Authorisation & Licensing in United States

What Changed

Effective January 1, 2023, amendments to FINRA Rule 1240 mandate annual completion of both Regulatory Element and Firm Element for all registered persons, per CE Council recommendations.[https://www.finra.org/rules-guidance/notices/information-notice-20250814] Launched July 1, 2024, the Financial Learning Experience (FLEX) serves as an optional centralized catalog for Firm Element e-learning courses to support written training plans.[https://www.finra.org/rules-guidance/notices/information-notic

What You Need To Do

• Registered persons
• Verify FinPro access/recovery; contact FINRA Testing and Continuing Education Department for questions

Key Dates

References

• [1] stcusa.com
• [2] nasaa.org
• [3] finra.org
• [4] questce.com
• [5] finra.org
• [6] finra.org

What Changed

The enforcement actions establish precedent in three critical areas: *Market Manipulation (Spoofing): The CFTC secured consent orders against precious metals futures traders for spoofing—placing and canceling orders to create false market impressions. The orders impose three-year and six-month trading bans** and require cease-and-desist compliance with the Commodity Exchange Act's spoofing prohibition. *Misappropriation and Fictitious Trading: The CFTC obtained permanent injunctive relief requ

What You Need To Do

• *For Registered Futures Firms and Banks
• trade and post-trade compliance controls
• *For Commodity Pool Operators and Investment Advisors:
• by-jurisdiction licensing analyses before soliciting investors
• *For All Market Participants

Key Dates

References

• [1] cftc.gov
• [2] jdsupra.com
• [3] cftc.gov
• [4] foley.com
• [5] lowenstein.com
• [6] cftc.gov
• [7] cohenco.com
• [8] cftc.gov

What Changed

The CFTC has obtained federal court orders imposing civil monetary penalties and trading bans on individuals and firms for spoofing and misappropriating confidential information. The CFTC has also charged an unregistered commodity pool operator with fraud and registration violations.

What You Need To Do

• Verify registration with the CFTC at NFA BASIC before committing funds
• Review and update anti-spoofing and anti-fraud policies and procedures
• Ensure compliance with CFTC regulations regarding commodity pool operations and futures market participation

Key Dates

Related Regulations

What Changed

Raise the RAUM threshold for RIAs to qualify as small entities from $25 million to $1 billion, with conforming changes for control affiliates. Increase the net asset threshold for investment companies from $50 million to $10 billion. Update aggregation of related funds from "group of related investment companies" to "family of investment companies" as defined in Form N-CEN for easier identification. Introduce inflation adjustments to thresholds every 10 years via SEC order, without formal rulema

What You Need To Do

• Submit public comments by the deadline to influence thresholds, alternatives (e
• Monitor Federal Register for exact publication and comment instructions; review proposed rule and fact sheet on SEC site (https://www
• Assess internal status
• No immediate compliance changes, as this affects SEC rulemaking process only; prepare for potential indirect impacts via future rules

Key Dates

References

• [1] sewkis.com
• [2] regulatoryandcompliance.com
• [3] jdsupra.com
• [4] sec.gov
• [5] freewritings.law
• [6] sec.gov
• [7] questce.com
• [8] sullivanlaw.com

What Changed

There are no main regulatory changes, new requirements, or policy updates in this announcement; it is solely a personnel departure notice with no substantive regulatory implications. #

What You Need To Do

• related delays and monitor for successor announcements via https://www

Key Dates

References

• [1] sifma.org
• [2] sec.gov
• [3] securitiesdocket.com
• [4] sec.gov
• [5] ali.org
• [6] jonesday.com

What Changed

This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reinforces longstanding CEA and CFTC rules on: Mandatory registration as a Commodity Pool Operator (CPO) and Associated Persons (APs) for pools trading commodity futures (CFTC Regulation 4.13 exemptions do not apply here due to fraud and public solicitation). Prohibitions on fraud, misrepresentations, guarantees of profit, non-disclosure of risks, commingling funds, and operating pools as

What You Need To Do

• Verify registration
• Implement controls
• Conduct due diligence
• Train staff
• For SEC-registered advisers

Key Dates

References

• [1] cftc.gov
• [2] cftc.gov
• [3] sidley.com
• [4] ropesgray.com
• [5] cftc.gov
• [6] haynesboone.com
• [7] cftc.gov
• [8] alston.com

What Changed

This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reaffirms existing CEA prohibitions on fraud, including Section 6(c)(1), 7 U.S.C. § 9(1), and 17 C.F.R. § 180.1(a)(1)-(3), covering material misrepresentations, omissions, and deceptive schemes in precious metals sales. Key takeaways include joint-and-several liability for entities and controlling individuals (Ikahn held liable for not acting in good faith), systematic overcharges as fraud

What You Need To Do

• Conduct immediate fraud risk assessments on precious metals sales scripts, disclosures, and pricing markups to ensure no material misrepresentations or undisclosed overcharges
• Enhance senior investor protections, including suitability reviews, cooling-off periods, and training on vulnerable customer targeting bans
• Review controlling person policies for good faith oversight, documenting supervisory failures to avoid personal liability
• Audit parallel SEC/CFTC exposures in commodity-linked activities, preparing for offset calculations in multi-agency actions
• Update compliance manuals with this case as precedent for CEA fraud in physical commodities; monitor whistleblower notices for internal reporting incentives

Key Dates

References

• [1] cftc.gov
• [2] cftc.gov
• [3] whistleblower.gov
• [4] oag.maryland.gov
• [5] nasaa.org
• [6] cftc.gov
• [7] securities.utah.gov
• [8] finance.idaho.gov

What Changed

This announcement itself introduces no new regulatory changes or requirements; it is a personnel update. However, it occurs amid broader Enforcement Division restructuring, including: Consolidation from one Deputy Director to four (three regional: Northeast, Southeast, West; one for specialized units), reducing reporting lines for a more unified nationwide enforcement program. Rescission in March 2025 of delegated authority for the Enforcement Director to issue formal orders of investigation, no

What You Need To Do

• Review ongoing Northeast Regional Office investigations for potential leadership changes and engage early with new deputies on cooperation opportunities
• Enhance internal self-reporting and remediation protocols to align with Enforcement's stated rewards for cooperation and robust Wells processes
• Update compliance training on restructured reporting lines and Commission-authorized formal orders, ensuring defenses stick to established securities laws rather than novel theories
• Monitor SEC staff directory for replacement announcements, such as potential roles for Samuel Waldon or others in the Northeast

Key Dates

References

• [1] mcguirewoods.com
• [2] sec.gov
• [3] dechert.com
• [4] corpgov.law.harvard.edu
• [5] skadden.com
• [6] perkinscoie.com
• [7] morganlewis.com
• [8] clearygottlieb.com