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Daily Compliance News

August 26, 2022 the Cyber Insurance Edition

In today’s edition of Daily Compliance News:

  • Llyod’s changes rules on cyber-insurance claims. (Cordery Compliance)
  • Former TN Speaker arrested on corruption charges. (AP)
  • $4.5bn oil spill. (BBC)
  • Prescott goes all in on crypto. (Bloomberg)
Categories
Coffee and Regs

Digital Assets: Trading & Compliance for Cryptocurrency

Categories
Coffee and Regs

The Mood of Compliance

Categories
Coffee and Regs

Betting on Bitcoin: Cryptocurrency & Digital Assets 101 for Investment Managers

Betting on Bitcoin: Cryptocurrency & Digital Assets 101 for Investment Managers

 
In this episode, CSS’s Director of Broker-Dealer Services and Private Funds John Gentile sits down with Chief Executive Officer & Chief Investment Officer of Off the Chain Capital, Brian Estes to discuss the world of cryptocurrency and Bitcoin. Is this investing or gambling, is it an asset class, and why should investment advisers and broker-dealers be thinking about adding digital assets to their clients’ portfolios?
 

 

About Our Guest Speakers:

John Gentile is responsible for overseeing various types of broker-dealer and investment adviser consulting engagements, including conducting SEC/FINRA internal control reviews, anti-money laundering testing, written supervisory policy and procedures testing, and other consultation services. John is a frequent speaker at industry conferences on various compliance topics, including “Effective Supervision,” “Large Firm Testing,” FINRA Supervisory Control Rules” and “Anti Money Laundering Requirements for Broker Dealers under the PATRIOT Act.” In 1987 John joined the SEC as a Securities Compliance Examiner, becoming a Branch Chief in 1991. He became Assistant Regional Director in 1993, supervising a team of 20 broker-dealer managers and examiners. He also planned and conducted financial, operational, and sales practice examinations of the largest broker dealers and was among those responsible for a review of hedge funds’ impact on broker dealer internal controls. Before joining the SEC, John was a Financial Damage Analyst with PaineWebber Inc. Most recently from 2000-2007 John was an Executive Consultant, Broker-Dealer Services, at National Regulatory Services. John has an MBA from Fordham University and a BS in Finance from Central Connecticut State University. From 1995 to 2002, John was also a member of the Securities Industry Continuing Education East Coast Content Committee.


Brian Estes is the CEO and CIO of Off the Chain Capital which manages the #1 performing blockchain investment fund over the past 4 years. Brian has been a VC in blockchain for over 7 years and has advised, mentored and/or financed 5 blockchain companies that have a combined value of over $100B today. Prior to his immersion in blockchain, the Brian was one of the top-ranked investment managers in the nation. Morningstar ranked his client’s performance between 2004-2014 in the top 1/10th of 1% of the Morningstar equity manager universe. Brian earned his BA in Economics from the University of Illinois, his MBA with high honors from Washington University, and has studied at Cambridge University and the London School of Economics. For fun, Brian earned his pilot’s license in 1989 and has logged over 2200 hours of flight time in his Cessna 177RG.

 
 

Categories
Innovation in Compliance

K2’s Integrity Matters – Gabe Hidalgo on Cryptocurrency Regulation


In this special episode of K2’s Integrity Matters podcast series, I visit with Gabe Hidalgo. Hidalgo is a Managing Director at K2 Integrity. He has 20 years of legal, regulatory compliance, and Anti-Money Laundering (AML) experience working with wholesale and retail banks, FinTech companies, broker/dealers, and money services business entities. Hidalgo is a recognized subject-matter expert in the cryptocurrency and digital assets market and is able to help clients navigate and mitigate Bank Secrecy Act and Anti-Money Laundering (BSA/AML) compliance risks. In this podcast, we take a deep dive into the current issues around cryptocurrency regulation and where they may be headed down the road. Some of the highlights include:
The Current Landscape

  • Consumer and institutional push into crypto.
  • NFTs are growing in popularity. What is the significance?
  • Heavy institutional hitters buying in of late. Is the little guy now cut out?

Current Regulatory Climate

  • Alternative currency has gone from to an asset class being bought and sold for investing.
  • What are the views of Gary Gensler and where might the SEC go in terms of regulation and enforcement?
  • IRS and taxation issues.
  • What are the benefits of a strong regulatory environment for both the financial system as well as the companies in it?

Into the Future

  • Inevitability that there will be more regulatory guidance and rules; you have more and more mainstream institutions ready to buy or invest.
  • Whenever you have that much interest, the government has to get involved from a risk mitigation standpoint, and consumer protection standpoint.
  • Who is going to oversee it? Why types of products? Who falls in those product classes?

For more on K2 Integrity, check out their website, here.