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  • U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures

    U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 15, 2021) Washington D.C., June 15, 2021 — - - The Securities and Exchange Commission today announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. According to the SEC’s order, on the morning of May 24, 2019, a cybersecurity journalist notified First American of a vulnerability with its application for sharing document images that exposed over 800 million images dating back to 2003, including images containing sensitive personal data such as social security numbers and financial information. In response, according to the order, First Ame...
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  • U.S. Securities and Exchange Commission Awards More Than 23 Million Dollars to Whistleblowers

    U.S. Securities and Exchange Commission Awards More Than $23 Million to Whistleblowers | site |




    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 2, 2021) Washington D.C., June 2, 2021 - - The Securities and Exchange Commission today announced awards of approximately $13 million and $10 million to two whistleblowers whose information and assistance led to successful SEC and related actions. The whistleblowers’ substantial assistance, provided to the SEC and another federal agency, included submitting information and documents, participating in interviews, and identifying key individuals who engaged in the misconduct at issue. “The whistleblowers’ information and assistance led to multiple successful enforcement actions related to a complex and fraudulent scheme involving multiple individuals and tens of millions of dollars in ill-gotten gains,” said Emily Pasquinelli, Acting Chief of ...
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  • U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of 2 Billion Dollars Global Crypto Lending Securities Offering

    U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of $2 Billion Global Crypto Lending Securities Offering | site |


    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 28, 2021)

    Washington D.C., May 28, 2021 - - The Securities and Exchange Commission announced today that it has filed an action against five individuals alleging that they promoted a global unregistered digital asset securities offering that raised over $2 billion from retail investors. According to the SEC's complaint, filed in the United States District Court for the Southern District of New York, from approximately January 2017 to January 2018, BitConnect used a network of promoters, including U.S.-based Trevon Brown (a.k.a. Trevon James), Craig Grant, Ryan Maasen, and Michael Noble (a.k.a. Michael Crypto) to market and sell securities in its "lending program." The SEC's complaint alleges that these promoters o...
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  • U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index

    U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 17, 2021) Washington D.C., May 17, 2021 - - The Securities and Exchange Commission today announced settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility. The SEC’s order finds that the S&P 500 VIX Short Term Futures Index ER (Index) published by S&P DJI was intended to calculate values based on real-time prices of certain CBOE Volatility Index (VIX) futures contracts. According to the order, S&P DJI licenses the Index to, among others, issuers that use it to offer securities, including the issuer of...
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  • U.S. Securities and Exchange Commission Awards Approximately 3.6 Million Dollars to Whistleblower

    U.S. Securities and Exchange Commission Awards Approximately $3.6 Million to Whistleblower | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 12, 2021) Washington D.C., May 12, 2021 - - The Securities and Exchange Commission today announced an award of approximately $3.6 million to a whistleblower whose information and assistance led to a successful SEC enforcement action. “The whistleblower brought valuable information to the attention of the SEC, causing it to open a new investigation into wrongdoing,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “The whistleblower further assisted the SEC by providing ongoing assistance as the Commission’s investigation progressed. This award shows the significant help a whistleblower can provide by sharing information of potential violations of the federal securities laws with the Commission.” The SEC has awarded appro...
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  • U.S. Securities and Exchange Commission Division of Examinations Announces 2021 Examination Priorities

    U.S. Securities and Exchange Commission Division of Examinations Announces 2021 Examination Priorities | site |



    Enhanced Focus on Climate-Related Risks


    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: March 3, 2021)

    Washington D.C., March 3, 2021 - - The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and examinations. The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets. “This year, the Division is enhancin...
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  • Allison Herren Lee Named Acting Chair of the SEC

    Allison Herren Lee Named Acting Chair of the SEC

    Allison Herren Lee Named Acting Chair of the U.S. Securities and Exchange Commission | site |


    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: January 21, 2021)

    Washington D.C., Jan. 21, 2021 - - The Securities and Exchange Commission announced today that President Joseph R. Biden, Jr. has designated Allison Herren Lee as Acting Chair of the agency. “It’s an honor to continue my service on the Commission in this new role,” Acting Chair Lee said. “I have tremendous respect for my colleagues on the Commission and the exceptional staff across the agency, and look forward to working closely with them. Together we will continue the agency’s work of protecting investors and ensuring market integrity.” “During my time as Commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me,” Lee added. Acting Chair Lee was sworn in as Commissio...
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  • Securities and Exchange Commission announces Fee Rate Advisory 2 for Fiscal Year 2021

    U.S. Securities and Exchange Commission announces Fee Rate Advisory #2 for Fiscal Year 2021 | site |




    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: January 15, 2021) Washington D.C., Jan. 15, 2021 - - The Securities and Exchange Commission today announced that starting on February 25, 2021, the fee rates applicable to most securities transactions will be set at $5.10 per million dollars. Consequently, each SRO will continue to pay the Commission a rate of $22.10 per million for covered sales occurring on charge dates through February 24, 2021, and a rate of $5.10 per million for covered sales occurring on charge dates on or after February 25, 2021. The reduction in the fee rate for fiscal year 2021 is due primarily to the substantially higher dollar amount of covered sales in recent months, a trend that began in March of 2020 due to record market volume during the COVID-19 pandemic, which has re...
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  • U.S. Securities and Exchange Commission Issues Over 1.1 Million Dollars to Multiple Whistleblowers

    U.S. Securities and Exchange Commission issues Over $1.1 Million to Multiple Whistleblowers | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: January 7, 2021)

    Washington D.C., Jan. 7, 2021 - - The Securities and Exchange Commission (SEC) today announced awards totaling more than $1.1 million to five whistleblowers who provided high-quality information that led to successful enforcement actions. In the first order, the SEC awarded three whistleblowers almost $500,000 in connection with two related enforcement actions. The first whistleblower provided information that prompted the opening of an investigation. The second and third whistleblowers provided information that significantly contributed to the success of the actions, and contributed additional, helpful assistance to the investigative staff. In the second order, the SEC awarded nearly $600,000 to a whistleblower whose information cause...
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  • SEC Issues Statement and Requests Comment Regarding the Custody of Digital Asset Securities by Special Purpose Broker-Dealers

    U.S. Securities and Exchange Commission Issues Statement and Requests Comment Regarding the Custody of Digital Asset Securities by Special Purpose Broker-Dealers | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: December 23, 2020) Washington D.C., Dec. 23, 2020 - - The Securities and Exchange Commission today issued a statement and request for comment regarding the custody of digital asset securities by broker-dealers in order to encourage innovation around the application of Securities Exchange Act Rule 15c3-3 to digital asset securities. The statement sets forth the Commission's position that, for a period of five years, a broker-dealer operating under the circumstances set forth in the statement will not be subject to a Commission enforcement action on the basis that the broker-dealer deems itself to have obtained and maintained physical possession or control of customer fully paid and excess margin ...
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  • Elad Roisman Named Acting Chairman of the  U.S. Securities and Exchange Commission

    Elad Roisman Named Acting Chairman of the U.S. Securities and Exchange Commission | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release: December 28, 2020)

    Washington D.C., Dec. 28, 2020 - - The Securities and Exchange Commission today announced that President Donald J. Trump has designated Elad L. Roisman as Acting Chairman of the agency.












    Elad L. Roisman

    Photo courtesy SEC)


    "I am humbled and honored to serve as the Acting Chairman," said Acting Chairman Roisman. "During the time I am in this role, I am fully committed to maintaining the steady course that Chairman Clayton charted during his admirable tenure. I look forward to continuing...
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  • U.S. Securities and Exchange Commission Proposes Amendments to Rule 144 and Form 144

    U.S. Securities and Exchange Commission Proposes Amendments to Rule 144 and Form 144 | site |



    Designed to Reduce Risk of Unregistered Distributions


    (Information included in U.S. Securities and Exchange Commission [SEC] press release: December 22, 2020)

    Washington D.C., Dec. 22, 2020 - - The Securities and Exchange Commission today voted to propose an amendment to Rule 144 under the Securities Act of 1933 to revise the holding period determination for securities acquired upon the conversion or exchange of certain "market-adjustable securities." The proposed amendment is intended to reduce the risk of unregistered distributions in connection with sales of those securities. The Commission also voted to propose amendments to update and simplify the Form 144 filing requirements. "Today's proposed amendments modernize, clarify and strengthen Rule 144, including to ensure that holders of market-adjustable securities are assumin...
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  • U.S. Securities and Exchange Commission releases 2020 Office of Credit Rating Reports

    U.S. Securities and Exchange Commission releases 2020 Office of Credit Rating Reports| site |


    (Information contained in U.S. Securities and Exchange Commission [SEC] press release: December 18, 2020) Washington D.C., Dec. 18, 2020 - - The Securities and Exchange Commission today issued the Annual Report on Nationally Recognized Statistical Rating Organizations (NRSROs) and the 2020 Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization. The annual report discusses, among other topics, the state of competition, transparency, and conflicts of interest among the firms. The exam report provides a comprehensive overview of the Office of Credit Rating (OCR)’s examinations of the NRSROs, including, among other things, the staff’s essential findings and recommendations. “The Office of Credit Ratings and its oversight of the NRSROs is an important aspect of the Commission’s overall focus on investor prote...
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  • U.S. Securities and Exchange Commission Awards More Than 300,000 Dollars to Whistleblower with Audit Responsibilities

    U.S. Securities and Exchange Commission Awards More Than $300,000 to Whistleblower with Audit Responsibilities | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release: December 14, 2020) Washington D.C., Dec. 14, 2020 - - The Securities and Exchange Commission today announced an award of more than $300,000 to a whistleblower whose high-quality information and continuing assistance significantly contributed to a successful enforcement action. The whistleblower became aware of the potential securities law violations in connection with audit-related responsibilities. Although individuals with audit or compliance responsibilities are generally not eligible for awards, a whistleblower who reasonably believes that an entity is engaging in conduct that would impede the investigation falls within one of the exceptions to that rule. Here, the whistleblower had a reasonable basis to believe that the entity would impede...
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  • U.S. Securities and Exchange Commission Staff Supplements Quarterly Private Funds Statistics

    U.S. Securities and Exchange Commission Staff Supplements Quarterly Private Funds Statistics | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: December 10, 2020)

    Washington D.C., Dec. 10, 2020 - - The Securities and Exchange Commission staff today published an expanded suite of data and analyses of private fund statistics and trends.

    The Private Funds Statistics, released quarterly since October 2015 by the Division of Investment Management’s Analytics Office, offers investors and other market participants valuable insights by aggregating data reported by private fund advisers on Form ADV and Form PF. The most recent version of the report, published today, includes new statistics that offer more detailed reporting of the aggregate investment exposures by asset type for certain hedge funds as well as new analysis of private funds' borrowing, beneficial ownership, and use
    ...
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  • Staff Reporter 1
    U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 15, 2021) Washington D.C., June 15, 2021 — - - The Securities and Exchange Commission today announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. According to the SEC’s order, on the morning of May 24, 2019, a cybersecurity journalist notified First American of a vulnerability with its application for sharing document images that exposed over 800 million images dating back to 2003, including images containing sensitive personal data such as social security numbers and financial information. In response, according to the order, First Ame...
    06-17-2021, 09:03 AM
  • Staff Reporter 1
    U.S. Securities and Exchange Commission Awards More Than 23 Million Dollars to Whistleblowers
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Awards More Than $23 Million to Whistleblowers | site |




    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 2, 2021) Washington D.C., June 2, 2021 - - The Securities and Exchange Commission today announced awards of approximately $13 million and $10 million to two whistleblowers whose information and assistance led to successful SEC and related actions. The whistleblowers’ substantial assistance, provided to the SEC and another federal agency, included submitting information and documents, participating in interviews, and identifying key individuals who engaged in the misconduct at issue. “The whistleblowers’ information and assistance led to multiple successful enforcement actions related to a complex and fraudulent scheme involving multiple individuals and tens of millions of dollars in ill-gotten gains,” said Emily Pasquinelli, Acting Chief of ...
    06-08-2021, 11:25 PM
  • Staff Reporter 1
    U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of 2 Billion Dollars Global Crypto Lending Securities Offering
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of $2 Billion Global Crypto Lending Securities Offering | site |


    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 28, 2021)

    Washington D.C., May 28, 2021 - - The Securities and Exchange Commission announced today that it has filed an action against five individuals alleging that they promoted a global unregistered digital asset securities offering that raised over $2 billion from retail investors. According to the SEC's complaint, filed in the United States District Court for the Southern District of New York, from approximately January 2017 to January 2018, BitConnect used a network of promoters, including U.S.-based Trevon Brown (a.k.a. Trevon James), Craig Grant, Ryan Maasen, and Michael Noble (a.k.a. Michael Crypto) to market and sell securities in its "lending program." The SEC's complaint alleges that these promoters o...
    05-30-2021, 03:54 AM
  • Staff Reporter 1
    U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 17, 2021) Washington D.C., May 17, 2021 - - The Securities and Exchange Commission today announced settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility. The SEC’s order finds that the S&P 500 VIX Short Term Futures Index ER (Index) published by S&P DJI was intended to calculate values based on real-time prices of certain CBOE Volatility Index (VIX) futures contracts. According to the order, S&P DJI licenses the Index to, among others, issuers that use it to offer securities, including the issuer of...
    05-18-2021, 04:34 AM
  • Staff Reporter 1
    U.S. Securities and Exchange Commission Awards Approximately 3.6 Million Dollars to Whistleblower
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Awards Approximately $3.6 Million to Whistleblower | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 12, 2021) Washington D.C., May 12, 2021 - - The Securities and Exchange Commission today announced an award of approximately $3.6 million to a whistleblower whose information and assistance led to a successful SEC enforcement action. “The whistleblower brought valuable information to the attention of the SEC, causing it to open a new investigation into wrongdoing,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “The whistleblower further assisted the SEC by providing ongoing assistance as the Commission’s investigation progressed. This award shows the significant help a whistleblower can provide by sharing information of potential violations of the federal securities laws with the Commission.” The SEC has awarded appro...
    05-14-2021, 10:52 AM

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