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The Office of the Chief Accountant of the SEC's Division of Investment Management periodically issues "Dear Chief Financial Officer" letters to help registered investment companies.
Our previous article considered the technology behind cryptocurrency. This article will focus on the legal framework governing the industry. The cryptocurrency market is subject to a.
A digital custodian is not a digital depository State Street’s digital product expert Swen Werner highlights the challenges of integrating different digital assets into existing frameworks for regulated funds and their asset managers, and why more clarity is needed around depository duties – which differ from digital custody - as this market continues to grow.
The emergence of digital assets such as Bitcoin as well as tokenised financial instruments has brought the topic of digital custody to the top of the agenda. However, one of the core issues of the global custody industry has not yet appeared on the agenda: the integration of different digital assets into the existing framework for regulated funds and their asset managers. This includes regulated fund structures such as UCITS or AIF in Europe, or ’40 Act funds in the US.
The U.S. Securities and Exchange Commission (SEC) Division of
Examinations (Division
1) recently released a Risk
Alert
2 highlighting its continued focus on digital
assets
3 that are securities (Digital Asset Securities).
The Division emphasized that the offer, sale, and trading of
Digital Asset Securities present unique risks to investors and
encouraged firms to consider the distinct features of
distributed-ledger technology when designing their
regulatory-compliance programs. The Risk Alert provides
observations made by Division staff during recent examinations of
industry participants that may assist firms in developing their
compliance practices and policies. The Risk Alert also provides
transparency about areas of focus for the Division s future