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A Proxy Season Guide to 2015

With the close of another year quickly approaching, it is time again for public companies to get equipped with the developments of the past year in order to position themselves for success in 2015. A review of previous years’...more

SEC Condemns Breach Of Client Confidences While Offering Possible Bounties For Breaches

Yesterday, the Securities and Exchange Commission announced that it had “charged a California-based attorney and his wife with insider trading on confidential information obtained from a corporate client.” According to the...more

Orrick's Derivatives in Review - December 2014

The Bitcoin Marketplace and Regulatory Environment: An Overview - Startup companies and financial products focused on bitcoin continue to burgeon, resulting in various regulators recently proposing regulations, making...more

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

SEC Sanctions Operator of Unregistered Virtual Currency Exchanges

On December 8, the Securities and Exchange Commission sanctioned a computer programmer for operating two online exchanges that traded securities using virtual currencies without registering them as broker-dealers or stock...more

SEC Settles with Bitcoin/Litecoin Exchange Operator

The SEC recently announced a settlement in connection with the operation of unregistered virtual-currency-based stock exchanges. The settlement is instructive as to how the SEC will evaluate crypto-currency trading platforms...more

Cybersecurity Continues as a Major Focus of Financial Industry’s Concerns

With only three official days left of the current Congress, conversations Wednesday turned towards cybersecurity in the financial sector. The Commodity Futures Trading Commission, Office of the Comptroller of the Currency,...more

Sophisticated Hackers Target Insider Information

A security consulting firm has discovered a sophisticated hacking campaign that has targeted more than 100 public companies, investment banks and law firms. In a report released December 1, cybersecurity firm FireEye...more

FinCrimes Update - November 2014 Summary, Volume 1, Issue 9

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. ...more

California Healthcare Institute Releases 2015 California Biomedical Industry Report

The California Healthcare Institute and PricewaterhouseCoopers, LLP have released their 2015 California Biomedical Industry Report describing industry trends through 2014. The CHI report highlights the continued strength of...more

SEC Adopts Regulation Systems Compliance and Integrity Rules

On November 19, the Securities and Exchange Commission adopted new Regulation Systems Compliance and Integrity (Regulation SCI), a set of rules designed to strengthen the technology infrastructure of the US securities markets...more

Digital Currency Corner - What FinCEN’s Denial of Payment Processing Exemption for Virtual Currency-Related Businesses Means for...

Why it matters - The rapid evolution of virtual and digital currencies has spawned significant activity in several federal agencies with implications potentially for traditional entities in certain cases. In addition...more

SEC Adopts New Regulation to Govern the Technology Systems of the National Exchanges and Certain Other Market Participants

On November 19, 2014, the five commissioners of the U.S. Securities and Exchange Commission (SEC) unanimously voted to adopt Regulation SCI, which stands for Systems Compliance and Integrity, to govern the technology...more

Supreme Court May Reject Argument that Opinion Statements Are Actionable Simply Because False

During oral arguments in Omnicare v. Laborers District Council last week, the Supreme Court appeared to signal a rejection of the Sixth Circuit Court of Appeals’ position that a sincerely held statement of opinion or belief...more

CFTC Chairman Provides Guidance on Cybersecurity

On November 5, 2014, the Chairman of the Commodity Futures Trading Commission, Timothy G. Massad, gave keynote remarks at the Futures Industry Association Expo 2014. Part of Chairman Massad’s remarks focused on the...more

New York Federal Prosecutor Intensifies Scrutiny of Illegal Bitcoin Activity

The U. S. Attorney for the Southern District of New York, Preet Bharara, has issued several recent statements signaling a steady pursuit of criminal conduct related to bitcoin. First, on Thursday, November 6, 2014, Trendon...more

Financial Regulatory Developments Focus - November 2014 #2

In this issue: - Bank Prudential Regulation & Regulatory Capital - Compensation - Consumer Protection - Derivatives - Enforcement - Financial Services - Funds -...more

SIFMA Issues Cybersecurity Regulatory Principles

Does everyone feel compelled to comment on cybersecurity issues? It seems that way. And on October 20th the Securities Industry and Financial Markets Association jumped deeper into the fray when it issued its Principles for...more

This Week In Securities Litigation

This week the SEC and the DOJ filed a settled FCPA action. The disgorgement paid by the issuer put the case at number ten on the list for the largest such amounts paid in an SEC FCPA case....more

The Consumer May Not Be Your Worst Enemy In The Case Of A Data Breach

Hardly a month passes without headlines of a prominent business, from retail giants like Target and Home Depot to sophisticated financial institutions like JPMorgan Chase, experiencing a data breach involving the unauthorized...more

Financial Regulatory Developments Focus - November 2014

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Derivatives - Enforcement - Financial Market Infrastructure - Financial Services -...more

Plaintiff’s Law Firm Steps Up Actions Against Bitcoin-Related Companies: Crypto Currency Exchange and Founder Sued for “Theft” of...

According to a complaint filed in a Florida court, a Cryptsy account holder is claiming that Project Investors, Inc. (dba Cryptsy) and its founder and CEO should be held liable for Bitcoin allegedly stolen from his Cryptsy...more

Q&A With Carlton Fields' Seth Joseph

Seth P. Joseph is a shareholder in Carlton Fields Jorden Burt PA's Miami office, focusing his practice on securities and mergers & acquisitions, including both domestic and cross border assignments. He represents corporate...more

Bitcoin: Currency, Commodity or None of the Above?

In my recent post, I discussed the shortcomings of Article 9 of the Uniform Commercial Code as applied to Bitcoin. Bitcoin does not fall within the definition of “money” under UCC § 1-201, nor do Bitcoin wallets come within...more

Securities Enforcement Forum 2014 — SEC/FINRA Investigations & Cybersecurity Priorities

Yesterday I blogged from the Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not verbatim...more

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