Jeremiah Buckley

The total fines imposed by the SEC and CFTC for violations associated with firms’ failure to monitor and capture communications by employees on unapproved devices and systems (off-channel communications) are approaching $3 billion. The SEC recently resolved enforcement proceedings involving off-channel communications against 12 broker-dealers and four affiliated investment advisers. The resolutions require the 16 respondents to pay more than $81 million aggregate in civil penalties and retain compliance consultants to review their electronic communications practices. As in prior resolutions of off-channel communications matters, the respondents all admitted the facts alleged by the SEC and acknowledged that they violated the federal securities laws. This article analyzes the latest round of settlements. #HFLR #offchannelcommunications #recordkeeping https://lnkd.in/efmf8JjY

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This Public Companies Update covers pertinent news from May, including the SEC enforcement director's statements on "AI-washing," Nasdaq's proposal to change phase-in schedules for corporate governance requirements and more. 💡 Read more insight from Cooley's Public Company Innovation Hub here: https://bit.ly/3xg6zIy #AI #publiccompanies #CooleyPubCo #CooleyREG

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To Self-Disclose or Not Self-Disclose? Thoughts From SEC’s Enforcement Director   Each company confronted with potential employee misconduct eventually faces the question: Should we report suspected misconduct to government authorities? That analysis can be particularly challenging for entities regulated by the Securities Exchange Commission (SEC). At a recent securities regulation conference in Palo Alto, California, Gurbir Grewal, director of the SEC’s Division of Enforcement, took the opportunity to give the Commission’s answer two key questions: What are the benefits of cooperating with the SEC? How does the SEC assess offered cooperation?   https://lnkd.in/es2ecar5   #doinsurance #ipo Assurtrak Insurance Brokers, LLC

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📃 Important update: The U.S. Department of Treasury has recently proposed a rule to establish a national security program that could significantly impact outbound investments. This proposed rule may either prohibit or mandate notifications for certain types of investments made by US citizens. Who does it apply to? What does the proposed rule require? What are the possible penalties? Are there any exceptions? Get all the answers in this briefing by Megan Gordon, Renee Latour, Holly Bauer, David W. Harris, Martina Kneifel. 👉 https://lnkd.in/eV9vEFFf

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FrontLine Compliance issues ComplianceAlert 🚨 "SEC's Marketing Exams Reveal Compliance Shortcomings" On April 17, 2024, the SEC’s Division of Examinations issued a Risk Alert (the “Alert”) on its findings from adviser examinations conducted since the revised Rule 206(4)-1 (the “Marketing Rule”) compliance date. Firms were required to be in compliance as of November 4, 2022, and the SEC has actively been examining advisers for compliance since then. Several targeted exams or “sweeps” were conducted covering topics such as the substantiation of material facts in advertisements, use…[Read More] https://lnkd.in/eKCwn7Pr #alert #regulatorycompliance #marketingrule #violations #frontlinecompliance #frontlineexperts #frontlineedge

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The Corporate Transparency Act (CTA), passed in 2021, requires most corporations, LLCs, and potentially condominium and community associations to register with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. Effective January 1, 2024, the CTA's applicability to condo and HOAs is debated, but FirstService Residential is helping their board members navigate the act. If the CTA applies to condo and HOAs, here are six key considerations for boards: https://bit.ly/44KcBxe

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The Consumer Financial Protection Bureau (CFPB) has issued a new report examining the financial and privacy risks to consumers in video gaming marketplaces. Find out the key findings and trends in this rapidly evolving industry in this Perkins Coie LLP blog post. #VideoGamingIndustry #Privacy #Fintech #ConsumerProtection #CFPB

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On July 8, the SEC issued an updated Spring 2024 regulatory agenda, which includes updated timing related to several key regulatory actions. This signals another busy few months for the SEC. The SEC will likely work toward finalizing many of the proposed rules by summer 2024, otherwise, they could be undone by the Congressional Review Act. Click the link below to read the full report. https://hubs.li/Q02FRNgq0

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The new SEC rules for private funds may be gone (for now), but future-proofing your firm should still be a priority. Firms that optimize their processes now will be able to report faster and access more data, regardless of how the rules might change in the future. Alkymi and Lionpoint Group (an Alpha Group company) sat down together recently to talk about how firms can use AI to stay ahead of future regulations.  What should you consider when evaluating AI software? Watch below to hear from Jason Almeida, Executive Director at Lionpoint, and watch the full webinar here: https://lnkd.in/eXQi5HiT

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📌 Must read from Latham & Watkins for anyone thinking about the recent #supremecourt rulings and the potential impact on the #fintech and #crypto space 👇 #compliance #regulatorycompliance #enforcement #sec #cftc

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Broker-dealer friends: Check out our take on FINRA's recently issued cybersecurity case. As we say in the piece, it seems like the gloves are off. #finra #enforcement #brokerdealers

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In Securitization: Legal and Regulatory Issues by ALM, my Alston & Bird partner, Tara Eliza Castillo examines certain operational readiness, legal and regulatory considerations specific to the U.S. auto and consumer loan #securitization market. #finance

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