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Sixteen Firms to Pay More Than $81 Million Combined to Settle Charges for Widespread Recordkeeping Failures

Sixteen Firms to Pay More Than $81 Million Combined to Settle Charges for Widespread Recordkeeping Failures

Firms Involved: * Order - Certain Broker-Dealer Practices * Order - Northwestern Mutual Investment Services LLC; Northwestern Mutual Inves… * Order - Guggenheim Securities LLC; Guggenheim Partners Investment Management LLC * Order - Oppenheimer & Co. Inc. * Order - Cambridge Investment Research Inc.; Cambridge Investment Research Advi… * Order - Key Investment Services LLC; KeyBanc

U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs

Senator Sherrod Brown to Secretary of the Treasury Janet Yellen: FSOC Must Be There to Protect Our Economy When Wall Street Tries to Duck Regulators.

Financial Stability Oversight Council Annual Report to Congress For a long time, it’s been pretty clear what gets rewarded on Wall Street. Bigger risks mean bigger profits. Bigger profits mean more stock options. Bigger profits mean fatter bonuses. And then, we end up with a Wall Street culture that

Korea FSC to Ensure Thorough Preparation for the Enforcement of the Act on the Protection of Virtual Asset Users

Korea FSC to Ensure Thorough Preparation for the Enforcement of the Act on the Protection of Virtual Asset Users--Criminal Sentence (Minimum 1 year) or Fine 3x-5x Unfairly Gained Profits Can Be Imposed.

The Financial Services Commission announced that the Act on the Protection of Virtual Asset Users (“the Act” hereinafter) will take effect from July 19, 2024. This law was enacted on July 18, 2023 with aims to protect the users of virtual assets and maintain an order in the market. The

CFTC Global Markets Advisory Committee Advances Recommendations

CFTC Global Markets Advisory Committee Advances Recommendations

GMAC Global Market Structure Subcommittee Recommendations The GMAC’s Global Market Structure Subcommittee (GMSS) prepared four recommendations: 1. Appropriately calibrated block and cap sizes under CFTC Part 43 swap data reporting rules to enhance market liquidity and financial stability 2. Addition of certain central counterparties (CCPs) as permitted counterparties under

Commissioner Mark T. Uyeda

Commissioner Mark T. Uyeda: "Apparently, every burden the Commission can possibly conjure is necessary and appropriate in the public interest and for the protection of investors, or for the assessment of systemic risk by FSOC."

Statement on Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers The latest Form PF amendments – the second set of substantive additions within a year – further expand the scope and granularity of information that private funds must report. The comment file is replete with substantive criticism of

Commissioner Hester M. Peirce

Commissioner Hester M. Peirce: "I write to dissent from the latest unwarranted expansion of Form PF. These revisions stem from the Commission’s unbridled curiosity rather than from a legitimate regulatory objective."

Curiouser and Curiouser: Statement on Amendments to Form PF to Amend Reporting Requirements for All Filers and Large Hedge Fund Advisers I write to dissent from the latest unwarranted expansion of Form PF. These revisions stem from the Commission’s unbridled curiosity rather than from a legitimate regulatory objective. In

SEC Chair Gary Gensler

"I am pleased to support the adoption because it will improve the quality of the information we receive, particularly from large hedge fund advisers. This will help the SEC & FSOC to better assess systemic risk and protect investors."

Statement on Final Joint Amendments to Form PF Today, the Commission voted to adopt amendments to Form PF, an important reporting tool whereby the Commission and the Financial Stability Oversight Council (FSOC) receive reporting from private fund advisers. I am pleased to support the adoption because it will improve the