All registered firms should review all parts of the report thoroughly, not just the parts specific to their registration status, as many of the themes cut across regulated entities. See also FINRA's .

Many of the numerous priorities are familiar; e.g., treatment of retail investors, adviser conflicts of interest, and custody. A number of the priorities are at least partially in response to the GameStop run-up and related focus on retail investment; e.g., payment for order flow.

As to broker-dealers, it is notable that the SEC just issued a concept release on custody of digital assets by broker-dealers that reflected the SEC's discomfort with broker-dealers custodying digital assets at all. See This statement raises the question of what broker-dealer custodial arrangements of digital assets are permissible.

The revocation of the three existing Executive Orders further serves to: (i) remove a constraint on the authority of permanent agency staff; (ii) remove a constraint on the bringing of enforcement actions; and (iii) revoke an order that emphasized regulatory efficiency.

Risks presented by the entire CAT enterprise are significant. Does it really make sense to gather this much financial information under one roof, given the likelihood that hackers from foreign governments and criminal groups will be targeting the system for that information?

The risks of moving forward are compounded if the entity that is holding the information (and responsible for its protection) is insulated from financial loss in the event of a cyber event.

Two obvious…