News & Events

The SEC Division of Examinations has just released its 2022 examination priorities report, focusing on Private Funds, ESG Investing, Standards of Conduct (including Regulation Best Interest, Fiduciary Duty, and Form CRS), Information Security and Operational Resiliency, and Emerging Technologies and Crypto-Assets. Stay tuned for our annual commentary, coming soon.

FINRA has proposed amendments to the Code of Arbitration Procedure to accelerate certain case processing deadlines for seriously ill or elderly parties. Under the proposed rule, parties to the proceeding must request the expedited deadlines.

With crypto services now reaching a mass audience, how do firms scale their compliance efforts? Bates Managing Director Brandi Reynolds recently joined ComplyAdvantage for the latest episode of their Uncover podcast series to explore this question. Hear Brandi’s insights how companies are scaling AML/CFT programs in the fast evolving crypto world.

As cryptocurrency becomes more mainstream, many people are looking to learn more, including bankers and regulators. Financial institutions are also currently trying to determine how to integrate cryptocurrency into the traditional banking and investment worlds. Read the full article from Managing Director Brandi B. Reynolds and Consulting Expert Paul Nelson to learn about five common cryptocurrency misconceptions and how Bates can help your firm.

A determined litigant is hoping to define, or redefine, a type of cryptocurrency through a lawsuit against the Internal Revenue Service. The cryptocurrency involved is Tezos, one of several cryptocurrencies that rely on “proof of stake” as the validation method for additions to a blockchain. This matter is significant, as Tezos has a unit value of about $4 and a market value of about $8 billion. Tezos is one of the currencies available for use in smart contracts—self executing contracts where the parties can verify performance without an intermediary. Learn more about how this suit may redefine Cryptocurrency for tax purposes in this article authored by Bates consulting expert Paul Nelson.

Determining if you are a money transmitter and then navigating the licensing requirements can be a daunting task. This guide is meant to ease the pain of that process with some helpful tips as well as great resources. We'll take a look at who needs a money transmitter license, what the licensing process involves, and other helpful resources.

Bates Compliance is a proud sponsor of the 2022 IAA Compliance Conference, March 3-4. 2022. Visit our booth in the exhibit hall and connect with Bates leaders Jennifer Stout, Rory O'Connor and Hank Sanchez to hear about practical insights and best practices that can help you maintain a successful compliance program. Bates Compliance Managing Director Kurt Wachholz will be speaking on the panel "Ethics for Advisers: Compliance with Fiduciary Standards - Part 2" on Friday, March 4 from 8-9 a.m.

In a press release touting twelve additional enforcement actions against firms for failing to provide complete information on, file, or deliver Form CRS to retail investors, the SEC announced settlements against six investment advisers and six broker-dealers. That message underscores the agency’s intention to hold firms accountable for making these disclosures. Read our Alert for details on the SEC's findings, the settlements, and what they could mean for your firm and clients.

On January 1, 2021, the Anti-Money Laundering Act ("AMLA") became law. The far-reaching legislation expanded the Bank Secrecy Act regulatory framework by, among other things, establishing a beneficial non-public ownership database and reporting requirements under AMLA’s Corporate Transparency Act; promoting technology and other innovation to support enforcement, particularly concerning SARs; expanding enforcement authority over art, antiquities and real estate; and increasing penalties for AML violations. The story of FinCEN’s regulatory efforts since the passage of AMLA is the story of the agency working to effectuate those mandates. In this post, Bates looks at where we are in that story with the following regulatory developments.

Issued on February 9th, 2022, the FINRA 2022 Exam and Risk Monitoring Report highlights several new areas of FINRA focus that back up the regulator's current theme of protection of retail investors, including, for example, first-time attention to FINRA rules on trusted contacts, funding portals and crowdfunding offerings. Bates reviews those new topics and the selected highlights as we adapt our own annual summary Chart to better reflect the changing FINRA approach.

Bates Group welcomes new testifying and consulting experts

Jack McGuire, Esther Cho and Greg Kyle reunite for a new CLE Webinar to provide a capital markets update and discuss related litigation, regulatory and enforcement areas to keep an eye on in 2022. Bates Group Managing Director Alex Russell will be joining the panel to discuss Regulatory issues and updates. Thursday, February 17th from 1:00 - 2:00 p.m. ET.

FINRA has announced the publication of the 2022 Report on FINRA's Examination and Risk Monitoring Program. Stay tuned for our annual commentary, coming soon, on FINRA’s 2022 objectives and how they may impact your legal, regulatory and compliance matters.

In 2021, the market for cryptocurrencies nearly tripled to more than $2 trillion. Recent movement toward some framework over cryptocurrency seeks to balance supporting innovation while reducing risk, but the speed and size of the complex and evolving market is creating urgency. It is now clear that all the players across the executive and legislative landscape are engaged. Here’s a brief update on the latest developments.

Jack McGuire, Esther Cho and Greg Kyle reunite for a new CLE Webinar to provide a capital markets update and discuss related litigation, regulatory and enforcement areas to keep an eye on in 2022.

Bates proudly celebrates Black History Month this February. Connect with us on social media as we examine the rich legacy of Black Americans in the fields of Finance, Banking, and Investing.