General Counsel
Tw Li

October 12, 2021

New Sheriff in Town

SEC Enforcement Director Urges Market Participants to Practice "Proactive Compliance"

Philip S. Khinda

Commentary by Philip S. Khinda

New SEC Division of Enforcement Director Gurbir Grewal urged firms to focus on "proactive compliance" to ensure that they are continually tailoring their compliance strategies to evolving technologies and regulations.

"I am confident that by engaging in proactive compliance and meaningful cooperation, and, where necessary, imposing significant, but appropriate penalties, through our enforcement efforts, we will not only reinforce market integrity, but also enhance public confidence in our markets."

SEC Division of Enforcement Director Gurbir Grewal

CFTC Interprets Reparations Provisions of CEA

In a case concerning the CFTC's reparations jurisdiction, the agency concluded that reparations provisions under the Commodity Exchange Act extend to the conduct of a person registered in a capacity with one entity when that person acts on behalf of a second, unregistered entity.

IAA Urges Extension of Temporary Enforcement Policy under a PTE for Investment Advice Fiduciaries

The Investment Adviser Association urged the DOL to extend a temporary enforcement policy related to a Prohibited Transaction Exemption for fiduciaries under ERISA and the Internal Revenue Code.

CFPB Sues Reverse-Mortgage Lender for Deceptive Practices

The CFPB charged a mortgage lender with using exaggerated and misleading home estimates to encourage customers to take out reverse mortgages.

Reg. Tracker: October 1 to October 15

Reg. Tracker: October 1 to October 15

The Cabinet Regulatory Tracker is a list of effective dates, comment deadlines and compliance dates.