SEC Proposes Speedier Customer Deposits For Brokers
By Jessica Corso
The U.S. Securities and Exchange Commission on Wednesday unveiled a plan
that could require the nation's largest brokerage firms to more frequently
deposit customer funds into segregated bank accounts in an effort to
prevent financial losses in cases of bankruptcy.
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https://www.google.com/url?q=https://www.law360.com/capitalmarkets/articles…
Divided SEC Approves Reforms To Money-Market Fund Rules
By Tom Zanki
A divided U.S. Securities and Exchange Commission on Wednesday approved new
rules aimed at improving the stability of the estimated $6 trillion
money-market funds industry during times of stress.
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https://www.google.com/url?q=https://www.law360.com/capitalmarkets/articles…
SEC Says Collectors' Website Was An Unregistered Exchange
By Sydney Price
The U.S. Securities and Exchange Commission on Wednesday said it has fined
the operator of an online marketplace that facilitates the buying and
selling of equity interests in sports cars, rare books and other
collectibles, alleging the venue was an unregistered securities exchange.
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https://www.google.com/url?q=https://www.law360.com/newyork/articles/169904…
Adviser Attacks SEC's Liquidity Rule In Bid To Escape Suit
By Jessica Corso
A New York-based investment adviser facing the first-ever U.S. Securities
and Exchange Commission lawsuit over a 2016 liquidity rule says the case
against it should be tossed because the agency had no congressional
authority to write the rule in the first place.
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https://www.google.com/url?q=https://www.law360.com/newyork/articles/169853…
BetMGM Users Agree To Arbitrate Individual False Ad Claims
By Khadrice Rollins
A Manhattan federal judge has dismissed a false advertising suit against
the online gambling arm of MGM Resorts International, BetMGM, after the
parties agreed to participate in individual arbitration.
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https://www.google.com/url?q=https://www.law360.com/newyork/articles/169802…
2nd Exec At Startup Charged With $175M Fraud On JPMorgan
By Ivan Moreno
Manhattan federal prosecutors on Wednesday added an executive of the
shuttered financial company Frank to an indictment alleging the startup's
founder duped JPMorgan Chase & Co. into buying the business for $175
million by lying about its user base.
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https://www.google.com/url?q=https://www.law360.com/newyork/articles/169901…
Regulator Can Issue Fines Over Pension Dashboard Guidance
By Martin Croucher
The U.K.'s retirement savings watchdog will have the power to fine trustees
of pension schemes if they fail to comply with guidance before a deadline
for plugging customer data into new, easily accessible online portals, a
minister said on Wednesday.
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https://www.google.com/url?q=https://www.law360.co.uk/financial-services-uk…
Bitcoin 'Inventor' Fights To Overturn File Format Ruling
By Lucia Osborne-Crowley
Lawyers for the self-proclaimed inventor of bitcoin urged the Court of
Appeal on Wednesday to give him a second chance to prove that the file
format used in the virtual currency system is protected by copyright.
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https://www.google.com/url?q=https://www.law360.co.uk/financial-services-uk…
Allianz Unit Sentenced For $6B Fraud As It Winds Down
By Stewart Bishop
Allianz's U.S. unit on Wednesday was formally sentenced to pay more than $6
billion over the collapse of a group of investment funds due to a
fraudulent trading strategy that went south amid the pandemic, after
pleading guilty last year to securities fraud.
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https://www.google.com/url?q=https://www.law360.co.uk/financial-services-uk…
Banks Avoid Greater Fraud Liability, But Challenges Loom
By Christopher Crosby
A landmark decision by Britain's highest court on Wednesday, which said
that Barclays does not owe a legal duty to protect customers from
themselves, has curbed the liability of lenders for a growth in
sophisticated scams targeting consumers, lawyers say.
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https://www.google.com/url?q=https://www.law360.co.uk/financial-services-uk…
