Daily Archives: March 3, 2023, 9:29 am

Former Assistant U.S. Attorney in District of New Jersey Adam Baker Joins King & Spalding in New York – King & Spalding

King & Spalding announced today that Adam Baker has joined the firm’s Special Matters and Government Investigations team as a partner in the New York office. Baker most recently served as Assistant U.S. Attorney in the U.S. Attorney’s Office (USAO) in the District of New Jersey. Source: Former Assistant U.S. Attorney in District of New Jersey Adam Baker Joins King…

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Message Received: How to View SEC’s Off-Channel Communications Probe

Financial firms have two options to address the regulatory requirements, according to Nick Morgan, a partner in the litigation department at law firm Paul Hastings: Implement technology to keep records on more channels, or restrict which channels are permitted. “Either you’re capturing more or you’re talking less,” said Morgan, who previously served as senior trial counsel in the SEC’s Enforcement…

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Trillions at Stake as 401(k)s Become ESG Political Footballs

Enormous amounts of executive and legislative political power in Washington are being spent in the clash over a whether private-sector retirement plans can even consider environmental or social impacts in the investments they choose. Regulators are facing at least two federal lawsuits in Texas and Wisconsin challenging their authority to promulgate that kind of rule in the first place while…

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U.S. Senators Press Binance on U.S. Users, Finances, Money-Laundering Controls

A bipartisan group of senators accused the world’s largest crypto exchange, Binance, of being “a hotbed of illegal financial activity” and asked the company to respond to a list of questions. “Binance and its related entities have purposefully evaded regulators, moved assets to criminals and sanctions evaders, and hidden basic financial information from its customers and the public,” Sens. Elizabeth…

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SEC Chair Gensler Says Crypto Exchanges May Not Be ‘Qualified Custodians’

Speaking at an Investor Advisory Committee meeting Thursday, Gensler said a recently proposed rule directing investment advisers to look to qualified custodians for storage of assets – including cryptocurrencies – makes “important enhancements” to existing protection rules. He also said crypto exchanges should not be considered safe under those guidelines. “Based upon how crypto trading and lending platforms generally operate,…

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Ericsson to pay $206 million fine, plead guilty to bribery violations

Swedish telecommunications giant Ericsson agreed to pay a $206 million penalty and pleaded guilty to violating the anti-bribery provisions of the Foreign Corrupt Practices Act, U.S. prosecutors announced Thursday evening. Ericsson had already paid a $520.6 million penalty in 2019 over what New York federal prosecutors said was a “yearslong campaign of corruption,” involving the bribery of government officials and…

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