Securities Law, Science, Computers & Technology

New EU rules on online and alternative dispute resolution - a win/win?

by Susan McLean | Morrison & Foerster LLP on 5/15/2013

On 22 April 2013, the Council of the European Union (the “Council”) adopted a regulation on online dispute resolution (“ODR”) and a directive on alternative dispute resolution (“ADR”). Tonio Borg, the EU's Commissioner for...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

CFTC Discussing Bitcoin Regulation

by Felix Shipkevich | Shipkevich PLLC on 5/8/2013

The Commodity Futures Trading Commission (CFTC) is reportedly “seriously” looking into whether Bitcoin may fall under its scope....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

CFTC Fails To Handle Problems Of Evolving Tech Sphere

by Shipkevich PLLC on 4/30/2013

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 regulatory body...more

SEC and CFTC Issue Identity Theft Red Flags Rules Applicable to Financial Institutions and Creditors

by Timothy Blank, Nicholas DiLorenzo, Owen C.J. Foster, Christopher Harvey | Dechert LLP on 4/30/2013

The SEC and CFTC recently issued joint Identity Theft Red Flags Rules (the “Rules”), which are rules and guidelines requiring certain financial institutions worldwide to adopt comprehensive data security programs to detect...more

D.C. Developments on the Cybersecurity Front – UPDATE

by Cynthia Larose, Heidi A. Lawson | Mintz Levin - Privacy & Security on 4/12/2013

UPDATE: The House Permanent Select Committee on Intelligence passed the Cyber Intelligence Sharing and Protection Act (CISPA) this afternoon. The vote was 18 in favor and two (Adam Schiff (D-CA) and Jan Schakowsky (D-IL))...more

Final Red Flags Rules Adopted By SEC And CFTC

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 4/11/2013

Today the CFTC and the SEC jointly issued final rules that require regulated entities to adopt programs designed to prevent identity theft – so-called “red flags” rules....more

SEC Proposes New Exchange Tests To Prevent Tech Breakdowns

by Felix Shipkevich | Shipkevich PLLC on 4/10/2013

The Securities and Exchange Commission (SEC) is striving to limit and prevent technology breakdowns at at venues handling stock, options and bond trades, by proposing a new rule to prevent malfunctions that could harm...more

Cybersecurity Disclosure: A Panel Discussion with the SEC’s Division of Corporation Finance

by Mintz Levin - Privacy & Security on 4/9/2013

Last week in Washington, D.C., this author had the opportunity to sit in on a panel discussion by the SEC’s Division of Corporation Finance (“CorpFin”) discussing, among other things, recent developments in cybersecurity...more

SEC Approves Communications Via Social Media

by Kathryn L. Ossian | Miller Canfield on 4/9/2013

The Securities and Exchange Commission (“SEC”) has taken a new position that publicly traded companies may use social media to communicate information to investors, so long as investors are first advised of the communication...more

SEC Decides That Companies May Use Social Media

by Dean Hanley | Foley Hoag LLP on 4/8/2013

The Netflix Investigation - On July 3, 2012, the CEO of Netflix, Reed Hastings, used his personal Facebook page to announce that Netflix had streamed 1 billion hours of content in the month of June. As the Securities...more

SEC's Netflix Report Confirms Ability to Use Social Media for Reg. FD Disclosures but Cites Risks

by Mark Plichta, Patrick Quick, Kenneth B. Winer | Foley & Lardner LLP on 4/8/2013

In connection with a Facebook post by Netflix CEO Reed Hastings, the SEC issued a report of investigation on April 2, 2013 (Netflix Report) indicating that Regulation FD permits a company to announce material information...more

Social Media Use By Public Companies – The SEC Weighs In

by Robert Friedel, Andrew Kupchik | Pepper Hamilton LLP on 4/5/2013

The increasing presence of social media has created new avenues for companies to market to and connect with consumers, customers and investors. Many heads of industry maintain very public profiles, appearing regularly on...more

Accredited Crowdfunding, Internet Advertising And General Solicitation

by Jill Radloff | Leonard, Street and Deinard - Dodd-Frank and... on 4/5/2013

The SEC recently granted two accredited crowdfunding sites exemptions from the broker-dealer rules because the type of carried interest (or close equivalent) used to compensate the site is not transaction based compensation. ...more

SEC Approves Social Media Announcements If Investors Are Alerted

by Baker, Donelson, Bearman, Caldwell &... on 4/4/2013

On April 2, 2013, the Securities & Exchange Commission (SEC) announced that companies may use Facebook, Twitter and other social media sites to announce key information so long as investors have been alerted about which...more

SEC OKs Social Media Sites for Financial Disclosures

by James G. Gatto | Pillsbury Social Media, Entertainment &... on 4/3/2013

The Securities and Exchange Commission issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure...more

LCH.Clearnet Cites ‘Major’ Tech Failure In December

by Elan Mendel | Shipkevich PLLC on 3/26/2013

LCH.Clearnet Ltd., one of the world’s largest interest-rate swap clearinghouse, cited a “major” information technology failure on December 31st of last year. The IT failure affected payment processing in the U.K. and...more

McNulty’s Maxim No. 3 and Response to Allegations of Bribery

by Thomas Fox on 3/26/2013

In a Wall Street Journal (WSJ) article by Chris Matthews, Joe Palazzolo and Shira Ovide, entitled “U.S. Probes Microsoft Bribery Allegations”, they reported that the Department of Justice (DOJ) and Securities and Exchange...more

Dechert Survey of Securities Fraud Class Actions Brought Against U.S. Life Sciences Companies

by David Kotler | Dechert LLP on 3/20/2013

Publicly Traded Life Sciences Companies in the United States Remain an Increasingly Popular Target of Securities Fraud Class Action Lawsuits: The past year was particularly noteworthy with respect to the absolute and...more

SEC Proposes New Technology Standards for Key Market Participants

by Ropes & Gray LLP on 3/20/2013

On March 7, 2013, the SEC proposed Regulation SCI (“Reg SCI”), which would replace existing voluntary standards applicable to securities exchanges, clearing agencies and certain other market participants with enforceable...more

ISS, Notices Of Exempt Solicitation And HP

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 3/14/2013

Pursuant to these definitive additional materials, ISS recently changed course and recommended a vote for HP’s say-on-pay this year. HP apparently obtained ISS’ change in recommendation by the addition of a total shareholder...more

To the Nation’s Largest Banks: Thanks for Reading

by Mintz Levin - Privacy & Security on 3/13/2013

It seems that some of the nation’s largest public company banks must be avid readers of this blog and have taken to heart our 2013 prediction that the SEC would require greater disclosure related to data security risks and...more

SEC Proposes Rules to Improve Systems Compliance and Integrity

by Orrick - Structured Finance Group on 3/12/2013

On March 7, the SEC proposed Regulation SCI to require certain SROs, alternative trading systems, disseminators of market data under certain National Market Systems plans and clearing agencies exempt from SEC regulation to...more

Cybersecurity Disclosure: The Risks Of Silence

by Timothy Blank, Owen C.J. Foster, Vernon Francis | Dechert LLP on 3/11/2013

With the rise in targeted, sophisticated, malicious attacks on corporate America’s electronic infrastructure, companies are increasingly focused on their cybersecurity disclosure obligations. There is a growing concern that...more

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Securities Law › Science, Computers & Technology