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NEWSLETTER: While the SEC may have taken a breath in its hectic rulemaking agenda this month, the Exam staff’s outreach event gave some useful pointers on exam preparation. The event was officially titled ‘Investing in Women and Minorities: Challenges and Opportunities for Investment Advisers’, illustrating the SEC’s welcome efforts to remind us that representation matters.
This week the US Supreme Court handed down an important decision regarding the constitutionality of the in-house administrative law judges. We looked at the background to the ALJ case back in December. Although largely procedural, the finding effectively limits the Commission’s use of ALJs which will likely re-shape the Commission’s Enforcement program going forward.
In this month’s newsletter, as well as reflecting on the SEC’s tips for exam readiness, we summarise the NFA’s key themes outlined at its annual workshop, including supervision and registration of associated persons and service providers and expectations around cybersecurity.
Finally, we look at the continuing developments in the crypto space, including the proposed change to the definition of an exchange. Crypto is never far from the headlines – most recently with the CFTC acting against Binance, alleging that it has allowed US Persons to transact on its non-US Exchange. If true, it would mean Binance is operating an unregistered exchange and allowing US Persons to transact in (potentially) unregistered securities. We will continue to watch both the SEC and CFTC for developments on the crypto front, as well as tracking how international regulators are reacting.
Rebecca Thorpe
Chief Executive Officer
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