FiSolve Weekly News Digest (September 1, 2023)

Here is what we are reading in the news this week.? ????????????????????

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The?U.S. Securities and Exchange Commission?charged a broker-dealer with failing to file required Suspicious Activity Reports (SARs). ?The SEC order finds the firm failed to establish an anti-money laundering (AML) surveillance program for its microcap and penny stock transactions over a several year period.?? The firm agreed to a $1.5 million penalty, a censure and a cease-and-desist order to settle the SEC's charges.? Read more at https://www.dhirubhai.net/feed/update/urn:li:activity:7102380760568922112/

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Reuters is reporting the U.S. Securities and Exchange Commission has delayed a decision on whether to approve applications for spot bitcoin exchange-traded funds (ETF) from Invesco US , WisdomTree and Valkyrie .? The delay comes just two days after a federal appeals court ruled the SEC was wrong to reject an application from Grayscale Investments to create a spot bitcoin ETF. ?The SEC has in recent years rejected dozens of applications for spot bitcoin ETFs (publicly traded investment vehicles that directly track bitcoin prices), citing inadequate levels of trading surveillance that could leave the underlying spot market subject to fraud and manipulation.? Read more at https://www.reuters.com/article/fintech-crypto-bitcoin-etf/us-sec-delays-decision-on-invesco-wisdomtree-valkyrie-bitcoin-etfs-idUSL1N3AC2PY

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The U.S. Department of Labor announced a notice of proposed rulemaking that would?guarantee overtime pay for most salaried workers earning less than $1,059 per week, about $55,000 per year.? The proposed rule also includes automatic updates to the salary threshold every three years to reflect current earnings data.? The DOL believes this rule making would impact 3.6 million lower paid salaried workers.? Read more at https://www.dol.gov/newsroom/releases/whd/whd20230830.?

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The U.S. Securities and Exchange Commission announced settled cease-and-desist proceedings against a broker-dealer for willfully violating recordkeeping requirements concerning expenses that the firm incurred in connection with its underwriting business.? The SEC’s order finds that, for at least a ten year period, the firm used an unsubstantiated and unverified method to calculate and record indirect expenses associated with its work as an underwriter.? The firm consented to a cease-and-desist order, a censure, and a civil penalty of $2.9 million.? Read more at https://www.sec.gov/files/litigation/admin/2023/34-98238.pdf.

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A survey of 1,000 key company decision makers by Resume Builder finds 90% of companies will require some form of a return to office by the end of 2024.? A majority also currently track, or plan to track, if employees are in the office.? The study also shows few companies are contemplating a full, five day a week, return to office, suggesting a hybrid approach will be the most popular method.? Read more at https://www.resumebuilder.com/90-of-companies-will-return-to-office-by-the-end-of-2024/.?

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The Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board invited public comment on proposed guidance to help certain large bank holding companies further develop their “living wills.” ?This describes a bank holding company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure. ??The guidance is organized around key areas of potential vulnerability, such as capital, liquidity, and operational capabilities that could be needed in resolution.? Read more at https://www.fdic.gov/news/press-releases/2023/pr23067.html.?

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