News Centre

Empowering And Protecting Private Fund Investors, SEC Commissioner Jaime Lizárraga, Aug. 23, 2023

Date 23/08/2023

The choice we face today is leaving in place a framework for overseeing investment advisers that does not adequately protect private fund investors, or strengthening it to better serve them and the public interest.

U.S. Department Of Justice: Tornado Cash Founders Charged With Money Laundering And Sanctions Violations - Roman Storm And Roman Semenov Charged With Operating The Tornado Cash Service, Laundering More Than $1 Billion In Criminal Proceeds

Date 23/08/2023

A Russian national and a Washington man were charged today with conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money transmitting business.

SEC Charges Former New Jersey Corrections Officer With Crypto Fraud Scheme Targeting Law Enforcement Personnel - John DeSalvo Also Charged With Fraud In Separate Investment Scheme

Date 23/08/2023

The Securities and Exchange Commission today charged former New Jersey State Correctional Police Officer John A. DeSalvo with fraudulently raising funds through the unregistered offering of the Blazar Token, a crypto asset security he created but that collapsed in May 2022. The SEC also charged DeSalvo with misappropriating investor funds, much of which he sent to his personal crypto asset wallets and used to pay for a bathroom renovation.

Statement Regarding Exemption from National Securities Association Membership, SEC Commissioner Caroline A. Crenshaw, Aug. 23, 2023

Date 23/08/2023

Securities industry self-regulation, including through self-regulatory organizations (“SROs”) such as FINRA, has a long tradition in the U.S. markets.  Congress favored self-regulation for a variety of reasons, including that effectively regulating the inner-workings of the securities industry at the federal level was viewed as cost-prohibitive and inefficient, and the complexity of securities trading practices made it desirable for SRO regulatory staff to be closely involved with SRO rulemaking and enforcement.  In brief, Congress determined that the securities industry self-regulatory system would provide an effective balance between federal and industry regulation, and the Exchange Act requires a layer of SRO oversight so that SROs can act as front-line regulators of their broker-dealer members.

SEC Reopens Comment Period For Enhanced Safeguarding Rule for Registered Investment Advisers Proposal

Date 23/08/2023

The Securities and Exchange Commission today reopened the comment period on its proposed rule that would redesignate and amend the current custody rule under the Investment Advisers Act of 1940 to enhance protections of customer assets managed by registered investment advisers, which was proposed by the Commission on February 15, 2023. The initial comment period ended on May 8, 2023.

SEC Enhances The Regulation Of Private Fund Advisers

Date 23/08/2023

The Securities and Exchange Commission today adopted new rules and rule amendments to enhance the regulation of private fund advisers and update the existing compliance rule that applies to all investment advisers. The new rules and amendments are designed to protect private fund investors by increasing transparency, competition, and efficiency in the private funds market.

Statement Regarding Exemption From National Securities Association Membership, SEC Chair Gary Gensler, Aug. 23, 2023

Date 23/08/2023

Today, the Commission is considering final amendments to a rule last meaningfully updated 47 years ago related to which broker-dealers must register with a national securities association, such as the Financial Industry Regulatory Authority (FINRA). I support this adoption because I believe it will modernize the rule to enhance cross-market and off-exchange oversight for some of the most active participants in the capital markets.

Statement Regarding Private Fund Advisers Rulemaking, SEC Commissioner Caroline A. Crenshaw, Aug. 23, 2023

Date 23/08/2023

Thank you, Chair Gensler, and many thanks to the team for their recommendation today, which I am pleased to support.

Statement On Final Rule Regarding Exemption For Certain Exchange Members, SEC Commissioner Mark T. Uyeda, Aug. 23, 2023

Date 23/08/2023

Thank you, Chair Gensler.

Flawed Rationale in Support of the Amendments to Rule 15b9-1

Statement On Private Fund Advisers, SEC Chair Gary Gensler, Aug. 23, 2023

Date 23/08/2023

Today, the Commission is considering final rules related to private fund advisers. I am pleased to support this adoption because, by enhancing advisers’ transparency and integrity, we will help promote greater competition and thereby efficiency in this important part of the markets.