Chairman Clayton Lays Out Guiding Principles for His Tenure as SEC Chair Prioritizing the evolution of regulation with markets, Jay Clayton announces the principals that will guide his tenure as SEC chair during a speech at the Economic Club of New York. You can view a transcript of the speech here.
US Securities Commission Warns DAO Tokens Can be Securities The SEC issued an investigative report concluding that offers and sales of digital assets by virtual organizations are subject to the requirements of the federal securities laws. A summary of the findings can be viewed here.
The Consumer Financial Protection Bureau Issues Final Rule to Regulate Arbitration Agreements The CFPB's new rule prohibits covered providers of certain consumer financial products and services (which includes, for example, transmitting or exchanging funds, assistance with debt management and extending consumer credit) from using an agreement with the customer to bar the customer from filing or participating in a class action suit and requires covered providers involved in an arbitration to submit specific records to the BFPB. The rule can be reviewed here.
Department of Labor Seeks to Delay Portions of Its Fiduciary Rule In a brief filed in a Minnesota lawsuit, the DOL has indicated that it is seeking to delay the remaining parts of its fiduciary rule until 1 July 2019. The notice can be viewed here.
CFTC Grants Relief to Market Participants from Certain Position Aggregation Requirements The recent no-action relief provided in CFTC Staff Letter No. 17-37, extends prior no-action relief granted in CFTC Staff Letter No. 17-06 until 12 August 2019, and also modifies the requirements for the no-action relief from CFTC Rule 150.4 regarding position aggregation requirements. A copy of CFTC Staff Letter No. 17-37 may be found here.
CFTC Orders Aruba-based Trading Firm to Pay USD 300,000 Fine based on Wash Trades on US Market The CFTC Order found that between April 2013 and September 2014, the Aruba-based Trading Firm had entered into wash trades in sugar futures on ICE for separate accounts that were owned by the firm. Additional information regarding the matter may be found here.