SEC Commissioner Hester M. Peirce challenged the basis of a recent SEC enforcement action against an initial coin offering issuer for unregistered digital token offerings and criticized the agency for failing to provide guidance on the dividing line between tokens that are securities and those that are not.
A U.S. District Court denied the assertion by a national bank that a state law requiring the bank to pay interest on certain property-related escrow accounts was preempted by the National Bank Act and OCC regulations.
In a Complaint filed in the U.S. District Court for the Southern District of Florida, the SEC alleged that a "purported internet investment adviser firm and its president failed to properly register and to provide books and records for examination.
The CFTC Division of Swap Dealer and Intermediary Oversight and Division of Market Oversight issued no-action relief for swaps margin and reporting requirements related to the sale of EU-listed warrants.
A U.S. Appellate Court upheld the dismissal of a class-action lawsuit brought under the Commodities Exchange Act. The plaintiffs alleged that oil companies manipulated the foreign benchmark for the price of Brent crude oil.
The U.S. District Court for the Southern District of New York denied the Office of the Comptroller of the Currency’s motion to dismiss a lawsuit that challenged the OCC’s authority to issue "FinTech" charters under the National Bank Act.
The New York State Department of Financial Services filed a Complaint to stop the Office of the Comptroller of the Currency from accepting special purpose national bank charter applications from fintech companies.
The SEC Division of Trading and Markets granted the Financial Information Forum and its registered broker-dealer members an exemption from the requirement to issue trade-by-trade confirmations for orphaned fractional share trades.
CFTC Chair J. Christopher Giancarlo called on EU regulators to "commit to an equivalence determination process that focuses on achieving comparable regulatory outcomes and not rule-by-rule exactitude."
A U.S. District Court determined that "the CFTC's antifraud authority unambiguously applies broadly to the use or attempted use of any manipulative or deceptive device in connection with a contract of sale of any commodity in interstate commerce, including the virtual currencies at issue."
MSRB published investor education materials on mark-up and mark-down disclosures in municipal securities trade confirmations. The materials provide additional guidance for complying with new rules scheduled to take effect May 14, 2018.
U.S. Senate Agriculture Committee Chair Pat Roberts and Ranking Member Debbie Stabenow expressed support for CFTC Chair Giancarlo's strong commitment to the CFTC-European Commission Equivalence Agreement.