As the Biden Administration nears its 100 day mark and as agency leaders are confirmed in their roles, the new Administration’s work of governing is getting underway. Patomak hosted a webinar moderated by Paul Atkins, and featuring former SEC, CFTC, Department of Justice, Department of Treasury, and CFPB officials who shared their expectations for how agencies will operate and how organizations can best prepare.
Patomak expects SEC scrutiny of Digital Assets to grow dramatically in the year ahead, and is well-prepared to help firms respond by applying its deep expertise developing compliance programs, including designing controls, conducting risk assessments, and supporting due diligence to ensure that Digital Asset business activities comply with SEC rules and anti-money laundering (“AML”) regulations.
Jill Sommers and Jamila Piracci write that the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the Department of Justice (DOJ) have all issued 2020 guidance informing market participants about evaluations and determinations by enforcement staff and prosecutors in conjunction with their respective enforcement actions. While the agencies differ in mission, an examination of the guidance finds common themes and approaches.
The Securities and Exchange Commission and the Financial Industry Regulatory Authority indicated that firms appear to be on the right track with Reg BI and Form CRS compliance, but also offered requirement reminders and observations of industry practices to aid firms in meeting regulatory expectations. Around the rules’ implementation, the SEC’s Office of Compliance Inspections and Examinations and FINRA have been conducting exams to understand and assess how firms are complying with the rules.
Patomak Global Partners is pleased to announce the recent additions of Jamila Piracci and Paul N. Watkins to the senior leadership team, reinforcing and further diversifying the firm’s banking, FinTech, and regulatory policy capabilities.
A new white paper by the Options Clearing Corporation, outlines the role of CCPs, examines clearing “resiliency, recovery and resolution” and offers feedback to the ongoing dialogue about CCP regulation and industry resilience.
Based on his 3+ years serving as Monitor in a major swaps reporting case, Patomak Global Partners CEO Paul Atkins shares his views on swaps-data reporting improvements that can be implemented industrywide. The CFTC considers new swaps reporting rules September 17.
As firms grapple with market gyrations and declining revenues, many are engaging in the hunt to cut costs. It may sound self-serving for a compliance consultancy to sound the warning against looking for those savings in a firm’s compliance budget, but our caution comes from experience.
While non- and semi-transparent exchange-traded funds (“STETFs”) have been present since early 2016 with the introduction of NextShares by Eaton Vance, the past several years have not seen a warm embrace of this novel idea by fund families. Nonetheless, many have argued that for STETFs, the question was not “if,” but “when,” and it appears that the answer is now.
Recently, the SEC staff lifted a huge weight off of the backs of long-term closed-end fund (CEF) shareholders by issuing a statement that it would not recommend enforcement action if these funds took advantage of another means to ward off activists seeking to change the fundamental nature of the CEF – actions that often harm those long-term investors.
While the effects of Covid-19 continue to take a toll on the economy, the Department of Labor is taking constructive steps to offset the impact. On June 3 the Department’s Employee Benefits Security Administration (EBSA) issued an Information Letter that essentially blessed the use of private equity investments as investment options in Employee Retirement Income Security Act of 1974 (ERISA) plans, subject to certain conditions.
The Commodity Futures Trading Commission (CFTC) voted 5-0 during its open meeting on May 28 to adopt an interim final rule to extend the September 2020 compliance date (Phase 5) for regulatory Initial Margin (IM) , to September 1, 2021.
Two ways regulatory agencies can effectuate the recent White House Executive Order requiring them to find ways to reduce burdens to jumpstart economic growth: 1) think creatively; and 2) consider permanent relief.
On Thursday, May 28, the CFTC will hold a public meeting to consider extending the compliance schedule for initial margin requirements for uncleared swaps in response to the COVID-19 pandemic, in line with the Global Markets Advisory Committee recent endorsement of subcommittee recommendations.
The COVID-19 pandemic has muddied many waters. There is more uncertainty than ever about school, work, life in general. That’s why a recent proposal from the Securities and Exchange Commission was such a breath of fresh air, even though it’s entirely unrelated to the pandemic. In fact, the agency has been working on providing clarity on fair valuation – how fund boards or their advisers value some portfolio securities – for years. The proposal brings welcome clarity to a complex area of fund governance and, particularly as a mutual fund independent director, I’m grateful for the SEC’s initiative.