Securities General Business

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Lowndes Attorneys Obtain Favorable Rulings for Court-Appointed Receiver

Orlando, FL–Lowndes, Drosdick, Doster, Kantor & Reed, P.A. is pleased to announce that shareholder, Richard Dellinger, and appellate attorney, Jennifer R. Dixon, prevailed in defending a client appointed to serve as a...more

Securities Fraud – a Lesson for Promoters

We discussed SEC v. Arcturus et al last week and promised more. Here it is. Did defendants commit securities fraud? It doesn’t matter. Violations of Sections 5 of the Securities Act and 15.A of the Exchange Act are...more

Your daily dose of financial news - The Brief – 7.26.16

Private equity bigwig Lynn Tilton has reportedly hired appellate superstar Paul Clement (after Gibson Dunn got the boot) to represent her in her “bid to revive her challenge to the [SEC’s] in-house court at the Second...more

CFPB and Fed propose new Regs M and Z commentary on adjustments to exemption thresholds

The CFPB and Federal Reserve Board have proposed amendments to their official Regulations Z and M staff commentaries to memorialize the calculation method used by the agencies each year to adjust the thresholds for exempt...more

OSC Whistleblower Program Launched

On July 16, 2016, the Ontario Securities Commission (OSC) announced the launch of its Office of the Whistleblower. This is the first paid whistleblower program by a securities regulator in Canada. Subject to eligibility...more

"IRS Offers Limited Safe Harbors for Recapitalizations Before Spin-Offs"

On July 15, 2016, the Internal Revenue Service (IRS) released a new revenue procedure, Rev. Proc. 2016-40, providing safe harbors for transactions in which a corporation (Distributing) obtains the requisite control of a...more

Final US Treasury Regulations Provide Additional Flexibility in Determining the Tax Implications of Money Market Fund Share...

Final U.S. Treasury regulations under Section 446 of the Internal Revenue Code of 1986, as amended (the “Code’), providing for the use of the net asset value (“NAV”) accounting method for transactions in money market fund...more

A Baker's Dozen of Blue Chip CEO's and Leading Investors Speak Out on Corporate Governance: What Else Can be Offered to the...

A most curious press release sprouted up amidst summer's hot growing season: 13 leaders of public companies and investing firms have put forth self-professed governance principles for public companies. (See...more

SEC Examiners Focused on Fund Share Class Conflicts of Interest

OCIE recently published a Risk Alert announcing that it will examine the potential conflict of interest created by registered investment advisers being financially incentivized to recommend certain share classes to clients....more

Distress in the oil and gas industry: What happened to the price of oil?

To the delight of motorists everywhere, the price of oil suddenly halved in the second half of 2014, dropping from over $100 to less than $50 a barrel. It’s safe to say no one saw the fall coming: most banks and industry...more

Supreme Court Declines to Review Constitutionality of SEC In-House Court

The SEC’s increased use of its own "home court" for enforcement proceedings has triggered constitutional challenges to SEC administrative proceedings (APs). See "Defendants Challenge SEC’s Increased Use of Administrative...more

Brexit: The Impact on Commercial Real Estate

Brexit has presented increased opportunities for investment in the UK commercial real estate market, with property funds offering discounted real estate assets and with overseas investors looking to invest in what they see as...more

Regulatory Musical Chairs for Money

The SEC and FINRA continue to play musical chairs with staff resources allocated to examinations of investment advisers and broker-dealers. According to SEC Chair Mary Jo White’s remarks at an April 16 SEC Compliance...more

SEC Committee Recommends Investor-Specific Mutual Fund Cost Disclosures

In mid-April, the SEC’s Investor Advisory Committee (IAC) issued a recommendation that the SEC "explore ways to improve mutual fund cost disclosures." As a first step, the IAC urges the SEC to require that periodic...more

SEC Approves NASDAQ Golden Leash Disclosure

In the past couple of years, a relatively hot area of the sometimes rather lackluster world of bylaws amendments has centered on requiring candidates for election to a board of directors to disclose any compensation...more

Pension Income Stream Products Worry FINRA

Some SEC-registered broker-dealers connect individuals wishing to cash in on their future pension payments with potential investors in such income streams. In April, the Financial Industry Regulatory Association (FINRA)...more

PROMESA Shields Puerto Rico Behind a New Automatic Stay

On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law. The most significant portions of PROMESA are found in titles I and II, which establish an...more

U.S. Customs Aims to Increase Enforcement of the Jones Act

In what could foretell a significant increase in the enforcement of the coastwise trade provisions of the Jones Act, U.S. Customs and Border Protection (Customs) announced on July 18 the creation of the National Jones Act...more

SGX to Set Up Subsidiary Company ‘Regco’ for Regulatory Functions

Market players hail the establishment of a separate subsidiary to handle regulatory functions in response to concerns about conflicts of interest in SGX’s self-regulatory structure. On 18 July, Singapore Exchange (SGX)...more

An Analysis of Nasdaq’s “Golden Leash” Disclosure Rule

On July 1, 2016, the Securities and Exchange Commission (SEC) approved, on an accelerated basis, Nasdaq’s new Rule 5250(b)(3), which requires Nasdaq-listed U.S. companies to publicly disclose any arrangements or agreements...more

DOJ’s FCPA Pilot Program Keeps Heat on Individuals

In April, the Department of Justice (DOJ) announced a one-year pilot program offering certain violators of the Foreign Corrupt Practices Act (FCPA) the possibility of reduced sanctions on top of any credit provided for by the...more

Private Investment Fund Managers and Other Investment Advisers May Be Affected by the U.S. Department of Labor’s New Fiduciary...

On April 6, 2016, the U.S. Department of Labor (DOL) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the...more

Facebook v. Vachani – User Authorization Can Be Revoked By Service Providers

The U.S. Court of Appeals for the Ninth Circuit recently issued a decision that could have far reaching implications for the relationships between companies that provide online services, their customers or users, and third...more

Secondary Trading in Regulation A+ Securities; $4.4 Million Committed by Investors Under Regulation Crowdfunding

In connection with the SEC meeting of the Advisory Committee on Small and Emerging Companies, the SEC posted a presentation which deals in part on secondary trading of Regulation A+ securities. Among other things, it includes...more

Quarterly Investment Update - 2nd Quarter 2016

Stock Market Commentary - The markets endured much drama in the two weeks leading up to quarter - end as the surprise exit of the U.K. from the European Union rattled investors. Brexit knocked over 5% off of the S&P...more

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