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October 4, 2024 Facebook Facebook

IN THIS ISSUE:

  • Forcing Traders to be Brokers
  • FINRA Focusing on AI Use
  • Conservation Easements Hazy
  • $28 Million Spoofing Fine
  • Enforcement Chief Leaving
  • DOL Appeal Could Take Years
  • Private Credit For The Masses
  • Crypto Ruling Appealed
  • Moody’s Projects Weakness
  • Anti-ESG Bill Introduced
  • Speaker Outlines Agenda

FINANCIAL INDUSTRY AND REGULATION

SEC Still Wants Traders to Register as Brokers: BNN Bloomberg reports that the Securities and Exchange Commission isn’t giving up on a proposal to force alternative trading systems to register as brokers with the agency.

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FINRA Focusing on BD AI Use: Financial Planning reports that Financial Industry Regulatory Authority officials are digging deeper into how artificial intelligence and social media are being used by broker-dealers to market to investors.

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Hazy Conservation Easement Guidance Prompts Confusion: Bloomberg Tax reports that taxpayers are seeking more guidance on conservation easements as the Internal Revenue Service continues to disallow deductions without providing clarity on how to take them without risking a major penalty or costly litigation.

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Regulators Fine TD Securities $28 Million for Spoofing: The DI Wire reports that a U.S. subsidiary of a major Canadian bank has been sanctioned by multiple U.S. government entities for manipulating the U.S. Treasury cash securities market through an illicit trading strategy known as spoofing.

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SEC Enforcement Chief Leaving: Pensions & Investments reports that Gurbir S. Grewal, director of the SEC’s enforcement division, will leave the agency next week and that Sanjay Wadhwa, the division’s deputy director, will serve as acting director.

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DOL Says Fiduciary Rule Process Could Take Years: National Association of Plan Advisors reports that Ali Khawar, the principal deputy assistant secretary of labor for the Employee Benefits Security Administration, Tuesday said the appeal process for the Department of Labor’s fiduciary rule could take years.

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The Race to Bring Private Credit to the Masses: The Wall Street Journal reports that money managers are racing to bring the Wall Street craze known as private credit to ordinary investors, boosting alternative investing.

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SEC Appealing Court Ruling That Limited Crypto Regulation: Reuters reports that the SEC said on Wednesday it is appealing a court ruling that restricted its ability to regulate cryptocurrency markets.

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POLICY AND LEGISLATION

Moody’s Expects US Economic Weakness: Reuters reports that the U.S. fiscal health is expected to deteriorate further as political polarization makes it hard for any new presidential administration to negotiate steps needed to reduce the national debt burden, according to ratings agency Moody's.

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Senator Introduces Anti-ESG Bill Aimed at Fiduciaries: Pensions & Investments reports that Sen. Bill Cassidy (R-LA) introduced legislation last week to prevent retirement plan fiduciaries from considering environmental, social and governance factors when making investment decisions.

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House Speaker Outlines Possible 2025 Agenda: The Hill reports that House Speaker Mike Johnson (R-LA) Tuesday outlined his economic agenda if the GOP wins unified control of government in 2025, including tax policies, prioritizing U.S. investment, eliminating green initiatives, and cutting wasteful spending.

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