Why the Digital Asset Community Might Welcome CFPB Oversight
While few industries welcome attention from the Consumer Financial Protection Bureau, Patomak Managing Director Paul Watkins explains two reasons why the digital asset community might just welcome the agency’s engagement in the space.
Four Take-Aways from CFTC Year-End Enforcement
In September 2021, just days prior to its fiscal year end, the Commodity Futures Trading Commission (CFTC) announced enforcement actions against four Swap Dealers, with monetary fines ranging from $750,000 to $1.5 million. Here are four takeaways from these actions:...
Carnegie Endowment for International Peace: Beijing’s Global Ambitions for Central Bank Digital Currencies Are Growing Clearer
As central banks around the world contemplate the risks and benefits of issuing central bank digital currencies (CBDCs), Beijing is likely to leverage frustrations with the inefficiencies of existing cross-border payments channels to strengthen support for its vision...
Law360: CFTC’s Berkovitz To Reunite With Gensler As Top SEC Lawyer
Patomak Senior Advisor Jill Sommers is quoted in a Law360 article about former CFTC Commissioner Dan Berkovitz joining the SEC as the General Counsel. An excerpt of the reporter’s story includes her reaction to the announcement: Jill Sommers, a senior advisor at...
RealClearMarkets: Mark-to-Market Taxation Will Harm Us All
Consider it a warning sign when legislation coming off Capitol Hill includes language – even before it is enacted – indicating a federal agency will need to simplify its related rules. As former Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) Commissioners, we know too well the complexities in implementing rules to carry out legislative intent.
It Is Wiser to Find Out Than Suppose . . . Sometimes
Mark Twain is credited with coining the phrase “it is wiser to find out than suppose” and at times the maxim holds true today, particularly by any regulated community. Earlier this summer, the Commodity Futures Trading Commission (CFTC) released an advisory clarifying...
Options Market Participants Face New Regulatory Inquiries; Tried and True Remedies Are the Solution
As families get through back-to-school checklists, Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) are similarly going through their own regulatory check lists for options market participants. There are several new regulatory sweeps and enforcement inquiries being sent out now to options market participants, including questions about suitability, payment for order flow (PFOF), surveillance, and regulation of short sales issues.
Conglomeration Unbound: The Origins and Globally Unparalleled Structures of Multi-sector Chinese Corporate Groups Controlling Large Financial Companies
Unlike other major financial markets, Mainland China is home to many mixed conglomerates that control a range of large financial and non-financial firms. In a new research article published in the University of Pennsylvania Journal of International Law, Patomak's...
Patomak Comment Letter on the Financial Stability Board Consultation Report Regarding Policy Proposals to Enhance Money Market Fund Resilience
Patomak CEO Paul Atkins and Patomak Senior Advisor Craig Lewis submitted a comment letter to the Financial Stability Board (FSB) this week regarding its money market fund (MMF) regulation consultation report. The comment letter describes the critical role MMFs play as...
Crypto Needs a Different Gameplan to Win Over Democrats
Ted Serafini’s op/ed that appeared in Morning Consult outlines a proposed gameplan for the crypto industry to engage skeptical Democratic policymakers.