The Securities and Exchange Commission has not yet come to a decision on whether to approve the ARK 21Shares bitcoin ETF application, delivering another delay for the long-awaited product. The issuer had originally filed in April, and regulators had until Aug. 13 to say whether they would approve, reject or...
Fines tied to unauthorized communications on Wall Street have topped $2.5 billion, and that’s probably not the last of it. Filings and media reports show that regulators have quizzed more than a dozen other firms about the use of unofficial channels like WhatsApp, personal texts and email to conduct business....
Wall Street regulators Tuesday hit broker-dealers with another round of hundreds of millions of dollars in penalties for failing to catch executives and traders using unofficial communications like WhatsApp. But of the 11 firms that agreed to pay $289 million to settle the matter with the Securities and Exchange...
Wells Fargo & Co. and BNP Paribas are among firms that will pay hundreds of millions of dollars total in penalties for employees using unofficial communications like WhatsApp to conduct business — the latest salvo in U.S. regulators’ crackdown on how Wall Street keeps records. Wells Fargo units agreed to...
Cathie Wood said that the Securities and Exchange Commission may approve multiple spot-bitcoin ETFs at the same time, reversing an earlier view that her firm would be first in line to get potential approval for the long-awaited product. “I think the SEC, if it’s going to approve a bitcoin ETF,...
The increasing use of artificial intelligence, predictive analytics and other algorithm-based tools in the financial industry has led to some new steps in the ongoing dance of regulators and regulated. As Mark Schoeff Jr. reported in late July, the Securities and Exchange Commission has approved releasing a 243-page proposal...
The state of Massachusetts is concerned about what it calls a growing and potentially unchecked use of artificial intelligence in the securities industry. On Wednesday, Secretary of the Commonwealth William Galvin announced that his securities division would launch an investigation into how firms are using AI to engage with Massachusetts...
State regulators and securities plaintiffs’ attorneys continue to resist a Finra plan that would allow brokerages to conduct remote supervision of their registered representatives. In March, the Financial Industry Regulatory Authority Inc. released a proposal that would treat a home office from which a broker is supervising other reps as...
For all of the Republican Party’s furious opposition to ESG, its efforts to accomplish something on the legislative front have fallen short. At least that’s the view of Cowen Inc. analyst John Miller, who closely tracks regulatory affairs for the firm’s Washington Research Group. House Republicans held a series of hearings last month, which Miller monitored....
The race is on in the exchange-traded fund business to offer the first ether futures product. Since last Friday, five providers have filed prospectuses with the Securities and Exchange Commission for a total of six products. Most of those filings came Monday and Tuesday, after Volatility Shares kicked off the...