Check Your Privilege

SDNY Holds That Compliance Communications Are Not Protected Work Product
Stephen Weiss Commentary by Stephen Weiss
A U.S. District Court held that compliance communications are not protected by attorney-client privilege or the work-product doctrine, and that the SEC can force an investment advisor to produce documentation of such communications.
Governors Call on Congress to Pass Cannabis Safe Harbor for Financial Institutions
Jodi Avergun Commentary by Jodi Avergun
Governors from across the United States and its territories urged Congress to pass legislation to allow states that permit medical or adult-use cannabis to legally operate under the supervision of the U.S. banking system.
SIFMA Dismisses State Fiduciary Proposal; Advocates for a Uniform Federal Standard
Steven Lofchie Commentary by Steven Lofchie
SIFMA dismissed New Jersey's proposal to create a state fiduciary standard, calling a federal standard the "optimal approach," as compared to the "uneven patchwork" of state laws.
A rulemaking is long overdue for a product with which we have so much experience through a range of market events.
SEC Commissioner Hester M. Peirce
SEC Commissioner Hester Peirce Urges Agency to Conduct Risk Analysis of ETFs
SEC Commissioner Hester Peirce urged the agency to conduct a more in-depth analysis of the features and risks of exchange-traded funds before enacting regulations.
ISDA Analyzes Swap Margin Requirements and Market Fragmentation
Nihal Patel Commentary by Nihal Patel
ISDA identified key differences among jurisdictional implementations of margin requirements for non-cleared derivatives that have led to market fragmentation.
Broker-Dealer Settles FINRA Charges for Failing to Report Outside Activities
A former general securities representative settled FINRA charges for failing to notify his company that he created an external cryptocurrency-mining business.
Accounting Firm Settles SEC Charges of Using Stolen Data to Improve PCAOB Inspection Results
Joseph V. Moreno Commentary by Joseph V. Moreno
An accounting firm settled SEC charges of using stolen information to improve the outcome of the firm's Public Company Accounting Oversight Board annual inspection.
Bank Regulators Adopt "Streamlined" Call Reports for Qualifying Small Institutions
The Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency adopted rules intended to reduce the number of reporting requirements for eligible small depository institutions.


On the Horizon

Regulatory Tracker: June 16 to June 30
Regulatory Tracker: June 16 to June 30
The Cabinet Regulatory Tracker is a list of upcoming comment deadlines, registration deadlines and effective dates.