Blog
CFTC, FinCen and SEC Joint “Reminder” to Cryptocurrency World of AML Requirements
On October 11, 2019, the Commodity Futures Trading Commission (the “CFTC”), the Financial Crimes Enforcement Network (“FinCen”) of the U.S. Treasury and the Securities and Exchange Commission (the “SEC”) issued a joint statement reminding “persons engaged in activities involving digital assets of their anti-money laundering and countering of financing of terrorism (“AML/CFT”) obligations under the... Read more »
UK Financial Conduct Authority to Act as AML and Counter-Terrorist Supervisor for Cryptoasset Businesses
The UK Financial Conduct Authority has announced on a website that it has been appointed to be the anti-money laundering and counter terrorist financing supervisor for UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 from January 10, 2020. Although the definition of cryptoasset businesses has... Read more »
Second Circuit Find Private Right of Action to Rescind Contracts Under Investment Company Act
The Second Circuit has created a split with the Third and Ninth Circuits by finding that Section 47(b) of the Investment Company Act provides plaintiffs an implied private right of action with regard to contracts, and the plaintiffs in that case could therefore seek rescission of the contracts in the form of junior notes. This... Read more »
SEC Office of Compliance Inspections and Examinations (“OCIE”) Issues Alert on Cross-Trades Under Investment Advisers Act
On September 4, 2019, the OCIE issued a Risk Alert on issues identified by the staff during audits of firms of cross-trades that violate the applicable rules. Section 206(3) of the Investment Advisers Act effectively prohibits an adviser, acting as a principal or agent, from carrying out certain cross trades that would be the result... Read more »