Administrative Agency Securities Science, Computers & Technology

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SEC Fines Virtual Currency Operator For Alleged Registration Violations

On December 8, the SEC fined a computer programmer $68,387.07 for operating two separate online exchanges that traded securities using virtual currency without registering the businesses as broker dealers. Further, the SEC...more

The SEC and the DMV

“The SEC Should Copy the DMV” is the title of an article published in the New York Times by Joseph S. Fichera recently. The article focuses on the use of corporate fines, questioning whether they are effective: “The SEC and...more

The SEC Tackles Technicality

Within several months of Securities and Exchange Commission Chair Mary Jo White’s announcement in late 2013 of a commitment to improving the SEC’s trial readiness, the Commission suffered a number of losses in federal...more

Bitcoin Investment Vehicles Beware – The SEC is Watching

The Securities and Exchange Commission (SEC) recently charged the co-owner of two Bitcoin-related websites for publicly offering shares in the ventures without registering the securities under the Securities Act of 1933 (the...more

SEC Cybersecurity Initiative: Five Steps ALL Broker-Dealers and Investment Advisers Should be Taking

Last week, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert announcing its Cybersecurity Initiative....more

Did the IRS Just Help or Hurt the Bitcoin Economy?  [Video]

Apr. 1, 2014 -- Houman Shadab, Associate Professor at New York Law School, talks with Lee Pacchia about recent developments in the bitcoin economy....more

Three Important Lessons from the FCPA Guidance for Pharmaceutical and Medical Device Companies

The US Chamber of Commerce “praised” the FCPA Guidance. The Chamber did not get what it wanted but it had to recognize that the FCPA Guidance was helpful for businesses. The FPCA Guidance provides important information for...more

It's Raining PII in New York

On November 25, 2012, the front page of the New York Post blasted the headline, “Drop Secret. Shred Alert! Covert cop files used as parade confetti.” The Post reported that shredded files appearing to contain material from...more

BIS Report on the Future of Computer Trading in Financial Markets

On October 23, the Department for Business, Innovation and Skills published a report entitled ‘The Future of Computer Trading in Financial Markets – An International Perspective’. The report is an analysis of the potential...more

ESMA Publishes Draft EMIR Technical Standards

On 27 September 2012, the European Securities and Markets Authority (ESMA) published its draft technical standards in the European Market Infrastructure Regulation (EMIR). The technical standards supplement the level one text...more

Profit Counting: The Pfizer FCPA Settlement

On August 8, 2012, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) announced agreements with the drug manufacturer Pfizer Inc. to settle allegations that a Pfizer subsidiary had...more

London Metal Exchange: New Information Barriers Requirement

As of 1 April 2012, related warehouse companies are required to engage an independent practitioner to assure that the information barriers they have instituted are compliant with the London Metal Exchange’s rules and...more

U.S. District Court for the District of Massachusetts Holds Pharmaceutical Companies Not Required to Disclose FDA Inspectional...

In an important ruling dismissing a comprehensive securities class action complaint against Genzyme Corporation, the U.S. District Court for the District of Massachusetts held last week that regulatory comments and...more

Crowdfunding

The Canadian Advanced Technology Alliance (CATA) has just launched a new campaign in support of changing Canadian securities laws to permit crowdfunding. See the news release here. Crowdfunding is the use of...more

Gearing up for 2012 Annual Reporting Season: Has Your Public Company Board Addressed Cybersecurity Risk?

As companies have migrated toward increasing dependence on digital technologies to conduct their operations, the risks to these companies associated with cybersecurity incidents have also increased. The consequences of a...more

A Practical Guide to Implementing SEC Guidance on Disclosure of Cybersecurity Risks and Cyber Incidents

Recent, high-profile cyber attacks and cybersecurity lapses have resulted in a serious focus on cybersecurity from the Obama administration, the Senate and the SEC. In the past year, there were reports of cyber thieves...more

Who Is Listening? The SEC Emphasizes Importance of Cybersecurity Disclosure

The U.S. Securities and Exchange Commission (SEC) staff recently issued guidance concerning its views on disclosure obligations related to cybersecurity risks and cyber incidents. The SEC staff issued the guidance in response...more

Public Companies: SEC Issues Guidance on Cybersecurity Disclosures

The Guidance addresses a public company’s obligation to make certain disclosures concerning cybersecurity risks and cyber incidents. On October 13, 2011, the Division of Corporation Finance of the U.S. Securities and...more

Supreme Court Issues Opinion in Important Securities Fraud Case Concerning Pharmaceutical Manufacturers’ Obligations to Disclose...

On March 22, 2011, the U.S. Supreme Court issued its opinion in Matrixx Initiatives, Inc. v. Siracusano, 562 U.S. ___ (2011), an important securities fraud class action with potential implications for pharmaceutical and...more

Sutherland Salt Shaker Vol. 2 No. 3- March 21, 2011

New Jersey Tax Court Finds “User Error” in Treatment of Extraterritorial Income; Discrimination Train Has Left the Station: U.S. Supreme Court Remands Alabama Railroad Case; Ouch! Taxpayer Seeks to Pierce Its Own Veil; Salt...more

EU Suspends Carbon Trading After Almost $38 Million Stolen

The most recent theft of almost US$38 million in EU Emission Trading System carbon credits may shift political support in favor of centralization and abolition of national registries. On January 20, 2011, the European...more

Electronic Filing of Section 25102(f) Notices

For the last five years, the Commissioner of Corporations has required that notices of exemption filed pursuant to Corporations Code § 25102(f) be filed electronically, except in cases of demonstrable hardship. See 10 CCR...more

NFA Launches Online AML Procedures System

National Futures Association (NFA) has launched a new online system to assist futures commission merchants (FCMs) and introducing brokers (IBs) in developing anti-money laundering (AML) programs. The system is designed to...more

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