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U.S., EU Look at Ways to Protect Investors, Streamline Regulation

Regulators and industry pros will come together this summer at an open forum designed to protect the interests of investors as well as broker-dealers.

The Financial Industry Regulatory Authority (FINRA) and Securities and Exchange Commission (SEC) will host the National Compliance Outreach Program for Broker-Dealers in Chicago, according to information from the agencies.

Regulators Look At 'Hot Topics' Impacting Investors

The outreach effort will address the concerns of internal audit, compliance and other executives and leadership at broker-dealer companies, according to information from the sponsors of the event. The SEC's Office of Compliance Inspections and Examinations (OCIE) and its Division of Trading and Markets are running the show alongside FINRA. “The program will focus on insights from leadership, protecting retail investors and regulatory hot topics such as digital assets, cybersecurity and anti-money laundering,” according to FINRA.

Peter Driscoll, director of the OCIE, said the program will allow those with first-hand experience dealing with these matters to exchange information freely. "We look forward to our continued engagement with industry professionals at this year’s National Compliance Outreach Program for Broker-Dealers," said Driscoll. "This event is a valuable opportunity for us to share our thoughts and observations from recent examinations and to listen to the insights provided by experienced industry professionals about current market and regulatory risks."

The event will be held at Federal Reserve Bank of Chicago on June 27 from 9 a.m. to 3 p.m. The event is free, but limited to 250 participants. "As our regulatory program evolves to meet the challenges of new markets, new products and new rules, FINRA engages with member firms, compliance leaders and other regulators in meaningful discussions that enrich our regulatory efforts and provide broker-dealers with the tools and information needed to better serve investors," said Mike Rufino, executive vice president and leader of FINRA Member Regulation—Sales Practice.

Click here to watch a live webcast of the event.  

EU Moving Toward Regional Regulations

In the wake of the Paris Blockchain Week Summit, European regulators expressed the need for greater uniformity with respect to the “digital asset framework” and cryptocurrency regulations and to make the EU more attractive to blockchain entities, according to Crypto Briefing.

A panel discussion at Summit featured representatives from the European Securities and Markets Authority (ESMA) and the European Commission. There, they discussed how a “legal framework designed specifically for cryptocurrencies would help make Europe an attractive and safe destination for business."

Among some of the challenges facing the EU are the varying definitions of digital assets and securities among its membership, reads the briefing. Malta, for example, has already passed regulations in the absence of continent-wide rules. France passed a bill recognizing cryptocurrencies as a “legitimate asset class” as well.

“There are different opinions on what a financial instrument is. Tokens have translated differently into national law,” said Patrick Armstrong, a senior officer at ESMA, as reported in the Crypto Briefing.

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