Several investment advisers settled SEC charges for custody violations on the assets of private funds. The SEC charged the firms for failing to comply with audit and reporting procedures that would have afforded an exemption from the applicable custodial requirements.
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The SEC adopted amendments to narrow the scope on a broker-dealer exemption from FINRA membership.
House Financial Services Committee Chair Patrick McHenry (R-NC) asked FINRA and the SEC for information on the process used to approve the application of the first "special purpose broker-dealer" eligible to transact and provide custody for digital asset securities.
The CFTC set an effective date of September 7, 2023 for a final rule amending reporting requirements for derivatives clearing organizations.
The CFTC unanimously approved a final rule that amends "certain reporting and information regulations applicable to derivatives clearing organizations."