Commentary by Steven Lofchie
House Financial Services Committee members Mike Flood (R-NE), Ritchie Torres (D-NY), French Hill (R-AR) and Wiley Nickel (D-NC) introduced the Uniform Treatment of Custodial Assets Act. The proposed legislation would prohibit financial institutions from including crypto assets held in their custody as a liability on their balance sheet.
Trade associations and financial groups responded to a CFTC proposal that would further define requirements on recovery and wind-down plans prepared by derivatives clearing organizations.
A broker-dealer settled charges with FINRA and NYSE Arca for over-tendering shares into partial tender offers.
An investment adviser settled charges with the SEC for failing to disclose conflicts of interest to clients involving payments received by an affiliated custodian.
Six "insiders" of public companies settled charges with the SEC for failing to file reports on their securities holdings and transactions in a timely manner. Five public companies were also charged for contributing to the violations.