Compliance Archives : Financial Institutions Hub

Legal Update

China: Industry Organizations Release Initiative for Preventing NFT-related Financial Risks

July 1, 2022 By Kevin Yuan, Lucca Li and Jocelyn Chen 3 Mins Read

On 13 April 2022, three organizations – the National Internet Finance Association of China, the China Banking Association and the Securities Association of China – jointly issued the Initiative to Prevent relevant Financial Risks of Non-fungible Tokens (“Initiative”). This is the first Non-Fungible Token (NFT) themed official document involving NFT compliance since the rapid development of NFT in China. Although the Initiative is only a self-regulatory statement and not mandatory regulatory rules, considering the special status of the three associations as official industry self-regulatory organizations, to a great extent it still represents the regulatory attitude and trend of supervision.

Legal Update

SEC Issues Long-Awaited Climate Disclosure Rule Proposal

March 25, 2022 By Amy J. Greer, Jennifer L. Klass, Reagan R. Demas, Craig Roeder, Christopher M. Bartoli, Jeremy Moore and David P. Hackett 9 Mins Read

On March 21, 2022, the U.S. Securities and Exchange Commission (SEC or Commission) issued its long-awaited proposed ruleset (Rule Proposal) that, if adopted as currently drafted, would mandate both domestic and foreign registrants to make a variety of climate-related impact and risk disclosures in registration statements and in annual filings under the Securities Exchange Act of 1934 (Exchange Act).

Legal Update

FINRA Clarifies that, Unless Expressly Designated, CCOs Are Not Responsible for Supervision

March 21, 2022 By Amy J. Greer 3 Mins Read

On March 17, 2022, FINRA issued Regulatory Notice 22-10 clarifying the scope of potential liability for CCOs related to supervision lapses. Specifically, unless a CCO is actually designated, directly or indirectly, with supervisory responsibilities, within the meaning of the relevant rule, supervision failures or deficiencies will not result in a FINRA enforcement action against a CCO.

Publication

Finding Balance: The Phenomena of Rising Global Indebtedness and Alternative Financing

February 21, 2022 By Baker McKenzie 2 Mins Read

In the eighth installment in the Finding Balance series, we take a closer look at the phenomena of rising global indebtedness and alternative financing.

Legal Update

SEC Proposes Amendments to Rule 10b5-1 and Related Disclosure Requirements

December 16, 2021 By Amy J. Greer 3 Mins Read

After months of individual Commissioners and the Chair promising to do so, on December 15, 2021, the US Securities and Exchange Commission (SEC) issued proposed amendments to Rule 10b5-1 of the Securities Exchange Act of 1934, as well as proposing a number of additional disclosure requirements.

Legal Update

SEC Proposes Amendments to Broker-Dealer Electronic Storage Requirements

November 22, 2021 By Jennifer A. Connors and Mark Fitterman 2 Mins Read

On 18 November 2021, the Securities and Exchange Commission (“SEC”) published for comment proposed amendments to the broker-dealer recordkeeping rules with respect to the use of electronic storage. The principal change would be to eliminate the current requirement that electronic records of broker-dealers be stored solely in a “write once, read many” (WORM) format.