Archive for SEC SmartBlogs

Regulations on per-share estimated values and general solicitation from qualified investors are bringing about a variety of changes for private placements, a panel of legal experts said at the Investment Program Association’s 2016 Executive Leadership Summit, held in Washington, D.C., on April 19.

More custodians and broker-dealers will be expecting to see per-share values that are compliant with Regulatory Notice 15-02 from the Financial Industry Regulatory Authority, said Martin Dozier, counsel at Alston & Bird.[…] Continue Reading »

The volume of data associated with communications in the financial services sector has exploded in recent years. But as firms allow communication to take place across more channels, a recent survey from Smarsh finds compliance efforts are not keeping pace.

Nearly one-third (32%) of firms that allow business communication through employees’ personal social media accounts do not have supervision or social media archiving solutions in place to monitor those messages.[…] Continue Reading »

The circumstances surrounding the arrest of Navinder Sarao for his actions related to the Flash Crash have been covered widely, but there is one angle that seems to be slipping through the cracks: Sarao’s intent. Or more precisely, his lack of intent.

Considering the volume of trade orders Sarao is alleged to have placed and then canceled, it seems likely his intention was to manipulate the market.[…] Continue Reading »

Just wrapped up a week in sunny San Diego covering the SIFMA Ops conference. Hours and hours of great speakers and insights. A few observations:

SEC Commissioner Kara Stein is ambitious: As covered earlier this week on this site, Stein wants to revolutionize the way data is gathered and analyzed at the SEC. She sounds a lot like Scott O’Malia did during his days at the CFTC.[…] Continue Reading »

SEC Commissioner Kara Stein has no qualms dissecting the role data plays in today’s financial markets. If anything, she seems to be making it her mission to educate anyone who will listen about the conflicting roles data can play in today’s markets: Data can empower beautiful market efficiencies and enhance beastly market disruptions.

“Data revolution represents dramatic changes in securities markets operations,” Stein said Tuesday at SIFMA’s 42nd Annual Operations Conference in San Diego.[…] Continue Reading »