• On March 31, Congress passed the Coronavirus Aid, Relief and Economic Security, or CARES Act, to provide immediate and critically needed financial relief to the economy, which was racing the disastrous consequences of the global COVID-19 pandemic.

  • Coming close on the heels of adoption by the Securities and Exchange Commission (“SEC”) of substantial amendments to Rule 15c2-11 governing over-the-counter (“OTC”) quotations for securities, the Financial Industry Regulatory Authority (“FINRA”) has proposed to adopt new Rule 6439 “to expand and enhance the obligations of [FINRA] member firms that operate certain systems that regularly disseminate the quotations of identified broker-dealers in OTC Equity Securities” (“interdealer quotation system” or “IDQS”).

  • CFTC Records Another Year of Aggressive Spoofing Enforcement
    Global Investigations Review (Subscription Required) | (10/15/2020)

    The US commodities regulator almost equalled its annual record for the number of penalties it handed down for market manipulation in the past year.

  • Produced by the Attorney General’s Cyber-Digital Task Force, the Framework is divided into three parts with a conclusion. It provides an overview of threats and enforcement challenges associated with the increasing use of cryptocurrency; enumerates the criminal and civil statutes and regulatory framework used to investigate and regulate illegal crypto-related activities; and outlines ongoing challenges for businesses involved with cryptocurrency, and future strategies for investigating and prosecuting crypto involved crimes.

  • FINRA’s  expungement  process  provides  a  way  for  registered representatives to remove information about customer complaints and arbitrations from FINRA’s Central Registration Depository (CRD) system.  The system serves as the central licensing and registration system for the U.S. securities industry.

  • Three members of Murphy & McGonigle’s Commodities, Futures & Derivatives Practice will have prominent speaking roles at this week’s FIA Law & Compliance Division Conference 2020 (Oct. 7-9). The annual conference, held virtually this year, provides a forum to explore recent legal and regulatory precedents affecting the futures, options and centrally cleared derivatives markets.

  • On September 16, 2020, the Securities and Exchange Commission (“SEC”) adopted extensive amendments to Rule 15c2-11 (“Rule”)  under the Securities Exchange Act of 1934 (“Exchange Act”).   The Rule governs the publication of quotations for securities in the over-the-counter (“OTC”) market, which consists largely of smaller companies and retail investors.   Although the amended Rule becomes effective 60 days after publication in the Federal Register, compliance with the new provisions is not required until 9 months after the publication date to allow market participants and investors to adjust to the new OTC world.