Monthly Archives: March 2021

Registration of Commodity Brokers-Dealers, Salespersons, and Investment Advisors Doing Business Relating to Virtual or “Crypto” Currency–NYAG

New York Attorney General Letitia James issues this alert to remind industry members that people and entities dealing in virtual or “crypto” currencies that are commodities or securities in the state of New York, and who do not qualify for an exemption, must register with the Office of the Attorney General. Failure to do so exposes them to both civil…

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New CFP Board Enforcement Chief Brings Separation of Functions

His hiring and the board’s rearrangement of its enforcement structure involved a separation of the responsibilities that go into any given investigation into a CFP professional’s conduct. Sporkin’s team manages the detection, investigation and prosecution of alleged violations of the board’s Code of Ethics and Standards of Conduct, while General Counsel Leo Rydzewski handles the adjudication, or the decision, and…

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Who Should Launch SEC’s “Power to Destroy”??

The vast majority of these investigations are not urgent, as evidenced by their current “five-year best” average duration of “only” 21.6 months. And many SEC investigations are completed without the need to issue subpoenas at all. For those exceptionally rare cases requiring urgent subpoena power, today’s technology and streamlined internal procedures can easily enable commissioners to be adequately briefed, and…

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Senate Panel Sets Date for Gensler SEC Nomination Hearing | ThinkAdvisor

The Senate Banking Committee has scheduled for March 2 a nomination hearing for Gary Gensler, President Joe Biden’s nominee to head the Securities and Exchange Commission. Gensler, former head of the Commodity Futures Trading Commission, faces numerous tasks once confirmed by the Senate, with the Reddit GameStop squeeze likely front and center. Source: Senate Panel Sets Date for Gensler SEC Nomination Hearing…

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Charles Schwab Taps Jones Day Partner to Lead New In-House Regulatory Group | Corporate Counsel

Westlake, Texas-based financial services firm Charles Schwab has hired Jones Day partner Shamoil Shipchandler to serve as the chief counsel for its new regulatory group.Shipchandler, who is based in Dallas, said in an interview Tuesday that he starts at the company Jan. 25. He leads the firm’s newly created risk and regulatory group. That group oversees areas of litigation, investigation, regulatory,…

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