Regulating a Trillion Dollar Market: Fifth Circuit Strikes Down the Fiduciary Rule

Jesse HudsonMarket Rules & Responsibilities

fifth circuit strikes down the fiduciary rule

Sitting in New Orleans on the banks of the Mississippi River, the United States Court of Appeals for the Fifth Circuit recently issued a hotly-anticipated mandate certifying its decision on the Department of Labor’s Fiduciary Rule. The mandate in Chamber of Commerce of the USA v. U.S. Department of Labor, No. 17-10238 (5th Cir. Jun. 21, 2018) explained the court’s … Read More

NFA to Crack Down on IBs and FCMs Without Current AML Policies

WebContentMarket Rules & Responsibilities

current AML policies

Attention FCMs and IBs: is your anti-money laundering policy up-to-date? In a Notice dated May 22, 2018, the National Futures Association (NFA) asserted its intention to seek disciplinary action against futures commission merchants (FCMs) and introducing brokers (IBs) who do not have a written anti-money laundering (AML) program in place. This program must comply with the regulatory requirements of the … Read More

New Guidance for FINCEN’s Customer Due Diligence Rule

Alex NisengoltsBest Practices, Market Rules & Responsibilities, Operations

customer due diligence

On May 11, 2018, the new Customer Due Diligence Requirements for Financial Institutions (the “CDD Rule” or the “Rule”)[1] are scheduled to come into effect. On April 3 of this year, the promulgator of the CDD Rule, the Financial Crimes Enforcement Network (FinCEN), issued a new Guidance[2] to assist covered financial institutions[3] in understanding the scope of the Rule.  

Gibraltar Financial Services Commission Launches Blockchain Licenses in January

Lindsay AyersCryptocurrency, Market Rules & Responsibilities

using bitcoin technology

Regulation of cryptocurrencies and other financial technology innovations varies greatly across jurisdictions. While some countries take a hands-off approach to encourage growth of new industries, others seek to control markets to protect investors or for political reasons. Predictably, as countries compete to land FinTech companies, many new businesses gravitate toward the less onerous compliance regimes, limited only by investors’ doubts … Read More

Munchee ICO Halted: SEC Reaffirms its Decision on The DAO

Julianne DardanesCryptocurrency, Market Rules & Responsibilities


The Securities and Exchange Commission (SEC) issued an order last week declaring an ICO token to be a security and hence subject to corresponding regulation.  Following on from its similar ruling with respect to The DAO on July 25th, the SEC held that Munchee Inc.’s efforts to promote its supposed “utility token” so emphasized the company’s planned efforts to spur … Read More

CME, CFE, and Cantor Certify New Bitcoin Derivatives

Julianne DardanesCryptocurrency, Market Rules & Responsibilities


On Friday, December 1st, the U.S. Commodity Futures Trading Commission (CFTC) agreed to allow trading of bitcoin derivatives on the Chicago Mercantile Exchange (CME), CBOE Futures Exchange (CFE), and the Cantor Exchange. The CME and CFE both self-certified new contracts for bitcoin futures, while the Cantor Exchange self-certified a new contract for binary options on bitcoin. The CFE plans to … Read More