On September 26, 2018, a federal court in the District of Massachusetts found that virtual currencies are a commodity under the Commodity Exchange Act, 7 U.S.C. § 1 et seq, (“CEA”). This marks the second time that a court has accepted the Commodity Futures Trading Commission’s (“CFTC”) position and upheld the agency’s authority to regulate unleveraged and unmargined spot transactions in virtual currency under the agency’s anti-fraud and manipulation enforcement authority. Most notably, however, the reasoning behind its decision potentially expands the scope of the CFTC’s oversight of the market.
Continue Reading Second District Court Determines Virtual Currencies Are Commodities
Colin D. Lloyd
CFTC Amends Chief Compliance Officer Duties and Annual Report Requirements
By Colin D. Lloyd, Brian J. Morris, Reshama Patel & Adrianna C. ScheerCook on
On August 21, 2018, the Commodity Futures Trading Commission (the “CFTC”) unanimously approved final amendments (the “Amendments”) to its regulations governing chief compliance officer (“CCO”) duties and annual compliance report requirements for swap dealers, major swap participants and futures commission merchants (together, “Registrants”) (the “CCO Rule”).
The Amendments seek to streamline and clarify the CCO…
SEC Proposes New Best Interest Standard for Broker-Dealers and “Clarification” of Existing Fiduciary Standard for Investment Advisers
By Robin M. Bergen, Carl F. Emigholz, Arthur H. Kohn, Colin D. Lloyd & Alex Janghorbani on
Posted in Corporate Enforcement, SEC Guidance
On April 18, 2018, the Securities and Exchange Commission (“SEC”) proposed Regulation Best Interest under the Securities Exchange Act of 1934 to establish a new “best interest” standard of conduct for broker-dealers when making a recommendation of any transaction or investment strategy involving securities to a retail customer. The SEC also proposed an interpretation to…