SEC.gov | SEC Publishes Annual Staff Report on Nationally Recognized Statistical Rating Organizations

The Securities and Exchange Commission today issued its annual Staff Report on Nationally Recognized Statistical Rating Organizations (NRSROs), providing a summary of the SEC staff’s examinations of NRSROs and discussing the state of competition, transparency, and conflicts of interest among NRSROs.

In past years, the SEC's Office of Credit Ratings (OCR) covered these subject areas in two separate annual reports. The combined report includes a variety of substantive and organizational changes to provide greater transparency about NRSROs and their credit ratings businesses, and the market more broadly.

"The oversight of Nationally Recognized Statistical Rating Organizations is critical to the Commission's focus on investor protection," said SEC Chair Gary Gensler. "The Office of Credit Ratings' work contributes to our efforts to promote accuracy in credit ratings and help ensure that credit ratings are not unduly influenced by conflicts of interest."

"OCR's examinations protect investors by scrutinizing NRSRO compliance with applicable laws and rules and identifying instances of non-compliance," said OCR Director Ahmed Abonamah. "The report provides a comprehensive and integrated overview of OCR's activities, demonstrating the exceptional work of my colleagues in their efforts to protect investors."

The report highlights the risk-based approach of OCR's examination program. As described in the report, in addition to the eight statutorily mandated review areas, OCR staff examined the NRSROs’:

• Consideration of ESG factors and products;
• COVID-19 related risk areas;
• Activities related to collateralized loan obligations, commercial real estate, and consumer asset-backed securities;
• Adherence to policies, procedures, and methodologies with respect to rating low-investment grade corporate securities; and
• Controls, policies, and procedures for ratings of municipal securities.

Prior years' annual reports are available here.

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SEC.gov | Remediation Helps Tech Company Avoid Penalties

The Securities and Exchange Commission today announced settled fraud charges without a penalty against HeadSpin, Inc., a private technology company that made significant remedial efforts in the wake of an internal investigation into misconduct by its now former CEO.

"For companies wondering what types of remedial actions and cooperation might be credited by the Commission after a company uncovers fraud, this case offers an excellent example," said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. "HeadSpin’s remediation and cooperation included not just its internal investigation and revised valuation, but also repaying harmed investors and improving its governance—all of which were factors that counseled against the imposition of a penalty in this case."  

The SEC’s complaint, filed in the U.S. District Court for the Northern District of California, alleges that from at least 2018 through 2020, HeadSpin, through its former CEO Manish Lachwani, engaged in a fraudulent scheme to propel the Silicon Valley-based company’s valuation to over $1 billion by falsely inflating its key financial metrics and doctoring internal sales records.

According to the complaint, Lachwani controlled all important aspects of HeadSpin’s financials and sales operations, significantly inflated the value of numerous customer deals, and concealed this inflation by creating fake invoices and altering real invoices to make it appear as though customers had been billed higher amounts. Lachwani’s fraud unraveled after the company’s Board of Directors conducted an internal investigation which led to the CEO’s removal, a revised valuation down to $300 million, and remedial efforts including repaying investors.

HeadSpin’s remedial actions also included hiring new senior management, expanding its board, and instituting processes and procedures designed to ensure transparency and accuracy of deal reporting and associated revenues.

The SEC’s complaint alleges that HeadSpin violated the antifraud provisions of the federal securities laws. Without admitting or denying the allegations, HeadSpin agreed to be permanently enjoined from violations of these provisions. The settlement is subject to court approval.

The SEC’s investigation was conducted by Erin E. Wilk and Ellen Chen, and supervised by Jennifer J. Lee and Monique C. Winkler of the San Francisco Regional Office.  The SEC’s litigation against HeadSpin’s former CEO is ongoing and is being led by Marc Katz, David Zhou, and Ms. Wilk.

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SEC.gov | Kristin Snyder, Deputy Director of Division of Examinations, to Leave SEC

The Securities and Exchange Commission today announced that Kristin Snyder, Deputy Director of the Division of Examinations (EXAMS), is leaving the agency at the end of this month after more than 18 years of service. Joy Thompson has been named Acting Deputy Director and Acting Associate Director of the Private Funds Unit, and Natasha Vij Greiner has been named Acting Co-National Associate Director of the Investment Adviser/Investment Company (IA/IC) Examination Program.

“I thank Kristin for her dedication and service to the SEC over the last 18 years. She accomplished a great deal during her tenure, and investors will continue to benefit from her work,” said SEC Chair Gary Gensler. “Joy and Natasha are long-serving public servants, and I know they will be an asset in their acting roles.”

"Kristin is a talented leader and excellent lawyer who made lasting contributions in her several national and regional roles in the examination program," said Acting EXAMS Director Daniel Kahl. "During her tenure, she spearheaded many important initiatives that helped the program address market and investor risk in many new and emerging areas, and we will miss her expertise, good humor, and excellent judgment."

Ms. Snyder said, "It has been an incredible honor and privilege to work at the SEC for the past 18 years with so many smart and dedicated colleagues who are committed to protecting investors. I will truly miss my EXAMS colleagues across the country whose hard work is done outside the spotlight, but accomplishes so much for the investing public and the integrity of our markets."

Ms. Snyder has served as EXAMS’ Deputy Director since 2018, and spearheaded the development of examination priorities for the national and international examination programs covering a spectrum of SEC registrants including investment advisers, investment companies, and broker-dealers. Since 2016, Ms. Snyder also has led the Investment Adviser/Investment Company (IA/IC) examination program, which is EXAMS’ largest program and includes the Private Funds Unit.

Additionally, since 2011, Ms. Snyder has served as Associate Regional Director in the examination program in the SEC’s San Francisco Regional Office, where she was responsible for overseeing examinations of a broad range of SEC-registrants across Northern California and the Pacific Northwest. She began her SEC career in 2003 in the Enforcement Division in the San Francisco Regional Office, where she held a number of roles before joining EXAMS in 2011.

Joy Thompson joined the SEC’s Philadelphia Regional Office in 1986 where she held several roles including Staff Attorney, Branch Chief and Assistant Director, before becoming the Associate Regional Director for Examinations. Previously, Joy has served as the Acting Regional Director of the Philadelphia Regional Office and the Acting Deputy Director of the National Examination Program. Prior to joining the SEC, Joy completed a clerkship with the late William F. Hall, Jr., U.S. Magistrate, United States District Court, Eastern District of Pennsylvania, and was an Attorney-Advisor in the Office of the General Counsel of the U.S. General Accounting Office. Joy earned her undergraduate degree from Tufts University and her law degree from the University of Pennsylvania Law School.

Natasha Vij Greiner joined the SEC in 2001 in the Division of Examination’s broker-dealer program before joining the Division of Enforcement in 2004. She went on to join the Division of Trading and Markets, where she held several roles, including Assistant Chief Counsel and Acting Chief Counsel. Natasha earned her undergraduate degree from James Madison University and her law degree from The Catholic University of America.

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SEC.gov | LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program

The Securities and Exchange Commission today announced that LizAnn Eisen has been named Deputy Director, Disclosure Program, for the Division of Corporation Finance. In this role, she will ensure the effectiveness of the division's review of company filings, monitor market trends, and assess emerging risks.

Prior to joining the SEC, LizAnn was an adjunct professor and senior lecturer at Cornell Tech/Cornell Law School and an adjunct professor at the University of Oregon law school. Prior to 2019, LizAnn was a corporate partner at Cravath, Swaine & Moore LLP in NYC, where she practiced for more than 20 years, focusing on public and private corporate finance transactions, including overseeing the preparation, review and disclosure frameworks for public company SEC filings under the Securities Act of 1933 and the Securities Exchange Act of 1934, corporate governance for public and private companies, mergers & acquisitions, and liability management transactions.

"I'm delighted to welcome LizAnn to the division as Deputy Director for Disclosure Operations," said Division of Corporation Finance Director Renee Jones. "Her years of experience in private practice give LizAnn a clear understanding of how important quality disclosure is to investors and how investors use the information included in company's public disclosures in their decision making."

"I am excited to join the Division of Corporation Finance and work together with the talented and dedicated division staff to make sure companies live up to the full disclosure mandate on which investor confidence depends," said Ms. Eisen. "The Division of Corporation Finance plays an important role in ensuring investors have access to clear and sufficient information to make informed investment decisions, both when a company issues securities and on an ongoing basis."

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SEC.gov | SEC Reopens Comment Period for Pay Versus Performance

The Securities and Exchange Commission today reopened the comment period on proposed rules under the Dodd-Frank Act requiring disclosure of information reflecting the relationship between executive compensation actually paid by a company and the company's financial performance.

"If adopted, this proposed rule would strengthen the transparency and quality of executive compensation disclosure," said SEC Chair Gary Gensler. "The Commission has long recognized the value of information on executive compensation to investors. In 2015, the Commission proposed rules to implement the Dodd-Frank Act's 'pay versus performance' requirement. In this reopening release, we are considering whether additional performance metrics would better reflect Congress's intention in the Dodd-Frank Act and would provide shareholders with information they need to evaluate a company’s executive compensation policies."

This reopening in part is due to certain developments since 2015 when the proposing release was issued, including developments in executive compensation practices. The reopened comment period permits interested parties to submit further comments and data on the rule amendments the Commission first proposed in 2015 and welcomes comments in response to certain changes from the 2015 proposal that the Commission is considering, as well as additional questions being raised by the Commission in its reopening release.

The public comment period will remain open for 30 days following publication of the release in the Federal Register.

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SEC.gov | SEC Proposes Amendments to Include Significant Treasury Markets Platforms Within Regulation ATS

The Securities and Exchange Commission today proposed rules to better protect investors and enhance cybersecurity by bringing more Alternative Trading Systems (ATS) that trade Treasuries and other government securities under the regulatory umbrella. The proposal builds upon a 2020 proposal and public comments received in response to that proposal. It would extend Regulation ATS to include systems that offer the use of non-firm trading interest and provide protocols to bring together buyers and sellers for trading any type of security. These Communication Protocol Systems would be required to either register as exchanges or register as broker-dealers and comply with Regulation ATS. 

“In 2020, the Commission put out a request for comment on a proposal to enhance transparency and oversight over ATSs that trade government securities,” said SEC Chair Gary Gensler. “Today’s proposal includes the core elements of the 2020 proposal, including registration of certain interdealer brokers (IDBs) in the Treasury markets. It would bring Treasury trading platforms with significant volume under Regulation Systems Compliance Integrity (SCI), a rule that protects for the resiliency of technology infrastructure. It also would require these platforms to comply with the Fair Access Rule, which provides for fair access to platforms and would prohibit platforms from making unfair denials or limitations of access. Beyond that, today’s amendments build upon the 2020 proposal and on feedback from the public.”

With ATSs becoming increasingly important to government securities trading, the proposal would expand the investor protections of Regulation ATS to those that trade government securities or repurchase and reverse repurchase agreements on government securities. Additionally, the proposal would expand Regulation SCI to government securities to help increase investor protections and address technological vulnerabilities while improving the SEC’s oversight of the core technology of key entities in the markets for government securities.  

The proposal will be published in the Federal Register. The public comment period will remain open for 30 days after publication in the Federal Register.

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SEC.gov | SEC Proposes Amendments to Enhance Private Fund Reporting

The Securities and Exchange Commission today voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The proposed amendments are designed to enhance the Financial Stability Oversight Council’s (FSOC) ability to assess systemic risk as well as to bolster the Commission’s regulatory oversight of private fund advisers and its investor protection efforts in light of the growth of the private fund industry. 

"Since the adoption of Form PF in 2011, a lot has changed," said SEC Chair Gary Gensler. "The private fund industry has grown in size to $11 trillion and evolved in terms of business practices, complexity of fund structures, and investment strategies and exposures. The Commission and Financial Stability Oversight Council now have almost a decade of experience analyzing the information collected on Form PF. We have identified significant information gaps and situations where we would benefit from additional information. Among other things, today’s proposal would require certain advisers to hedge funds and private equity funds to provide current reporting of events that could be relevant to financial stability and investor protection, such as extraordinary investment losses or significant margin and counterparty default events. I am pleased to support it."

The proposed amendments would require current reporting for large hedge fund advisers and advisers to private equity funds. These advisers would file reports within one business day of events that indicate significant stress at a fund that could harm investors or signal risk in the broader financial system. The proposed amendments would provide the Commission and FSOC with more timely information to analyze and assess risks to investors and the markets more broadly.

The proposal also would decrease the reporting threshold for large private equity advisers from $2 billion to $1.5 billion in private equity fund assets under management. Lowering the threshold would result in reporting on Form PF that continues to provide robust data on a sizable portion of the private equity industry. Finally, the proposal would require more information regarding large private equity funds and large liquidity funds to enhance the information used for risk assessment and the Commission’s regulatory programs. 

The proposal will be published on SEC.gov and in the Federal Register. The public comment period will remain open for 30 days after publication in the Federal Register.

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SEC.gov | Former Financial Advisor Charged with Stealing $5.8 Million from Client

The Securities and Exchange Commission charged German Nino, a former securities broker and investment adviser representative for UBS Financial Services Inc., with stealing $5.8 million from a long-standing client.

The SEC’s complaint alleges that Nino, of Weston, Florida, stole the investment funds from his client’s accounts over nearly a six-year period and used the majority of the money, $4.2 million, on gifts for several women with whom he had romantic relationships. Nino allegedly employed various methods to conceal his misconduct from his client, including creating fake account statements, forging signatures on letters of authorization, and altering UBS’s records for an affected account to prevent electronic notifications of wire transfers.

"As a financial advisor, Nino was entrusted with millions of dollars belonging to his client," said Eric I. Bustillo, Director of the SEC's Miami Regional Office. "As alleged in our complaint, Nino took advantage of that trust by abusing his access to his client’s accounts for personal gain."

In addition to spending the money on vacations, luxury cars, and private school tuition for his romantic partners, Nino also allegedly used the remaining $1.6 million to repay funds he had taken from another client.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of Florida, charges Nino with violations of the antifraud provisions of the federal securities laws and seeks injunctive relief, disgorgement of ill-gotten gains, prejudgment interest, and civil penalties. In a parallel action, the U.S. Attorney's Office for the Southern District of Florida today announced criminal charges against Nino.

The SEC’s continuing investigation is being conducted by Sagiv Edelman, and supervised by Jessica M. Weissman and Glenn S. Gordon, all of the Miami Regional Office. The litigation is being conducted by Andrew O. Schiff. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of Florida and the Federal Bureau of Investigation.

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SEC.gov | SEC Issues Awards Totaling More Than $40 Million to Four Whistleblowers

The Securities and Exchange Commission today announced three awards totaling more than $40 million to four whistleblowers who provided information and assistance in three separate covered actions.

In the first order, the SEC issued an award of approximately $37 million to two joint whistleblowers who provided key evidence that contributed to the success of the covered action.   The whistleblowers also provided ongoing assistance and helped the staff identify additional information that advanced the investigation. 

In the second order, the SEC issued approximately $1.8 million to a whistleblower who provided important, new information that prompted Commission staff to open an investigation into the misconduct. The whistleblower continued to assist the staff by providing interviews and additional documents.

In the third order, the SEC awarded approximately $1.5 million to a whistleblower who provided new information that shaped staff’s investigative strategy and significantly contributed to the success of the covered action.  The whistleblower also provided substantial and ongoing assistance by helping the Commission staff identify issues.

"Credible tips of securities laws violations are a valuable component of the Commission’s enforcement program," said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. "The critical information provided by these whistleblowers aided the Commission’s investigations and helped the Commission bring these successful enforcement actions."

The SEC has awarded approximately $1.2 billion to 245 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators.  No money has been taken or withheld from harmed investors to pay whistleblower awards.  Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action.  Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.

As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.

For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.

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SEC.gov | SEC Seeks Candidates for Investor Advisory Committee

The Securities and Exchange Commission is seeking candidates for appointment to the Investor Advisory Committee to help protect investors and improve securities regulations.

The committee was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act to advise the Commission, protect investor interests and promote the integrity of the securities marketplace. Committee members represent the interests of investors, are knowledgeable about investment issues and have reputations for integrity.

“The Investor Advisory Committee and its diverse and talented members are key to ensuring a wide array of investor perspectives are represented in SEC policymaking,” said SEC Chairman Gary Gensler. “I look forward to working with the members of the Investor Advisory Committee to continue to uphold the SEC’s mission of providing transparent and fair markets for all investors.”

In August 2020, the SEC announced new procedures regarding the process to nominate candidates for appointment to the Investor Advisory Committee. Candidates for vacancies on the Committee will be identified by a nominating committee composed of staff from across the SEC’s divisions and offices. The nominating committee is chaired by Robert A. Marchman, Senior Policy Advisor for Diversity and Inclusion in the Office of Minority and Women Inclusion.

The nominating committee will identify candidates based on functional membership categories published on the SEC’s website. Members of the public are encouraged to express their interest in serving on the Investor Advisory Committee.

 The Investor Advisory Committee advises and consults with the Commission on:

• Regulatory priorities of the Commission;
• Issues relating to the regulation of securities products, trading strategies, fee structures, and the effectiveness of disclosure;
• Initiatives to protect investor interests; and
• Initiatives to promote investor confidence and the integrity of the securities marketplace.

Members of the public interested in serving on the Committee should promptly email a letter of interest with applicable information about their relevant experience.

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GameFi Play to Earn Crypto NFT - BEES Social DeFi Game Starting on the Blockchain

The BEES Social NFTs Play to Earn game is starting soon. Get more details about the game right here

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From first-person shooters (FPS) to multiplayer online fight arena (MOBA) video games, the list grows constantly. Now, it appears that the cryptocurrency market has actually understood the potential of this growing sector and the effect that blockchain-based technology can have on it. This was mainly possible through the boom of non-fungible tokens (NFTs), as designers comprehended they might be able to create and transfer concrete value in gaming communities, providing further incentives for people who spend their time video gaming.

Put simply the metaverse is a virtual world, a land of a sort, where people would be able to go inside rather of simply taking a look at a flat-screen display. It's the internet brought to life with all of its intricacies. Envision a world where everything is possible, so long as it's created and developed.

This is where the play-to-earn design becomes a lot more huge. It's a reality that the world is becoming more digital just believe about just how much time you invest in your phone interacting with distant loved ones over messengers. Imagine having the ability to digitally communicate with them through virtual reality.

Some video games are complimentary, while others require some contribution to play. Establishing a video game is pricey, and it's important to understand that these games are produced by companies. The point of every business is to be lucrative. On the other hand, the benefit of play-to-earn video games is that gamers develop some value that can be sold.

It's also true that the majority of the complimentary games require some sort of investment early on to open fundamental capabilities and complete gameplay. With this in mind, let's take a look at some of the most popular play-to-earn cryptocurrency games out there. 2021 Many Popular Play-to-Earn Games Axie Infinity is certainly the most popular play-to-earn game in the crypto world.

Axie Infinity Each and every single Axie is a non-fungible token (NFT), and it has various qualities and strengths. Users can invest time and effort on updating their Axies, and they can trade them for cryptocurrencies on a dedicated market. The native cryptocurrency of the procedure is Axie Infinity Shards (AXS), and it's used to take part in the governance of the game.

We have a detailed guide on how to stake AXS that can be found here. There's also the Little Love Potion (SLP) cryptocurrency, which is made by playing the game. It's an ERC-20 token, and it can be utilized to reproduce brand-new Axies. The cost of breeding starts at 100 SLP however increases with every breed the 2nd costs 200 SLP, the 3rd 300 SLP, the 4th 500 SLP, etc, where the sixth one expenses 1,300 SLP.

Players are able to accumulate SLP throughout the game, and this is how they can essentially make. At press time, both AXS and SLP are traded on the Binance exchange. Seemingly, the earnings of a player will differ based on the price of SLP at the time they're offering. This can also be a good thing because if there's strong need for it, then their incomes can increase appropriately.

It deserves noting that both of them have actually because stepped down from inhabiting major positions in the task however are still working on it as consultants. The project is rather of a veteran in the space it was released back in 2017 through an ICO, which managed to raise $24 million.

Users can buy plots of land. They can, after that, moderate it in such a way that makes it more attractive, they can construct on it and potentially monetize it. Users have created a lot of various amazing things in Decentraland. Lots of people see a great deal of capacity in this virtual truth, and back in June, Reuters reported that someone had actually purchased a spot of virtual land for more than $900,000.

LAND can be used to host video games, produce real estate, build multiplayer experiences, etc. Conclusion Numerous believe that blockchain video gaming is the future of the e-gaming industry, and it's not that tough to see plenty of benefits supporting that narrative. Play-to-earn is turning into a feasible company design which permits both video game designers and players to monetize the time they invest in something they take pleasure in doing.

During my research, I managed to find some P2E gems that distribute cryptocurrency rewards daily while requiring absolutely no upfront financial investment. The finest play-to-earn crypto game: Coin Hunt World, The very best play-to-earn video game is, without a doubt, Coin Hunt World (CHW), the mobile-app platform I was alluding to at the beginning.

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GameFi Play to Earn Crypto NFT - BEES Social DeFi Game Starting on the Blockchain
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SEC.gov | SEC Issues Awards Totaling More Than $4 Million to Whistleblowers

The Securities and Exchange Commission today announced two awards totaling more than $4 million to whistleblowers who provided information and assistance in two separate covered actions.

In the first order, the SEC issued an award of approximately $2.6 million to one whistleblower. The whistleblower, who reported internally before reporting to the Commission, provided significant new information during an existing investigation that alerted SEC staff to misconduct occurring overseas, which would have been difficult to detect in the absence of the whistleblower’s information.

In the second order, the SEC issued approximately $1.5 million to joint whistleblowers who provided substantial ongoing assistance throughout the course of the investigation that led to the success of the covered action.  The joint whistleblowers had multiple communications with SEC staff and provided information about key witnesses.

"These whistleblowers provided critical information and continued cooperation that helped the agency detect the securities laws violations," said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. "These awards highlight the importance of the SEC’s whistleblower program to the agency’s enforcement efforts and to its ability to maximize staff resources."

The SEC has awarded approximately $1.2 billion to 241 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards.  Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action.  Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.

As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.

For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.

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