All articles tagged with #broker dealers
Originally Published 25 days ago — by SEC.gov
The SEC staff issued a statement clarifying how broker-dealers can demonstrate possession of crypto asset securities under Rule 15c3-3, emphasizing measures like access, assessment of blockchain technology, security protocols, and contingency planning to ensure custody and control, while noting that this guidance does not create new legal obligations.
Originally Published 2 years ago — by SEC.gov
The Securities and Exchange Commission (SEC) has charged 10 firms, including broker-dealers and investment advisers, for widespread and longstanding failures to maintain and preserve electronic communications, violating recordkeeping provisions of federal securities laws. The firms have admitted to the violations and agreed to pay a combined penalty of $79 million. The SEC's investigations revealed off-channel communications and the failure to preserve these communications, potentially hindering SEC investigations. The firms have also been ordered to implement improvements to their compliance policies and procedures.
Originally Published 2 years ago — by SEC.gov
The Securities and Exchange Commission (SEC) has adopted rule amendments that narrow the exemption from Section 15(b)(8) of the Securities Exchange Act of 1934, requiring broker-dealers to become members of a national securities association. The amendments aim to enhance oversight by the Financial Industry Regulatory Authority (FINRA) of firms engaged in cross-market proprietary trading. The exemptions will be narrower and apply to broker-dealers that do not carry customer accounts and engage in specific types of off-member-exchange securities transactions. The final rule will become effective 60 days after publication in the Federal Register, with a compliance date set for 365 days after publication.