By: Eden L. Rohrer, Richard F. Kerr, Jessica D. Cohn, and Joshua L. Durham
On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of securities dealers.
Read MoreBy: Daniel Knight, Ben Kneebush and Madison Jeffreys
As Artificial intelligence (AI) continues to be adopted and used by Australian Financial Services (AFS) licensees broadly, it has become increasingly evident that many licensees’ deployment of AI falls short of their existing regulatory obligations and emerging best practices.
Read MoreBy: Pablo J. Man, TJ Bright, and Matthew F. Phillips
On 7 November 2024, the US Securities and Exchange Commission’s (SEC) Divisions of Examinations, Investment Management, and Enforcement hosted a virtual panel on compliance and enforcement topics as part of its broader National Compliance Outreach Seminar. This blog post provides a high-level overview of the private fund topics that were covered, but the agenda included a broad array of additional topics.
Read MoreBy Hazel Doyle and Nicola McCaffrey
In an important speech, Derville Rowland, the Central Bank of Ireland’s Deputy Governor for Consumer and Investor Protection has outlined the Central Bank’s approach to ETFs in Ireland. Some of the points she made are highlighted in this blog.
Read MoreBy: Keri Riemer, Peter Shea, and Lael Franco
On 21 October 2024, the SEC’s Division of Examinations (Division) published its 2025 Examination Priorities (Priorities) to provide insight into what the Division plans to focus on in the 2025 fiscal year. In addition to other areas of risk highlighted in the Priorities, the Division has advised that it will to continue to monitor – and conduct examinations if deemed appropriate – of registrants offering crypto asset-related services, including spot bitcoin or ether exchange-traded products (ETPs). However, with respect to spot bitcoin or ether ETPs, the Division’s oversight may be limited to the ETPs’ sponsors or managers rather than the ETPs themselves.
By: Gayle Bowen and Hazel Doyle
Following a review of the Irish funds industry and wide engagement with industry participants, discussed in our earlier blog here, the Department of Finance has issued its Final Report on the Funds Sector 2030. The report sets out the Irish government’s framework and recommendations to enhance growth in the funds sector and maintain Ireland’s prominent position.
Read MoreBy: Jennifer Klass, Lance Dial, and Pablo Man
In order to discourage investment advisers, broker-dealers and investment companies from engaging in any “tricks,” the SEC’s Division of Examinations has published a treat, in the form of its 2025 Examination Priorities (the Priorities). This publication, an annual event since 2013, provides market participants with insight into what the Division of Examinations will focus on in the coming fiscal year.
Read MoreBy: Cheryl L. Isaac, Clifford C. Histed, and Benjamin C. Skillin
On 2 October 2024, the Commodity Futures Trading Commission (CFTC) announced multiple actions related to fraud in the voluntary carbon credit (VCC) market, just over one year after establishing the Environmental Fraud Task Force. Specifically, the CFTC filed a complaint in federal court against the former CEO of a carbon credit project developer and, on the same day, settled charges against CQC Impact Investors LLC (CQC) and its former COO, all related to a deceptive scheme purportedly intended to reduce carbon emissions.
Read MoreBy: C. Todd Gibson, Robert H. McCarthy Jr., and Jamie M. Robinson
The time has come to finalize those end-of-year checklists and for anyone with US entities, foreign entities doing business in the United States, or for those who are planning to form or register entities to do business in the United States, the United States Corporate Transparency Act (CTA) should be at the top of the list. This includes investment advisers and funds that they manage.
Read MoreBy: Pablo Man and Benjamin Skillin
On 2 October 2024, the Securities and Exchange Commission (SEC) announced settled charges against one of the largest carbon credit project developers (the Developer), for fraudulently altering data concerning its business and making material misrepresentations in the offering of equity to institutional investors in the United States. The SEC’s order found that the Developer violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
Read MoreCopyright © 2024, K&L Gates LLP. All Rights Reserved.