Monthly Archives: September 2021

Coinbase Avoids SEC Clash by Dropping Crypto Lend Product

While Coinbase’s decision to forgo its planned launch of Lend apparently avoids a head-on collision with the SEC, the events of the past month demonstrate both the SEC’s readiness to pursue enforcement action in the digital asset space as well as the crypto industry’s dissatisfaction with the guidance provided by the SEC regarding the ground rules for conducting digital business. …

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Opinion | Why Public Officials Should Invest in the Index Mutual Fund – The New York Times

Senator Sherrod Brown of Ohio, the Democrat who chairs the Senate Banking Committee, which oversees the Fed, said this week that he planned to introduce legislation barring senior Fed officials from owning shares of stock in individual companies. That ban should apply to Mr. Brown and his colleagues, too. It should apply to judges. It should apply to the executive…

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Senior DOJ official Daniel Kahn to rejoin Davis Polk as partner | Davis Polk

Davis Polk today announced that veteran prosecutor and senior Department of Justice official Daniel Kahn will join the firm as a partner in the White Collar Defense & Investigations practice in Washington DC. He will focus on representing clients in criminal and regulatory investigations, as well as in civil and criminal trials. Source: Senior DOJ official Daniel Kahn to rejoin…

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Crypto Firms Beef Up Compliance Hiring as Regulatory Scrutiny Mounts – WSJ

Cryptocurrency companies are ramping up hiring in their compliance departments as they come under increasing regulatory scrutiny in the U.S. and world-wide. Hamlyn Williams Inc., a global recruiter that focuses on regulated industries, said it has conducted 18 chief-compliance-officer searches for financial technology and cryptocurrency businesses in 2021, up from seven searches for all of 2020. Source: Crypto Firms Beef…

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Kirkland & Ellis Adds Prominent SEC Enforcement Defense Attorney Nader Salehi to Investigations Team | Kirkland & Ellis LLP

Kirkland & Ellis is excited to announce that Nader Salehi, one of the nation’s top securities enforcement defense attorneys, has joined the Firm as a partner in the Government, Regulatory & Internal Investigations Practice Group in the Washington, D.C., office. Source: Kirkland & Ellis Adds Prominent SEC Enforcement Defense Attorney Nader Salehi to Investigations Team | News | Kirkland &…

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Cybersecurity-Related Securities Suit Dismissed | The D&O Diary

In an interesting development, the U.S. District Court Judge overseeing the cybersecurity-related securities class action lawsuit pending against title insurance company First American Financial Corp. has granted the defendants’ motion to dismiss. The dismissal in the case is interesting because the company had in June 2021 agreed with the SEC to enter a cease-and-desist order and to pay a modest…

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SEC Bars Two Individuals from Whistleblower Award Program

The Securities and Exchange Commission today announced that it has barred two individuals from the SEC’s whistleblower award program, each of whom filed hundreds of frivolous award applications. The bars were issued pursuant to the 2020 amendments to the Whistleblower Program Rules, which were designed to allow the whistleblower program to operate more effectively and efficiently and to focus on…

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SEC Charges World’s Largest Advertising Group with FCPA Violations

According to the SEC’s order, WPP implemented an aggressive business growth strategy that included acquiring majority interests in many localized advertising agencies in high-risk markets. The order finds that WPP failed to ensure that these subsidiaries implemented WPP’s internal accounting controls and compliance policies, instead allowing the founders and CEOs of the acquired entities to exercise wide autonomy and outsized…

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