Blogs

For a lot of firms the annual review happens in one afternoon in December. Someone opens last year’s compliance manual, confirms nothing obviously changed, writes a short memo saying the program remains […]

The takeaway in 30 seconds: On September 17, 2026, the SEC issued a temporary, conditional “Innovation Exemption” that lets qualifying Tokenized Securities Venues (TSVs) trade tokenized NMS stock on-chain, using permissioned automated […]

Almost every registered adviser has a code of ethics. Far fewer operate one. The document gets adopted at registration, everyone signs the acknowledgement, it goes into a folder, and the firm moves […]

Most firms that get the custody question wrong do not get it wrong because they were hiding client assets. They get it wrong because someone read the phrase “custody of client funds […]

The takeaway in 30 seconds: On September 3, 2026, the SEC proposed rescinding Rule 206(4)-5, the “pay-to-play” rule that bars advisers from being paid for advisory services to a government client for […]

The takeaway in 30 seconds: On August 18, 2026, the SEC proposed “Regulation Crypto Assets”, a tailored securities-offering framework for certain investment contracts involving crypto assets (SEC, August 18, 2026). It builds […]

The takeaway in 30 seconds: On August 14, 2026, the SEC charged a New York operator and three entities with running a boiler-room scheme that raised more than $74 million from over […]