The SEC issued a " Commission Statement " to provide relief from aspects of the security-based swap dealer ("SBSD") business conduct rules, primarily the treatment of special entities. The SEC stated that the action is in response to "practical compliance difficulties" raised by market participants. The relief allows market participants to rely on representations in the context of complying with CFTC external business conduct requirements. In particular, the statement takes the following "no-action" positions that are "limited to the Commission's enforcement discretion . . . and does not
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In a Complaint filed in the U.S. District Court for the District of New Jersey, the SEC alleged that two individuals placed orders on opposite sides of the market for the same put options using two accounts with two broker-dealers.
The SEC charged three individuals with an insider trading scheme involving disclosure of confidential information in connection with a soft drink manufacturer's shift in its primary business "towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology."
The SEC charged an entity and several associated individuals with misleading 100 investors - most of whom were seniors - resulting in $4.9 million in losses.
Newly adopted SEC rules concerning (i) business conduct standards, (ii) the designation of a chief compliance officer for security-based swap dealers and major SBS participants, and (iii) their cross-border application and substituted compliance were published in the Federal Register.