Recent SEC enforcement action found that a digital token operated as an unregistered securities exchange. In a settlement, the token's founder agreed to disgorgement of $313,000 and a penalty of $75,000.
On November 2, 2018, the Securities and Exchange Commission (the “Commission”) amended Rules 605 and 606 under Regulation NMS to require additional disclosures by broker-dealers to customers regarding the handling of their orders. The Commission stated that the amended rules would provide more detailed information to customers—with a focus on institutional customers—thereby allowing a more effective assessment of how broker-dealers are carrying out their best execution obligations and the impact of a broker-dealer’s order routing decisions on the quality of their executions. The Commission noted its particular concern with regard to information leakage and potential conflicts of interest in order routing decisions.
Over the past week, regulators in both the United Kingdom and Hong Kong have voiced words of caution regarding varying virtual assets. Both regulators were concerned in particular about the integrity of the cash markets for virtual assets and products giving retail investors both direct and indirect exposure to virtual assets.
Cybersecurity and IP lawyers say the Justice Department’s (DOJ) indictment of a team of Chinese intelligence officers and hackers for allegedly stealing jet engine manufacturing trade secrets from U.S. and French companies is a wake-up call for American businesses.
Sometimes, out of negative, tragic occurrences comes the inspiration for positive, transformative solutions. In life, and in business. That is the case in the development of Exchange Traded Fund, or ETF, which is now a $3 trillion industry in the financial services marketplace - but did not even exist not that long ago, in 1987.