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US Justice Department Investigation Leads To Takedown Of Darknet Cryptocurrency Mixer That Processed Over $3 Billion Of Unlawful Transactions - Vietnamese Operator Of Chipmixer Charged With Laundering Money For Ransomware Perpetrators, Darknet Markets, Fraudsters, And State-Sponsored

Date 15/03/2023

The Justice Department announced today a coordinated international takedown of ChipMixer, a darknet cryptocurrency “mixing” service responsible for laundering more than $3 billion worth of cryptocurrency, between 2017 and the present, in furtherance of, among other activities, ransomware, darknet market, fraud, cryptocurrency heists and other hacking schemes. The operation involved U.S. federal law enforcement’s court-authorized seizure of two domains that directed users to the ChipMixer service and one Github account, as well as the German Federal Criminal Police’s (the Bundeskriminalamt) seizure of the ChipMixer back-end servers and more than $46 million in cryptocurrency.
Readout: US Under Secretary Of The Treasury Brian Nelson’s Meeting With Turkish Deputy Minister Of Trade Mustafa Tuzcu

Date 15/03/2023

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson met with Turkish Deputy Minister of Trade Mustafa Tuzcu in Washington, DC on March 13 to follow up on discussions during Under Secretary Nelson’s trip to Ankara last month. Under Secretary Nelson expressed his deepest condolences to those who have lost loved ones, those who are injured, and those who have lost their homes and businesses in the horrific series of earthquakes in Türkiye in February.
US Office Of The Comptroller Of The Currency Issues Prohibition Order, Fines Former Wells Fargo Executive $17 Million In Settlement

Date 15/03/2023

The Office of the Comptroller of the Currency (OCC) today announced the issuance of a prohibition order and a $17 million civil money penalty by consent against Carrie Tolstedt, former head of Wells Fargo Bank, N.A.’s Community Bank, for her role in systemic sales practices misconduct.
CFTC Unanimously Approves Proposed Rule To Codify No-Action Position Regarding The Treatment Of Separate Accounts Of A Single Customer By Clearing Members

Date 15/03/2023

The Commodity Futures Trading Commission today unanimously approved a proposed rule to codify the no-action position in CFTC Staff Letter No. 19-17 regarding the treatment of separate accounts of a single customer by futures commission merchants (FCMs) that are clearing members of derivatives clearing organizations (DCOs).
Report From FINRA Board Of Governors Meeting – March 2023 - Board Approves Rule Proposal To Shorten The Securities Settlement Cycle To T+1 Consistent With Recent SEC Rule Changes, And Allocation Of 2022 Fine Monies

Date 15/03/2023

FINRA’s Board of Governors met on March 9-10 for the first time in 2023. The board approved a rule proposal to amend FINRA rules to conform to the SEC’s rule changes to shorten the securities settlement cycle and discussed a variety of regulatory topics and technology initiatives.

Statement On Amendments To Regulation S-P, Cybersecurity Risk Management, And Amendments To Regulation SCI, SEC Commissioner Caroline A. Crenshaw, March 15, 2023

Date 15/03/2023

Thank you, Chair Gensler, and thank you to my fellow Commissioners. The three proposals we are considering today address the role of information technology in the securities markets. Technology is no longer just fundamental to the operation of the markets – it is the markets, and managing it is vital for investor protection and fair, orderly, and efficient market operations.
Protecting Investors From Cyberattacks And Enhancing Cybersecurity In U.S. Capital Markets, SEC Commissioner Jaime Lizárraga, March 15, 2023

Date 15/03/2023

Cyberattacks and associated data breaches impose significant financial and emotional costs on victims. Once victims’ identities are stolen, or their personal identifiable information is inappropriately revealed and/or sold to the highest criminal bidders, the damage can be irreparable and irreversible.
SEC Reopens Comment Period For Proposed Cybersecurity Risk Management Rules And Amendments For Registered Investment Advisers And Funds

Date 15/03/2023

The Securities and Exchange Commission today reopened the comment period on proposed rules and amendments related to cybersecurity risk management and cybersecurity-related disclosure for registered investment advisers, registered investment companies, and business development companies that were proposed by the Commission on February 9, 2022. The initial comment period ended on April 11, 2022.
Statement On Proposed Cybersecurity Rule 10 And Form SCIR, SEC Commissioner Hester M. Peirce, March 15, 2023

Date 15/03/2023

Thank you, Chair Gensler. No one questions the threat cybercriminals pose to our capital markets, and the need for broker-dealers and other regulated entities to protect themselves and their customers and counterparties from cyberthreats. As the proposing release notes, there are considerable reputational, psychological, and financial costs associated with these breaches. Increasing reliance on technology in our markets has only heightened how important it is for firms to take steps to prevent cyberattacks and mitigate their effects. Addressing this challenge constructively requires the Commission to work with firms in a way that helps them shore up cyber-defenses and minimize the consequences of cyberattacks. Unfortunately, with this proposal, the Commission has apparently decided its role is to be an enforcer demanding that a firm dealing with a cybersecurity attack first and repeatedly attend to the Commission’s voracious hunger for data. The Commission stands ready, not with assistance but with a cudgel to wield if the firm fails to comply with a complicated reporting regime, even if the firm resolves the incident by avoiding significant harm to the firm or its customers.
Statement On Amendments To Regulation SCI, SEC Chair Gary Gensler, March 15, 2023

Date 15/03/2023

Today, the Commission is considering amendments to Regulation Systems Compliance and Integrity (Reg SCI), the rule promoting the resiliency of key systems for key market participants. I am pleased to support this proposal because, consistent with maintaining orderly markets, these amendments would help promote the capacity, integrity, resiliency, availability, and security of these critical intermediaries.