Europe & UK Leading Crypto Regulation

Europe has been at the forefront regarding crypto assets regulation with its recently voted Markets in Crypto Assets (MiCA) regulation, which is expected to be finalised in the first quarter of 2023.  

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SEC Enforcement Focuses on MNPI, Insider Trading and Crypto

Temperatures are hot across the Unites States right now – and so is U.S. Securities and Exchange Commission (SEC) enforcement activity. The end of July has seen the SEC file multiple insider trading actions against a former chief information security officer, an investment banker, a former FBI trainee, a former U.S. Congressman and a former crypto employee.

The actions reinforced the agency’s focus on insider trading and MNPI, and also raised some questions about the definition of a security and the scope of the agency’s oversight of the crypto space.

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SEC Focuses on MNPI and Code of Ethics Issues

The SEC issued the Risk Alert Investment Adviser MNPI Compliance Issues to provide investment advisers, investors, and other market participants with information concerning notable deficiencies that the the Division of Examinations (“EXAMS”) has cited related to material non-public information (MNPI) and Code of Ethics Issues.

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Individuals Charged in Relation to Insider Trading in Singapore

The Monetary Authority of Singapore (MAS) released a press release stating that three individuals were charged for illegally communicating non-public and material information and using such information to buy shares in a company. The investigation was jointly conducted by the Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force.

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Proposed Rule 10b5-1 Changes Signal Increased MNPI Scrutiny

The U.S. Securities and Exchange Commission has released expected proposed amendments to Rule 10b5-1 to enhance disclosure requirements and investor protections against insider trading.  According to the SEC release, the amendments “aim to address critical gaps in the SEC’s insider trading regime and to help shareholders understand when and how insiders are trading in securities for which they may at times have material nonpublic information.”

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