The Division of Clearing and Risk and the Division of Swap Dealer and Intermediary Oversight provided relief and guidance concerning the treatment of separate accounts of a single beneficial owner by futures commission merchants.
The CFTC took several actions including (i) adopting final amendments to swap data reporting requirements, (ii) adopting a rule permitting alternative compliance for certain non-U.S. derivatives clearing organizations, and (iii) approving a supplemental notice on proposed amendments to regulations governing bankruptcy proceedings of commodity brokers.
The Office of Compliance Inspections and Examinations alerted firms to the increased prevalence of "credential stuffing," a cyberattack method that involves the use of automated scripts to attempt to log into customer accounts using stolen personal information.
In this episode of the Law Wise podcast, Cadwalader partner Kyle DeYoung is joined by Michael Maloney, President of Credibility International and the former Chief Accountant of the Division of Enforcement for the U.S. Securities and Exchange Commission, to discuss what’s happening on the SEC enforcement front as it relates to accounting and financial disclosures.
The CFTC Division of Swap Dealer and Intermediary Oversight granted no-action relief to a futures commission merchant seeking to to add back to its net worth the amount of deferred tax liabilities "directly related" to intangible assets recognized for GAAP purposes as a result of a non-taxable business combination.
A CFTC final rule establishing minimum capital, liquidity, financial reporting and other related requirements applicable to CFTC-registered swap dealers and major swap participants was published in the Federal Register.
The Office of Management and Budget outlined best practices for the implementation of Section 6 (Fairness in Administrative Enforcement and Adjudication) of an Executive Order providing regulatory relief for entities economically impacted by COVID-19.
In a study funded by FINRA's Investor Education Foundation, researchers found that financial overconfidence (i.e., high confidence in an individual's financial knowledge relative to their actual financial literacy) may result in excessive financial risk-taking.
The SEC adopted a final rule that will rescind Industry Guide 3 concerning the statistical disclosures that banking entities and bank holding companies provide in their registration statements. The new rule replaces Guide 3 with a new Subpart 1400 to Regulation S-K, the SEC's general regulation governing disclosure.
The DOJ charged two North Korean nationals and a Malaysian national with conspiracy to (i) violate North Korean Sanctions Regulations, (ii) launder funds, and (iii) violate the federal bank fraud statute.