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To embed, copy and paste the code into your website or blog: On December 9, 2020, the Securities and Exchange Commission (SEC) settled an enforcement action against ICE Data Pricing & Reference Data LLC (PRD), a global securities pricing service and registered investment adviser, for compliance deficiencies relating to its client delivery of prices based on quotes it received from a single market participant, also known as single broker quotes. PRD agreed to pay $8 million to settle the charges. According to the SEC's order, from at least 2015 through September 2020, PRD delivered prices base...

To embed, copy and paste the code into your website or blog: SEC Fines Investment Adviser $170 Million for Multiple Disclosure Failures. UK-based investment adviser BlueCrest Capital Management Limited (BlueCrest) recently agreed to return $170 million to former investors to settle charges levied by the SEC involving disclosure failures, material misstatements, and misleading omissions. The SEC found that BlueCrest quietly transferred its top traders from its flagship client fund, BlueCrest Capital International (BCI), to an internal fund and left trading for the client fund in the hands of a...

REGULATORY DEVELOPMENTS On December 15, the FDIC approved a final rule to revise and modernize its regulations relating to brokered deposits. The final rule establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as brokered deposits, including those between insured depository institutions (IDIs) and third parties, such as financial technology companies. Specifically, the final rule: Clarifies when a person meets the deposit broker definition in a way that provides clear rules by which banks and third parties can evaluate whether particular activit...