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Experience
|October 9, 2020
Morningstar's Sale of its Stake in YCharts
Winston & Strawn LLP represented Morningstar, a Chicago, Illinois-based financial services firm, in the sale of its stake in YCharts, a developer of an investment research platform designed to democratize investment research. YCharts, headquartered in Chicago, Illinois, was sold to LLR Partners in a recapitalization to drive new capital into the research and communications platform. Terms of the deal were not disclosed. The YCharts’ platform, data, visualization tools, and advanced analytics for equity, mutual fund, and exchange-traded fund data and analysis, are used by about 6,000 RIAs, broker-dealers, and asset managers. Previous investors in YCharts also included Hyde Park Angels, I2a, and REV Venture Partners.
Insights & News 14 results
Client Alert
|October 25, 2024
|6 Min Read
Burdensome Proposed FDIC FBO Account Rules Loom Large for Banks and FinTechs
On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) published a notice of proposed rulemaking (the Proposed Rule) that would heighten record-keeping requirements on FDIC-insured depository institutions (banks) that maintain transactional deposit accounts for financial technology (FinTech) firms and other third parties that act as agents on behalf of an end customer—e.g., a digital-wallet customer, a buyer of a prepaid access card, and the like. If the FDIC finalizes the Proposed Rule, banks that maintain so-called FBO or for-the-benefit-of accounts (also referred to as custodial accounts) with their FinTech partners will need to update their program agreements and data-keeping practices, reconcile customer account balances on a daily basis, and make annual filings with the FDIC.
Client Alert
|September 5, 2024
|4 Min Read
FinCEN Final Rule Exempts Certain Investment Advisers from AML/CFT Compliance Requirements
Earlier this year, we wrote about the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed rule, which would have imposed certain anti-money laundering and combating the financing of terrorism (AML/CFT) program and other Bank Secrecy Act (BSA)-related obligations, including suspicious activity reporting obligations (SARs), on all U.S. Securities and Exchange Commission (SEC)-registered investment advisers (RIAs) and exempt reporting advisers (ERAs).
Client Alert
|May 31, 2024
|4 Min Read
Do You Know Your Customer? FinCEN & SEC Propose New Investment Adviser KYC Obligations
On May 21, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the U.S. Securities and Exchange Commission (the SEC) published a joint notice of proposed rulemaking (the Proposed Rule) in the Federal Register. If adopted, the Proposed Rule would impose Customer Identification Program (CIP) requirements on both: