Tag:SEC
SEC, DOL Advance New Fiduciary Rule After Adverse 5th Circuit Ruling
Both the Securities Exchange Commission (SEC) and Department of Labor (DOL) are pushing ahead with fiduciary standards for investment advisers despite the 5th Circuit striking down the DOL’s previous fiduciary rule earlier this year.
SEC Continues to Carve Out Regulatory Framework for Cryptocurrencies
On September 11, 2018, the Securities and Exchange Commission (SEC) announced two enforcement actions relating to failures to register by market intermediaries in connection with digital asset activities. Despite earlier suggestions that the Commodity Futures Trading Commission (CFTC) might be the primary self-regulatory organization (SRO) regulating this market, the main takeaway from these cases is that market intermediaries dealing in digital assets may also have registration and customer protection liabilities, and the failure to observe them can result in serious penalties.
SEC’s Settlement to Prevent Future Market Disruption by Elon Musk and Tesla
On September 27, 2018, the Securities and Exchange Commission (“SEC”) filed a complaint, alleging Tesla CEO and Chairman, Elon Musk, committed stock market fraud by misleading investors. The matter was resolved through settlement and later approved by a judge. It is hoped that the settlement will prevent Tesla and Musk from causing future market disruption and harm to shareholders.
Pressing Pause: A Survey of Regulatory Recovery After the Government Shutdown
Although the nation’s longest-ever government shutdown has ended, agencies forced to furlough employees and shutter temporarily are still facing the effects of the funding gap. On January 25th, President Trump agreed to sign a continuing resolution that will reopen and fund the federal government through February 15th. The government reboot means that the roughly 800,000 federal employees furloughed or forced to work without pay should expect to receive their back pay soon, but the thirty-five-day suspension of government functions comes with significant aftershock. While various regulatory agencies scramble to address their backlog of work, life for Americans who interact with these agencies has been hindered indefinitely.