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EBA Opinion on Regulation of EU Lending-Based Crowdfunding

On February 26, 2015, the European Banking Authority (“EBA“) published an opinion on lending-based crowdfunding. The opinion notes that certain Member States (France, Italy, Spain and the UK) have created specific regulations...more

UK Regulator Publishes Findings of Crowdfunding Review

Earlier this month, the UK’s Financial Conduct Authority published a paper, “A review of the regulatory regime for crowdfunding and the promotion of non-readily realizable securities by other media”, which provides a...more

FCPA Compliance and Ethics Report-Episode 130, The Oscars and Compliance, Part IV with Jay Rosen [Video]

In this Part IV of my continued exploration of the Oscars and compliance with Jay Rosen, we look at the touchpoint which Hollywood and the movie industry has which might subject it to FCPA liability. ...more

SEC Denies No-Action Request for “Publisher Exclusion” for Recommendations of Crowdfunded Investments

The SEC denied a no-action request that was submitted by Jonathon Hendricks. The no-action request inquired about a Wyoming based business that would make available a list of securities from a loan crowdfunding site that...more

P2P Lending Basics

Peer-to-peer, or person-to-person, lending (“P2P lending”) is a type of crowdfunding that involves the facilitation of loan originations outside of the traditional consumer banking system by connecting borrowers directly with...more

Sports, Media and Entertainment Intelligence - February 2015 (Global)

Australia: Courts not siding with cricket “pitchside” gambler - A British man banned from attending Cricket Australia matches for pitchsiding has indicated his intention to challenge the legality of the ban. ...more

2015: A New Agenda for Europe

Every year, the European Commission (the Commission) adopts a plan of action for the next 12 months. The Work Programme for 2015 is the first one to be presented by the Juncker Commission. It translates into concrete actions...more

Applying Canadian Securities Laws To Social Media: A Square Peg In A Round Hole (OWTTE)

The time has come for Canadian securities regulators and stock exchanges to revisit the application of securities laws and policies to the use of electronic communications for the disclosure of material information. Existing...more

Federal Prosecutors Charge Canadian Trader in “Layering” Scheme

The US Attorney for the District of New Jersey recently filed criminal securities and wire fraud charges against a Canadian man, Aleksandr Milrud, alleging that he engaged in a fraudulent scheme to manipulate the stock...more

Massachusetts Adopts Intrastate Crowdfunding Rules, Effective Immediately

The Massachusetts Securities Division has recently joined a number of other states in adopting a “crowdfunding” exemption from securities registration requirements for certain offerings made within the Commonwealth, with the...more

FCPA Compliance and Ethics Report-Episode 124, The Oscars and Compliance, Part I with Jay Rosen [Video]

In this episode I begin a five-part series on the Oscars and Compliance with recovering Hollywood screenwriter Jay Rosen. In this Part I, we review the process by which films are nominated for the Oscars and the campaigns...more

Maine’s Crowdfunding Goes Live

On January 1, 2015, Maine’s crowdfunding rule went effective. Maine enacted 2014 P.L. Ch. 452 “An Act to Increase Funding for Start-ups” (referred to as Maine’s “crowdfunding law”) on March 2, 2014, but companies in Maine...more

2014 Top 10 SEC Enforcement Highlights

Mary Jo White was confirmed in April 2013 as Chair of the Securities and Exchange Commission (the “SEC”), becoming the first former United States Attorney to serve in that role. Given her background, and despite criticism...more

Think Twice Before Firing an Employee for Facebook Posts

Social media continues to play an important role in all aspects of a company’s internal and public communications. Companies are utilizing social media to make SEC disclosures, coordinate targeted advertising and marketing...more

The Power of the Press Release II: A Suggestion For Heightened Scrutiny of Governmental Prosecutorial Pre-trial Public...

In Russell G. Ryan’s recent thoughtful article in the Wall Street Journal entitled “Get the SEC Out Of The PR Business,” he raised several issues that resonate well beyond the practices of the SEC and into the world of...more

FINRA Regulatory and Examinations Priorities Letter

Earlier this week, FINRA published its annual priorities letter. Again, FINRA includes among the areas of concern private placements. FINRA cites particular issues relating to inadequate due diligence by broker-dealers in...more

Equity Crowdfunding - A new way to raise money.

So you have a great idea for a new business but don’t have the money to get it off the ground. Equity crowdfunding is now a popular way to draw attention (and potential funders) to startups. But is it the right choice for...more

Crowdfunding Coming to Minnesota

A group has announced plans to introduce a bill that would permit the use of advertising and general solicitation in securities offerings to Minnesota residents. The bill refers to such offerings as “MNvest Offerings”...more

Top 10 Legal Mistakes For Start-Ups

1. You Haven’t Lawyered Up. OK, that may be a little dramatic, but the worst case scenario is that you have a handshake deal with your co-founders. After all, we are all buds, this won’t go wrong. Even if it never goes...more

CFTC and SEC Propose Interpretation Concerning Forward Contracts with Embedded Volumetric Optionality

On November 13, 2014, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) approved for publication in the Federal Register a proposed interpretation clarifying the CFTC’s...more

Top Ten International Anti-Corruption Developments for November 2014

For busy in-house counsel and compliance professionals, we have tried to summarize the most important international anti-corruption developments in the past month with links to primary resources. November was definitely a...more

Blog: SEC, Amnesty And Others File Briefs In Support Of Upholding The Conflict Minerals Disclosure Requirement

In November, the D.C. Circuit Court of Appeals granted the petitions of the SEC and Amnesty International for panel rehearing in connection with the conflict minerals case, National Association of Manufacturers, Inc. v. SEC....more

Financial Industry Regulatory Update - December 2014

In this issue: - The Financial Services (Banking Reform) Act 2013 - Proprietary Treading And Ring Fencing (EU) - Shadow Banking - Mobile Banking And Payments - Stress Testing And Asset...more

Condo hotels: Don’t forget the secret sauce!

Condo hotels are back in vogue as “securities” - Developers particularly like the “new model” where condo hotel investments are offered as a “securities” using the new SEC Rule 506(c) for private placements with public...more

Global Crowdfunding Site Consents to SEC Censure

Last week, the Securities and Exchange Commission censured Eureeca Capital SPC, an online, securities-based crowdfunding site incorporated in the Cayman Islands, for failing to implement procedures “reasonably designed” to...more

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