News 

Merrill Lynch to pay $42 million for misleading customers: SEC

“FILE PHOTO: A Bank of America logo is seen in New York City Thomson Reuters WASHINGTON (Reuters) – Bank of America Corp subsidiary Merrill Lynch will pay a $42 million penalty for lying to customers about how it handled their orders, the top U.S. securities regulator said on Tuesday” reports businessinsider.com. Merrill Lynch told customers that it executed millions of dollars of orders internally but in truth had routed them to other broker-dealers, the SEC said. Source: businessinsider.com Share This:

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First SEC-compliant ICO trading platform is getting closer

“A fully regulated ICO trading platform would alleviate any risks that may arise should regulators at the SEC or CFTC (Commodity Futures Trading Commission) deem ICOs to be securities” writes Aaron Hankin for marketwatch.com. New York-based blockchain company Prometheum said it formed a partnership with Manorhaven Capital, a registered broker-dealer, as part of its effort to become the first legal initial-coin-offering trading platform.The company is in the process of filing for its own Reg A+ token, Ember, which will be the base currency when trading tokens on its platform.The trading…

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U.S. Supreme Court to review scope of investor protection laws

“FILE PHOTO: A view of the U.S. Supreme Court building in Washington Thomson Reuters By Andrew Chung WASHINGTON (Reuters) – The U.S. Supreme Court on Monday agreed to hear an appeal by a New York investment banker banned from the industry by the Securities and Exchange Commission in a case that could limit the scope of those who can be held liable under laws protecting investors from securities fraud” reports businessinsider.com. The justices will review a lower court ruling that upheld most of the SEC’s liability findings against Francis Lorenzo,…

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Crypto News 

Decentralized cryptocurrencies are not securities, SEC exec says

“On the other side of the country, another SEC official declared that cryptocurrencies like BTC Core (BTC) and Ether (ETH) are not considered securities under federal regulations” writes Dennis Wafula for coingeek.com. Chairman Jay Clayton and Commissioner Kara Stein visited Georgia for a town hall meeting where they discussed the future of cryptocurrencies and blockchains in the United States.To assess whether or not a digital asset is a security, Hinman said the primary factor to consider is whether a third party—a person, entity or coordinated group of actors—drives the expectation…

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Crypto Futures News 

U.S. SEC official says ether not a security, price surges

“The price of one ether rose as much as 11 percent to $520.68” writes Anna Irrera for reuters.com. NEW YORK (Reuters) – The price of ether rose on Thursday after a senior official at the U.S. Securities and Exchange Commission stated that the cryptocurrency was not a security, thus exempting certain transactions in the token from federal securities laws.While Hinman provided clarity on ether, he reiterated the agency’s views on ICOs and shared further guidelines to assess whether a token is a security.The price of bitcoin BTC=BTSP rose as much…

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Crypto News 

The SEC says Ethereum tokens are not securities

“The SEC has declared that Ethereum and its digital coin ether, are not securities today, during the Yahoo Finance summit” writes Jun Edt for theverge.com. He says, “Over time, there may be other sufficiently decentralized networks and systems where regulating the tokens or coins that function on them as securities may not be required.” In the past, the SEC has considered some digital tokens as securities, particularly tokens distributed through an initial coin offering.Last July, DAO tokens were found to be securities after an investigation, according to a public SEC…

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Crypto News 

SEC’s William Hinman, head of Division of Corporate Finance who oversees cryptocurrencies, says Bitcoin and Ether are not securities but many ICOs are

“The SEC’s point man on cryptocurrencies and initial coin offerings (ICOs) says that bitcoin and ether are not securities but that many, but not all, ICOs are securities and will come under the regulatory control of the SEC and relevant securities laws” writes Alessandro Bianchi for cnbc.com. “Central to determining whether a security is being sold is how it is being sold and the reasonable expectations of purchasers,” William Hinman, head of the Division of Corporate Finance for the SEC, said in a speech at the Yahoo All Markets Summit:…

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Crypto News 

The SEC’s policy on cryptocurrencies is confusing. That may be cleared up on Thursday

“These issues, along with the SEC’s refusal to approve a bitcoin ETF, have been a significant cloud over the development of cryptocurrencies and the blockchain buildout” writes Adam Jeffery for cnbc.com. But SEC Chairman Jay Clayton says the agency has been pretty clear on what a security is.In an interview, Clayton told CNBC that the classic definition of a security would be used to evaluate crypto assets and ICOs. Source: cnbc.com Share This:

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Markets News Stocks 

Stock market index closes at near 100,000 points

“As reported, 1.66 billion securities worth 4.355 trillion rials (about $103.19 million) were traded through 121,965 deals in a day” reports tehrantimes.com. Also, IFX, the main index of Iran’s over-the-counter (OTC) market known also as Iran Fara Bourse (IFB), rose 37 points to stand at 1,153 points on Wednesday. As reported, 412 million securities worth 1.856 trillion rials (about $43.98 million) were traded in a day. Source: tehrantimes.com Share This:

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SEC charges Merrill Lynch for overcharging customers for mortgage-backed securities

“The Securities and Exchange Commission on Tuesday announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers, causing them to overpay for residential mortgage-backed securities” writes Andrea Riquier for marketwatch.com. The SEC found that Merrill traders and salespeople deceived clients about how much the bank itself had paid to acquire the securities, and that the Merrill employees illegally profited from “excessive, undisclosed commissions.”.  Source: marketwatch.com Share This:

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