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NEWSLETTER: It may be vacation time for many of us, but the regulators don’t seem to be taking a break. SEC recently adopted a new 13F filing rule, as Valerie describes below, and NFA is back to on site examinations as we discussed in our recent webinar.
The U.S. Congress is also busy, showing interest in legislating digital assets. A bipartisan crypto bill was proposed in early June to extend the regulations over digital assets in the U.S. which would potentially create a path for cryptocurrencies acting like currencies. The legislation would come under the purview of the Commodity Futures Trading Commission. In the same vein, Gary Gensler, chairman of SEC, is proposing a rule book to ensure trading in digital tokens has adequate safeguarding and transparency.
In this month’s newsletter we also look at the cyber-attack in Costa Rica; enforcements involving a rogue employee not complying with Code of Ethics; and misleading advertising from a large investment adviser. Speaking of marketing, the new SEC Marketing Rule will come into effect on November 4th this year and you should be planning your transition. We are putting together tools and training to help our clients get ready, including sessions for CCOs and Marketing and Investor relations teams. Get in touch if this might be of interest.
Finally, a reminder that this newsletter is for you. If there’s a particular topic you would like us to cover just let me know.