Last month, SEC Chairman Jay Clayton issued a Statement on Cryptocurrencies and Initial Coin Offerings (ICOs), and although Chairman Clayton noted that the positions expressed there were his own, rather than those of the Commission, the Statement contained several important points that asset managers, sponsors of cryptocurrency funds and those selling such funds …
Cryptocurrency’s Legal Considerations for Asset Managers The asset management community’s interest in cryptocurrencies (also called virtual currencies) has grown in tandem with the exponential increase in market price of Bitcoin in recent months. As recently as January 2017, a single Bitcoin could be traded for $1,000. Today, a single Bitcoin traded for $16,680; a Bitcoin …
Forewarned Is Forearmed as RIAs Put Together Ad Campaigns In Light of Recent OCIE Guidance On September 14, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued its list of frequently-encountered compliance issues related to Rule 206(4)-1 under the Advisers Act (the Advertising Rule) arising from its examinations of RIAs. For advisers, forewarned is …
OCIE Issues Its Observations From Its Cybersecurity 2 Initiative On August 7, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued its observations based on recent examinations of broker dealers, RIAs, and RICs made to assist the firms’ cybersecurity preparedness. Industry members will find those observations a useful roadmap of issues likely to be …