sec

·Aug. 18, 2017

New SEC Request for Bitcoin ETF Approval

Currently reconsidering the Winklevoss brothers' ETF proposal, the SEC has now received another approval request for a bitcoin ETF; investment manager VanEck has submitted a prospectus to the SEC for a bitcoin-related ETF; the fund differs from previous funds, with its investments based on derivatives of bitcoin; VanEck is seeking to list the fund on the Nasdaq and says it will also include conventional investments such as US Treasury bonds and cash for risk diversification. Source

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Peer to Peer Lending

·Aug. 2, 2017

Recent SEC Report on Blockchain ICOs Helps to Provide Some Clarity but Questions Remain

Last week the Securities and Exchange Commission (“SEC”) released a report on the Initial Coin Offering (“ICO”) of the Decentralized...

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News Roundup Online Lending

·Jan. 3, 2017

2016 Rating Agency Involvement in Marketplace Lending Transactions

The Securities and Exchange Commission's 2016 Annual Report on Nationally Recognized Statistical Rating Organizations (NRSROs) notes increased rating activity for marketplace lending; says smaller NRSROs have increased market share by rating marketplace lending securitizations; rating agencies issuing ratings for marketplace lending transactions included KBRA, Fitch, S&P, Moody's and DBRS; of the 28 rated marketplace lending transactions in 2016, DBRS rated 28.6%, KBRA rated 25.0%, Moody's rated 25.0%, Fitch rated 7.1% and S&P rated 3.6%. Source

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News Roundup Online Lending Regulation USA

·Dec. 8, 2016

SEC Requesting Increased Transparency and Revised Non-GAAP Accounting from Lending Club

The Securities and Exchange Commission (SEC) has requested that Lending Club provide increased disclosure on its loan portfolio and sources of funds also suggesting they improve non-GAAP reporting which is potentially misleading for investors; Lending Club has agreed to provide more disclosure and evolved its SEC filings accordingly however it has defended its non-GAAP accounting procedures, reporting it did not see the measures as misleading; recent requests for added disclosure as a publicly traded company are included in the SEC's last correspondence on November 4; the items remain open and the SEC's most recent correspondence is in addition to its review of the company following the replacement of its CEO in May. Source

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Fintech News Roundup Regulation USA

·Nov. 15, 2016

SEC Holds Fintech Forum

The Securities and Exchange Commission (SEC), a financial government agency overseen by the Financial Stability Oversight Council, held a fintech forum discussing the industry; industry speakers included Ram Ahluwalia from PeerIQ and Matt Burton from Orchard; SEC speakers included Mary Jo White and Michael Piwowar; Mary Jo White focused on fintech responsibility suggesting thorough testing of various aspects of the business before introduction; Michael Piwowar focused on fintech sandbox testing and suggested that the SEC should be the lead agency regulating fintech; in an announcement on Monday, Mary Jo White also said she would be leaving her role in January. Source

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Fintech News Roundup USA

·Aug. 3, 2017

Lend Academy Article: Recent SEC Report on Blockchain ICOs Helps to Provide Some Clarity but Questions Remain

Last week the Securities and Exchange Commission (SEC) released a report on the initial coin offering (ICO) of the Decentralized Autonomous Organization (the DAO), which raised almost $150 million from investors using this new capital raising method (before returning the money); the report explained that the SEC views this ICO as a sale of securities and that the DAO was in violation of securities laws, though no enforcement action was taken. Source

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Fintech News Roundup USA

·Mar. 13, 2017

HFSC Passes Six Bills Supporting Small Businesses

The House Financial Service Committee (HSFC) is promoting small business investment and growth through six new bills; provisions include an expansion of venture capital fund investing, changes to the number of shares available for employees at privately-held companies and more responsive action by the Securities and Exchange Commission (SEC) in findings and recommendations by the SEC's Government-Business Forum on Small Business Capital Formation. Source

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Fintech News Roundup Regulation USA

·Dec. 19, 2016

New Initiatives for Small Business Support within the SEC

The SEC Small Business Advocate Act of 2016 (HR3784) was signed into law; the law will add a new office within the Securities and Exchange Commission (SEC) for small business advocacy; the small business advocacy office will oversee and support regulation and investment activities for small businesses and small business investors; the new law will also establish a small business capital formation advisory committee that will advise the SEC on small business market activity. Source

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Fintech News Roundup Regulation USA

·Nov. 21, 2016

PeerIQ’s Perspective on Fintech Regulation

PeerIQ's weekly newsletter provides insight from a week in Washington, D.C. beginning with the SEC's Fintech Forum on Monday, November 14; Ram Ahluwalia participated as a panelist providing an industry perspective on the "Capital Formation" panel; newsletter also provides details on potential terms from the OCC in their fintech charter and highlights three bills affecting fintech; PeerIQ also discusses the effect of capital and liquidity rules on asset-backed securities from banks. Source

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Peer to Peer Lending

·Jul. 11, 2014