Securities & Exchange Commission Advertising

The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and... more +
The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and encourage capital formation. The Commission is headed by five presidentially-appointed Commissioners who oversee the Commission’s five divisions: Division of Corporation Finance, Division of Trading and Markets, Division of Enforcement, Division of Investment Management, and the Division of Risk, Strategy and Financial Information.  less -
News & Analysis as of

SEC Provides Guidance on “General Solicitation” in C&DIs and No-Action Letter

On August 6, 2015, the Staff of the Securities and Exchange Commission’s (SEC) Division of Corporation Finance issued new compliance and disclosure interpretations (C&DI Questions 256.23 through 256.33) regarding the meaning...more

Blog: Three-Judge Panel Of D.C. Circuit Again Holds That Mandatory Disclosure Requirement Of Conflict Minerals Rule Violates First...

In November 2014, 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....more

SEC Issues Interpretive Guidance On General Solicitations

On August 6, the SEC's Division of Corporation Finance offered interpretive guidance with respect to conducting a private placement under Rule 506(b) of Regulation D without running afoul of the "general solicitation"...more

$5.9 Million in Payments to Golf Channel Declared Out of Bounds

The Fifth Circuit Court of Appeals recently issued a decision that should make defendants in Ponzi cases shiver in their boots. The court said that the defendant, the Golf Channel, had to return nearly $6 million and that it...more

Privacy Monday – May 18, 2015

It’s Monday morning — do you know your privacy/security status? Here are a few bits and bytes to start your week. SEC to Registered Investment Advisers and Broker-Dealers: It’s Your Turn to Pay Attention to...more

The Fifth Circuit Shifts the Risk of Doing Business with Fraudulent Enterprises to Trade Creditors

When a debtor pays the market cost for goods and services provided to it by third-party vendors, these payments normally cannot be recovered as fraudulent transfers in the U.S. That is because the debtor receives reasonably...more

Financial Services Weekly News Roundup - February 2015 #4

FDIC Study Shows Branch Banking Has Staying Power: Has your smartphone displaced your bank? According to an FDIC study released on February 19, traditional brick-and-mortar offices are maintaining their primacy, despite...more

Structured Thoughts: Volume 5, Issue 8 - December 2014

In This Issue: - Key Regulators Speak at Structured Products Conference - FINRA Shows Its CARDS; It Will Use Big Data to Review Suitability of Complex Products Sales - FINRA’s Proposed Bond Mark-up...more

Exempt Intrastate Offers: Advertising and Soliciting on Websites and Social Media

The SEC elaborates on how to utilize online general advertising and solicitation while complying with the requirements of the Rule 147 Exemption for Intrastate Offerings A recent Securities and Exchange Commission...more

CFTC grants relief to commodity pool operators selling securities using general solicitation in reliance upon Rule 506(c)

Nearly one year ago the Securities and Exchange Commission adopted Rule 506(c), which eliminated the ban on general solicitation and general advertising in the offer and sale of securities if certain criteria set forth in the...more

New ACE Portal/NYSE Platform Could Facilitate Private Equity Fund Raising

An enduring challenge of private equity is fund raising, whether in connection with fund formations, portfolio company financings or limited partner secondary sales. The recent modification of the SECs rules on general...more

Corporate and Financial Weekly Digest - Volume IX, Issue 30

In this issue: - Amendments to FINRA Rule 2210 Regarding Communications With the Public - Smith & Wesson Pays $2 Million to Resolve SEC Charges - Former Chief Operating Officer Settles SEC Fraud...more

Federal Regulatory Authority and Power of the Press Release

Among the unstated powers of the federal (and sometimes state) government that few litigation targets think about is the power of the press release. Prosecutors, whether at the agency level or above (for example, at the state...more

SEC “Likes” Social Media for Investment Advisers

The SEC staff views social media as a useful tool that helps consumers conduct their own due diligence on investment advisers. In a recent Investment Management Guidance Update, the staff stated that, under certain...more

SEC Staff Provides Rule 506(c) Verification Guidance

The SEC Staff recently provided further guidance on the provisions of Rule 506(c) of Regulation D which permit the use of general solicitation and general advertising when sales are made only to accredited investors and the...more

SEC Administrative Law Judge Bars Investment Manager for Misrepresenting GIPS Compliance

On May 27, 2014, an administrative law judge (ALJ) found ZPR Investment Management, Inc. (ZPRIM) and its former owner, Max Zavanelli, to have violated the Investment Advisers Act of 1940 for publishing misleading...more

SEC Decision Regarding TIC Advertisements Offers Broader Lessons About Providing Fair and Balanced Disclosures

Earlier this year, the SEC found that CapWest Securities, Inc., a defunct broker-dealer, had failed to comply with advertising rules in promoting investments that use Section 1031 of the Internal Revenue Code (“1031...more

SEC Issues Guidance Update on Social Media Commentary in Investment Adviser Advertising

The staff of the Division of Investment Management (Staff) of the Securities and Exchange Commission (SEC) has issued an IM Guidance Update (Guidance Update) on the use of social media in investment adviser advertising. The...more

SEC Division of Investment Management Provides Guidance on the Testimonial Rule and Social Media

The Division of Investment Management (the Division) of the Securities and Exchange Commission recently issued guidance (the Guidance) to investment advisers regarding the applicability to social media of Rule 206(4)-1(a)(1)...more

New C&DIs Contemplate Intrastate Crowdfunded Offerings

This week the SEC released three new Compliance and Disclosure Interpretations (C&DIs) relating to Rule 147, which applies to securities that exempt from registration pursuant to Section 3(a)(11) of the Securities Act because...more

SEC’s Proposed Rules on “Regulation A-Plus” Indicate a Streamlined Vehicle for Raising up to $50 Million in Capital

Proposed federal rules released on December 18 may have the effect of making it quicker, less expensive and more worthwhile for businesses to raise up to $50 million in capital under a once-obscure and seldom-used...more

SEC Proposes Regulations Related to Crowdfunding (Part 1)

The Securities and Exchange Commission ("SEC") proposed for comment new regulations on Crowdfunding. Crowdfunding is the general term used to describe a new way of raising capital using the Internet. A crowdfunding...more

SEC Division of Corporation Finance Issues 11 New C&DIs

On November 13, the Securities and Exchange Commission’s Division of Corporation Finance issued two new Compliance and Disclosure Interpretations (C&DIs) on Rule 144A under the Securities Act of 1933 (Securities Act) and nine...more

SEC Releases New FAQs On General Solicitation

On November 13, 2013, the SEC released new compliance and disclosure interpretations (which we’re calling FAQs) aimed at addressing common questions relating to private offerings that make use of general solicitation under...more

Setting The Record Straight On The New General Solicitation Rules

On September 23, 2013, the final rules eliminating the prohibition on general solicitation and advertising for certain offerings under Rule 506 went into effect. While this development was anticipated with much excitement by...more

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