Jack J. Kelly, Author at Compliancex

SEC makes biggest overhaul of $20T private equity, hedge fund industry in years

Jack J. Kelly Hedge Funds, Private Equity, Private Funds, SEC, Securities and Exchange Commission August 24, 2023

The Securities and Exchange Commission on Wednesday voted to overhaul rules for private equity and hedge funds, but in a victory for the industry did not make it easier for investors to sue fund managers and also did not ban arrangements that make it ...Read More

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Banking lobbyists, lawmakers gear up for a fight over new exec pay bill spurred by crisis

Jack J. Kelly Bailout, Bank Failure, Banks, Risk Management August 21, 2023

Failures in the banking sector that nearly tanked the economy earlier this year resulted in a spate of legislative proposals aimed at punishing executives and reining in the banking sector. They range from a Sen. Bernie Sanders (I-Vt.) plan to prohibit bankers from serving on Federal ...Read More

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FDIC Chair Gruenberg calls for tougher regulations on large regional banks

Jack J. Kelly Banks, FDIC August 15, 2023

The chair of the Federal Deposit Insurance Corporation wants more aggressive oversight of large regional banks. Martin Gruenberg said the FDIC plans to propose a rule that would require banks with more than $50 billion in assets to provide certain information in the contingency ...Read More

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SEC not likely to approve spot Bitcoin ETF, former SEC chief says

Jack J. Kelly Bitcoin, Cryptocurrency, ETF August 15, 2023

The possibility of a Bitcoin exchange-traded fund (ETF) focused on spot trading gaining approval from the U.S. Securities and Exchange Commission (SEC) appears unlikely, according to John Reed Stark, the former head of the agency’s Office of Internet Enforcement. In a recent post on ...Read More

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SEC’s Whistleblower Chief Manages Growing Pains as Program Gains Popularity

Jack J. Kelly SEC, Securities and Exchange Commission, Whistleblower August 15, 2023

Nicole Creola Kelly has worked at the Securities and Exchange Commission for a quarter-century in a variety of roles. Now, as head of the agency’s whistleblower award program, she is facing perhaps her biggest challenge: critics who say the program favors those with connections to ...Read More

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UBS to pay US $1.43 billion for alleged fraud over residential mortgage-backed securities

Jack J. Kelly Department of Justice, Fraud, Mortgage, Securities August 14, 2023

Banking group UBS and many of its U.S.-based affiliates agreed to pay $1.43 billion in penalties to settle a civil action alleging fraud in the sale of residential mortgage-backed securities, the company and the Justice Department said on Monday. The civil action was filed ...Read More

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U.S. judge sends FTX’s Sam Bankman-Fried to jail over witness tampering

Jack J. Kelly Cryptocurrency, Fraud, Jail August 14, 2023

Sam Bankman-Fried headed to jail on Friday after a judge sided with a request by federal prosecutors to revoke the FTX founder’s bail over alleged witness tampering. Bankman-Fried was remanded to custody directly from a court hearing in New York and sent to Brooklyn’s ...Read More

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SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures

Jack J. Kelly Broker Dealer, Recordkeeping, SEC, Securities and Exchange Commission August 11, 2023

The Securities and Exchange Commission today announced charges against 10 firms in their capacity as broker-dealers and one dually registered broker-dealer and investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted ...Read More

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SEC Sues Crypto Founder, Alleging $1 Billion In Unregistered Crypto Sales And Multimillion-Dollar Fraud

Jack J. Kelly Cryptocurrency, Fraud, Fraudster, Investors, SEC, Securities and Exchange Commission, Unregistered Securities July 31, 2023

The Securities and Exchange Commission on Monday filed charges against a U.S. citizen it alleged raised more than $1 billion through the unregistered offer and sale of crypto securities before pilfering millions to fuel a high-status lifestyle and the acquisition of luxury goods, including the largest black ...Read More

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Coinbase CEO: SEC Suggested Change That Would Have Triggered The End Of The Crypto Industry In America

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission July 31, 2023

The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market. Coinbase chief executive Brian ...Read More

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