Finance & Banking, Communications & Media Law, Securities Law

Investment Management Legal + Regulatory Update -- May 2013

by Luke T. Bagley, Jay G. Baris, Thomas M. Devaney, Kelley A. Howes, Robert E. Putney, III, Isabelle Sajous | Morrison & Foerster LLP on 5/17/2013

In This Issue: Regulatory Updates - SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more

SEC Chair Mary Jo White On Social Media

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 5/17/2013

In testimony before the U.S. House of Representatives Committee on Financial Services, SEC Chair Mary Jo White stated that the Netflix Section 21(a) report stands for the proposition that use of social media is acceptable “so...more

SEC Issues Guidance on Disclosures Made via Social Media

by David Garcia, Michael Meskill | Jackson Walker on 5/16/2013

The Securities and Exchange Commission (the "SEC") recently issued a Report of Investigation (the "Report") in which it provides helpful guidance to public companies regarding their use of social media to disclose material...more

Is Crowdfunding Dead On Arrival? A Legal Perspective...

by Benjamin Hron, Brian Korn, Christian A. Salaman | JD Supra Law News on 5/15/2013

"[Crowdfunding] lays the riskiest investments at the doorstep of those investors that can least afford the risk. And it won’t create jobs except for plaintiff’s lawyers…”...more

SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute

by Mark Reyes, Mark Wood | Katten Muchin Rosenman LLP on 5/15/2013

On May 2, Lona Nallengara and Shelley E. Parratt, the acting director and the deputy director, respectively, of the Securities and Exchange Commission’s Division of Corporation Finance, participated in a roundtable...more

OSC’s Crowdfunding Proposal Receives Favourable Comments

by Justin Dharamdial, Hugo-Pierre Gagnon, Shahir Guindi, Matthew Oliver, Ward Sellers | Osler, Hoskin & Harcourt LLP on 5/15/2013

On March 8, 2013, the Ontario Securities Commission (OSC) closed the comment period on its Staff Consultation Paper 45-710: Considerations for New Capital Raising Prospectus Exemptions (the Consultation Paper), which sought...more

Investment Portals Addressed in SEC Staff Guidance Under JOBS Act; No-Action Letters Also Issued

by Elliott Curzon, Thor Imsdahl, Edward Pittman | Dechert LLP on 5/15/2013

Technology has spawned the formation of new internet-based marketplaces for illiquid and restricted securities. In most instances, these markets are operated by entities registered with the U.S. Securities and Exchange...more

SEC Charges City of Harrisburg with Fraud

by Michael Wiener | Holland & Knight LLP on 5/14/2013

On Monday, May 6, 2013, the Securities and Exchange Commission (SEC) charged the city of Harrisburg, Pennsylvania with securities fraud "for its misleading public statements when its financial condition was deteriorating and...more

Crowdfunding And JOBS Act News Roundup – May 10, 2013

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 5/13/2013

It was another week of speculation as to when the SEC might finalize or propose any JOBS Act rule. Broc Romanek of the TheCorporateCounsel.net pointed to one article which said the current JOBS Act proposal on eliminating...more

Harrisburg Charged With Securities Fraud - Securities and Exchange Commission Says City Made Misleading Financial Statements

by Kimberly Byrens | Best Best & Krieger LLP on 5/10/2013

The inclusion of the public statements of an elected official in allegations of securities fraud could change the traditional relationship between the politicians and their constituency versus issuers and the bond market....more

Crowdfunding And JOBS Act News Roundup – May 3, 2013

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 5/6/2013

Mary Jo White, now chair of the SEC, submitted a written statement in her confirmation hearing that said “First, I would work with the staff and my fellow Commissioners to finish, in as timely and smart a way as possible, the...more

NYSE Issues Guidance on Use of Social Media as a Disclosure Tool

by Jason P. Juall | Holland & Knight LLP on 5/2/2013

On April 2, 2013, the SEC issued a report and press release making it clear that companies are permitted to use social media outlets to disclose information in compliance with Regulation FD. More on the SEC's report and press...more

Release of new book on the 'Best Practices Under the FCPA and Bribery Act" [Video]

by Thomas Fox on 5/2/2013

This past week, my second book, “Best Practices Under the FCPA and Bribery Act” was released. Over the past few years I have tried to provide the compliance practitioner with solid information that can be used to implement,...more

CFTC To Address Problems Of Dealing With Evolving Technology Sphere

by Felix Shipkevich | Shipkevich PLLC on 5/1/2013

Despite the fact that The Commodity Futures Trading Commission (CFTC) has spent years working on plans to adapt to the technological revolution that is changing the investing sphere, the disconnect between the agency and...more

SEC OKs Social Media for Company Announcements; Investors Must be Alerted

by Loeb & Loeb LLP on 4/29/2013

The Securities and Exchange Commission has issued a report concluding that social media, such as Facebook and Twitter, may constitute legitimate means for a reporting company to make public announcements in compliance with...more

Crowdfunding And JOBS Act News Roundup – April 26, 2013

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/29/2013

On Thursday the SEC sent out a press release captioned “SEC Seeks to Halt Scheme Raising Investor Funds Under Guise of JOBS Act.” The action doesn’t really have anything to do with the JOBS Act, as in the sense that it seeks...more

FINRA Formalizes Position on Pre-Inception Index Performance Data

by Richard F. Morris, John O'Brien | Morgan Lewis on 4/26/2013

Interpretive letter outlines the conditions for the use of exchange-traded product marketing materials containing pre-inception index performance, including disclosure requirements, performance presentation standards, and a...more

How the SEC's Social Media Guidance Changes The Way Companies Share Investor Information [Legal Perspective]

by JD Supra Law News on 4/23/2013

"While the guidance is not hard to understand, it will be difficult to apply. And the SEC will be looking for someone to cross the line..." - Stephen M. Quinlivan; Leonard, Street and Deinard...more

Crowdfunding And JOBS Act News Roundup - April 22, 2013

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/22/2013

Reuters reports that Representative Patrick McHenry, of North Carolina, who chairs the House Financial Services oversight panel, said he believes the Securities and Exchange Commission lost its ability to enforce the ban on...more

8-K’s Announcing Reg FD Social Media Channels Begin; NYSE Weighs In

by Jill Radloff | Leonard, Street and Deinard - Dodd-Frank and... on 4/19/2013

The SEC opened the barn doors on use of social media, or merely reaffirmed existing guidance, depending on your point of view, in a recent Section 21(a) report....more

SEC Greenlights Use of Social Media for Publicly Disclosing Company Information

by Fernando Bohorquez, Jr., Jonathan Nowakowski | BakerHostetler on 4/19/2013

Recognizing the reality that many investors likely get more information from Facebook and Twitter than a corporate 10-K and that most public companies have a robust social media presence, the U.S. Securities and Exchange...more

FundersClub: What Does The SEC’s No-Action Relief Really Mean?

by Rani Doyle | Dentons on 4/19/2013

On March 26, 2013, the United States Securities and Exchange Commission (SEC) issued a no-action letter to FundersClub Inc. and FundersClub Management LLC. There has been speculation in the crowdfunding, VC and angel investor...more

Division of Investment Management Issues Guidance on Filing Requirements of Communications Made in Social Media

by Holland & Knight LLP on 4/19/2013

On March 15, 2013, the SEC's Division of Investment Management (the "division") issued guidance on the filing requirements for electronic communications (i.e., chat rooms or social media). The division issued the guidance...more

SEC Issues Guidance on Social Media and Regulation FD

by Linda Griggs, Gail Pierce | Morgan Lewis on 4/18/2013

Public companies are encouraged to rigorously analyze SEC guidance prior to disseminating material information via social media....more

The Trouble With Crowdfunding

by Brian Korn | Pepper Hamilton LLP on 4/18/2013

It’s about one year since President Obama signed the Jumpstart Our Business Startups Act (the JOBS Act), designed to help new companies raise capital and go public. For individual investors the most troublesome provisions of...more

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Finance & Banking › Communications & Media Law › Securities Law

Investment Management Legal + Regulatory Update -- May 2013

SEC Chair Mary Jo White On Social Media

SEC Issues Guidance on Disclosures Made via Social Media

Is Crowdfunding Dead On Arrival? A Legal Perspective...

SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute

OSC’s Crowdfunding Proposal Receives Favourable Comments

Investment Portals Addressed in SEC Staff Guidance Under JOBS Act; No-Action Letters Also Issued

SEC Charges City of Harrisburg with Fraud

Crowdfunding And JOBS Act News Roundup – May 10, 2013

Harrisburg Charged With Securities Fraud - Securities and Exchange Commission Says City Made Misleading Financial Statements

Crowdfunding And JOBS Act News Roundup – May 3, 2013

NYSE Issues Guidance on Use of Social Media as a Disclosure Tool

Release of new book on the 'Best Practices Under the FCPA and Bribery Act" [Video]

CFTC To Address Problems Of Dealing With Evolving Technology Sphere

SEC OKs Social Media for Company Announcements; Investors Must be Alerted

Crowdfunding And JOBS Act News Roundup – April 26, 2013

FINRA Formalizes Position on Pre-Inception Index Performance Data

How the SEC's Social Media Guidance Changes The Way Companies Share Investor Information [Legal Perspective]

Crowdfunding And JOBS Act News Roundup - April 22, 2013

8-K’s Announcing Reg FD Social Media Channels Begin; NYSE Weighs In

SEC Greenlights Use of Social Media for Publicly Disclosing Company Information

FundersClub: What Does The SEC’s No-Action Relief Really Mean?

Division of Investment Management Issues Guidance on Filing Requirements of Communications Made in Social Media

SEC Issues Guidance on Social Media and Regulation FD

The Trouble With Crowdfunding

Release of new book on the 'Best Practices Under the FCPA and Bribery Act" [Video]

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