reporting persons as well as the potential adverse consequences of filing late or failing to make the requisite disclosures to the SEC.\u0000\u0000\u0000Findings\u0000The SEC continues to provide updated guidance on the disclosure requirements under Sections 13 and 16 of the Exchange Act, which individual investors and securities firms – largely insiders – must take into account when filing any new or amended reports on Schedule 13D, Schedule 13G, Form 13F, Form 13H and Forms 3, 4 and 5.\u0000\u0000\u0000Originality/value\u0000This article provides expert analysis and guidance from experienced securities lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"38 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":"133259066","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 529 Plan Share Class Initiative encourages firms to self-report violations FINRA 529计划鼓励公司自我报告违规行为

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/JOIC-05-2019-0028

Susan Light, James S. Normile, Leonard Licht

{"title":"FINRA 529 Plan Share Class Initiative encourages firms to self-report violations","authors":"Susan Light, James S. Normile, Leonard Licht","doi":"10.1108/JOIC-05-2019-0028","DOIUrl":"https://doi.org/10.1108/JOIC-05-2019-0028","url":null,"abstract":"\u0000Purpose\u0000To explain FINRA’s new 529 Plan Share Class Initiative, which encourages broker-dealers to self-report violations.\u0000\u0000\u0000Design/methodology/approach\u0000This article provides an overview of 529 plans, the various fee structures of the underlying investment funds, and guidance that broker-dealers should tailor their recommendations to the needs of the individual customer. The article discusses FINRA’s initiative for broker-dealers to self-report if they have violations in this area. It describes various supervisory failures brokerage firms may experience in connection with recommending 529 plans, eligibility for the self-reporting initiative and benefits of self-reporting.\u0000\u0000\u0000Findings\u0000This FINRA initiative provides an opportunity for firms to reflect on their supervisory systems and provide restitution to harmed customers. It also provides relevant fee-based investment information to customers.\u0000\u0000\u0000Practical implications\u0000529 plans are valuable tax-advantaged tools to encourage saving for the future educational expenses of a designated beneficiary. If brokerage firms lack reasonable supervisory procedures to recommend appropriate investments based on the length of the investment horizon, this FINRA initiative provides a unique and limited opportunity for firms to assess their supervisory systems and procedures governing 529 Plan share-class recommendations, to identify and remediate any defects, and to compensate any investors harmed by supervisory failures, while possibly avoiding fines for such conduct.\u0000\u0000\u0000Originality/value\u0000Expert guidance from experienced financial services regulatory and public finance lawyers.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"126 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":"117343032","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

FinCEN Issues guidance to synthesize regulatory framework for virtual currency FinCEN发布虚拟货币监管框架综合指南

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/joic-07-2019-0041

Mike Nonaka, J. Konko, C. Gaffney

引用次数: 1

Blockchain and cryptocurrencies: a cross-border conundrum 区块链和加密货币:一个跨境难题

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/JOIC-05-2019-0027

M. Spafford, Daren F. Stanaway, Sabin Chung

{"title":"Blockchain and cryptocurrencies: a cross-border conundrum","authors":"M. Spafford, Daren F. Stanaway, Sabin Chung","doi":"10.1108/JOIC-05-2019-0027","DOIUrl":"https://doi.org/10.1108/JOIC-05-2019-0027","url":null,"abstract":"\u0000Purpose\u0000To analyze the CFTC’s approach to regulating cryptocurrencies and blockchain technologies in light of their cross-border nature, limitations on the CFTC’s extraterritorial authority, and the CFTC’s prerogative to work cooperatively with foreign regulators.\u0000\u0000\u0000Design/methodology/approach\u0000Discusses the principles set forth in CFTC Chairman Christopher Giancarlo’s White Paper regarding cross-border swap regulation; analyzes the similar nature of cross-border issues arising from regulation of cryptocurrencies and blockchain technologies; examines regulations and guidance implemented by foreign authorities in the blockchain and cryptocurrency space; and assesses the limitations of the CFTC’s extraterritorial authority.\u0000\u0000\u0000Findings\u0000The principles set forth in Chairman Giancarlo’s White Paper regarding cross-border swap regulation apply equally to blockchain technologies and cryptocurrencies, and as such, the CFTC may wish to pursue an analogous approach to regulating cryptocurrencies and blockchain technologies.\u0000\u0000\u0000Practical implications\u0000The CFTC should exercise deference to and cooperate with foreign counterparts to regulate cryptocurrencies and blockchain technologies that traverse international borders, thereby avoiding overlapping and potentially conflicting regulation while fostering an innovative growth environment for emerging technologies.\u0000\u0000\u0000Originality/value\u0000In-depth analysis and insight from experienced professionals in the CFTC and cross-border investigations and enforcement space.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"30 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":"125562824","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 approves Nasdaq rule change to permit direct listings without an IPO 美国证券交易委员会批准纳斯达克规则变更，允许不进行首次公开募股的直接上市

Journal of Investment Compliance Pub Date : 2019-10-14 DOI: 10.1108/joic-05-2019-0031

H. R. Banks, Bradley J. Bondi, Charles A. Gilman, Elaine Katz, Geoffrey E. Liebmann, Ross Sturman, Nicholas S. Millington

引用次数: 0

Financial institutions and the new class action under Italian law: a compliance approach 金融机构和意大利法律下的新集体诉讼:合规方法

Journal of Investment Compliance Pub Date : 2019-09-26 DOI: 10.1108/joic-08-2019-0046

F. Falco

引用次数: 0

SEC and FINRA broker-dealer exam priorities for 2019: how to prepare 2019年美国证券交易委员会和美国金融业监管局的券商考试重点:如何准备

Journal of Investment Compliance Pub Date : 2019-09-18 DOI: 10.1108/joic-07-2019-0043

Laura S. Pruitt, David P. Bergers, E. Love

{"title":"SEC and FINRA broker-dealer exam priorities for 2019: how to prepare","authors":"Laura S. Pruitt, David P. Bergers, E. Love","doi":"10.1108/joic-07-2019-0043","DOIUrl":"https://doi.org/10.1108/joic-07-2019-0043","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to summarize and analyze the 2019 broker-dealer examination priorities of the Financial Industry Regulatory Authority (“FINRA”) and the US Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”).\u0000\u0000\u0000Design/methodology/approach\u0000This paper provides an overview of the FINRA and OCIE examination priorities for the year, details particular aspects of both regulators’ priorities that may be of interest to broker-dealers and provides practical tips to prepare for a regulatory exam.\u0000\u0000\u0000Findings\u0000In 2019, OCIE intends to prioritize retail investors, compliance and risk in registrants responsible for critical market infrastructure, digital assets, cybersecurity and anti-money laundering programs. FINRA will focus on a number of materially new areas of attention, as well as on sales practice, operational, market and financial risks.\u0000\u0000\u0000Practical implications\u0000Broker-dealer firms should review their policies and procedures in the areas highlighted by FINRA and OCIE, both to ensure that the procedures are consistent with existing regulatory requirements and to assure that firm personnel are actually complying with those policies and procedures. In situations where the firm’s practices have changed over time, firms should amend their policies and procedures to comport with current practices.\u0000\u0000\u0000Originality/value\u0000This paper provides an overview of the notable aspects of both regulators’ examination priorities that are particularly relevant to broker-dealers and recommends ways that firms can prepare for examinations on those issues.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130563610","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 adopts rules to modernize and simplify disclosure 美国证券交易委员会制定规则，使信息披露现代化和简化

Journal of Investment Compliance Pub Date : 2019-07-01 DOI: 10.1108/JOIC-04-2019-0022

Laura D. Richman, David S. Bakst, Robert F. Gray, Michael L. Hermsen, A. Pinedo, David A. Schuette

{"title":"SEC adopts rules to modernize and simplify disclosure","authors":"Laura D. Richman, David S. Bakst, Robert F. Gray, Michael L. Hermsen, A. Pinedo, David A. Schuette","doi":"10.1108/JOIC-04-2019-0022","DOIUrl":"https://doi.org/10.1108/JOIC-04-2019-0022","url":null,"abstract":"\u0000Purpose\u0000To describe the modernization and simplification amendments of certain disclosure requirements of Regulation S-K and related rules and forms recently adopted by the US Securities and Exchange Commission (SEC).\u0000\u0000\u0000Design/methodology/approach\u0000This article provides an overview of the amendments, their effective dates and related practical considerations for companies.\u0000\u0000\u0000Findings\u0000The amendments cover many provisions within Regulation S-K and affect various forms that rely on the integrated disclosure requirements of Regulation S-K. The amendments are designed to enhance the readability and navigability of SEC filings, to discourage repetition and disclosure of immaterial information and to reduce the burdens on registrants, all while still providing material information to investors. The amendments contain several changes relating to confidential information contained in exhibits. For consistency, parallel amendments have been adopted to rules other than Regulation S-K, as well as to forms for registration statements and reports.\u0000\u0000\u0000Practical implications\u0000Most of the amendments are effective May 2, 2019. The amendments relating to the redaction of confidential information in certain exhibits became effective April 2, 2019. Given these dates, companies should review the rule changes implemented by the amendment now and consider how they will impact their disclosure in upcoming SEC filings.\u0000\u0000\u0000Originality/value\u0000Practical guidance from experienced lawyers in the Corporate & Securities practice.\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":"121200555","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

SEC credits self-reporting and cooperation in not imposing penalty on ICO sponsor SEC认为自我报告和合作没有对ICO发起人施加惩罚

Journal of Investment Compliance Pub Date : 2019-07-01 DOI: 10.1108/JOIC-04-2019-0025

D. Hawke

{"title":"SEC credits self-reporting and cooperation in not imposing penalty on ICO sponsor","authors":"D. Hawke","doi":"10.1108/JOIC-04-2019-0025","DOIUrl":"https://doi.org/10.1108/JOIC-04-2019-0025","url":null,"abstract":"\u0000Purpose\u0000To 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.\u0000\u0000\u0000Design/methodology/approach\u0000Explains 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.\u0000\u0000\u0000Findings\u0000The 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.\u0000\u0000\u0000Originality/value\u0000Expert analysis and guidance from an experienced securities lawyer who counsels clients on all manner of SEC enforcement, examination and regulatory policy matters.\u0000","PeriodicalId":399186,"journal":{"name":"Journal of Investment Compliance","volume":"19 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":"126659165","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