Jurisdiction
by Victoria Smith|7 March 2023|Our Thinking
background On 4 January 2023, a consent order was issued to Coinbase Inc. (“Coinbase”), a crypto exchange platform, by the New York Department of Financial Services (the “NYDFS”) for conducting its business in an unsafe and unsound manner. Following investigation, the NYDFS discovered that… next steps Crypto exchanges are facing increased scrutiny in terms of […]
Read moreby Victoria Smith|2 March 2023|Our Thinking
The SEC has recently proposed changes to its Custody Rule that if adopted will substantially expand and reform the existing rules governing custody of client assets. The scope of assets covered by the new Rule will be changed from limited “securities and funds” to any “positions held in a client account”. It also enhances client […]
Read moreby Victoria Smith|20 February 2023|Our Thinking
Are you an investment advisor affected by the new Securities and Exchange Commission marketing rules? Firms will need to ensure they are compliant with the new Marketing Rule by making updates to their marketing materials, contracts and policies and procedures. At Cleveland & Co, we’ve been preparing to assist our clients with these changes and […]
Read moreby Victoria Smith|16 February 2023|Our Thinking
summary On 12 January 2023, the U.S. Securities and Exchange Commission (“SEC”) announced that it has charged Genesis Global Capital, LLC (“Genesis”) and Gemini Trust Company, LLC (“Gemini”) over unregistered offer and sale of securities to retail investors through Gemini Earn crypto asset lending program. The SEC’s investigation into the program revealed that… next steps […]
Read moreby Victoria Smith|10 January 2023|Our Thinking
summary In March 2022, the European Union (“EU”) Commission and the United States (“US”) announced that they had agreed, in principle, on a new EU-US Data Privacy Framework (the “Framework”) to facilitate the transatlantic flow of EU personal data to the US. In October 2022, President Biden signed an Executive Order setting out the steps […]
Read moreby Victoria Smith|14 December 2022|Our Thinking
Recent regulatory action and fines against a top investment firm highlight the Securities and Exchange Commission (“SEC”) focus on ESG when marketing products as an ESG investment. Firms that fail to ensure proper selection and monitoring of their ESG investments may face regulatory action under the Advisers Act of 1940… Please click here to follow us […]
Read moreby Victoria Smith|22 November 2022|Our Thinking
The SEC’s new Marketing Rule means changes to the way investment advisers can communicate with their investors. Firms will need to ensure they are compliant with the new Marketing Rule by making updates to their marketing materials, contracts and policies and procedures. At Cleveland & Co, we’ve been preparing to assist our clients with these […]
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