Securities Exchange Act, Broker-Dealer

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

Recent SEC Actions Focus on Broker-Dealer Activity of Private Funds, Highlight Perils, and Generate Controversy

by Elliott Curzon, Carl de Brito, Edward Pittman, Kevin Scanlan, David A. Vaughan, Kenneth E. Young | Dechert LLP on 4/22/2013

A recent public statement by a member of the senior staff (“Staff”) of the Securities and Exchange Commission (“SEC”) and recent SEC enforcement actions have reminded private equity and other private fund managers (such as...more

ICE Clear Europe Authorized to Portfolio Margin Swaps and Security-Based Swaps

by Kevin M. Foley, Adam J. Spector | Katten Muchin Rosenman LLP on 4/17/2013

The Commodity Futures Trading Commission issued an order (Order) permitting ICE Clear Europe Limited (ICE Clear Europe) and its clearing members that are registered both as broker-dealers under the Securities Exchange Act of...more

Two Recent SEC No Action Letters Establish Standards for Crowdsourcing Online Platforms Limited to "Accredited Investors" to Avoid...

by Daniel I. DeWolf, Steve Ganis, Jeremy D. Glaser, Melanie Ruthrauff | Mintz Levin - Corporate & Securities on 4/11/2013

In two recent no action letters, the Securities and Exchange Commission (the “SEC”) granted no action relief for two venture capital online funding platforms, the FundersClub, Inc. (“FundersClub”) and AngelList, LLC...more

The Extra-territorial Reach of the Broker-Dealer Registration Requirements Under the U.S. Securities Exchange Act of 1934; the...

by Melanie Ball, Giovanni Carotenuto, Edward Eisert, Tony Katz | Orrick, Herrington & Sutcliffe LLP on 4/10/2013

Background. Rule 15a-6 under the Securities Exchange Act of 1934 (“Rule 15a-6”) provides conditional exemptions from broker-dealer registration for “foreign broker-dealers” that engage in certain specified activities...more

SEC No-Action Relief Under the JOBS Act

by Orrick - Structured Finance Group on 4/9/2013

On March 26, the Staff of the Division of Trading and Markets of the SEC provided no-action letter relief from the broker-dealer registration requirements of the Securities Exchange Act of 1934 to FundersClub Inc. and its...more

SEC's Division of Trading and Markets Releases FAQs Regarding Rule 15a-6 and Foreign Broker-Dealers

by Paul S. Lawler | Holland & Knight LLP on 4/8/2013

Rule 15a-6 under the Securities Exchange Act of 1934 provides conditional exemptions from broker-dealer registration for foreign broker-dealers that engage in certain specified activities involving U.S. investors. These...more

SEC Issues FAQs Regarding Rule 15a-6 and Foreign-Broker Dealers

by Orrick - Structured Finance Group on 4/4/2013

On March 21, the Staff of the Division of Trading & Markets of the SEC published a set of FAQs on Rule 15a-6 under the Securities Exchange Act of 1934, which provides conditional exemptions from Exchange Act broker-dealer...more

SEC Issues FAQs Regarding Rule 15a-6 and Foreign Broker-Dealers

by Tanja Samardzija, James Van De Graaff | Katten Muchin Rosenman LLP on 4/2/2013

Pursuant to Securities and Exchange Commission Rule 15a-6 adopted under the Securities Exchange Act of 1934, certain exemptions from broker-dealer registration are available for foreign broker-dealers that engage in limited...more

SEC Charges Private Equity Firm, Former Executive, and Consultant for Improperly Soliciting Investments

by Orrick - Structured Finance Group on 3/28/2013

On March 11, the SEC announced charges against a private equity firm, a former senior executive of the firm and an individual based solely on the allegation that the individual acted as an unregistered broker-dealer in...more

Corporate and Financial Weekly Digest - February 1, 2013

by Katten Muchin Rosenman LLP on 2/4/2013

In this issue: - SEC Extends Expiration Date for Interim Final Rules Providing Exemptions for Security-Based Swaps - NFA Sets Implementation Deadline for Phase 1 of Customer Segregated Funds Reporting - CFTC to...more

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Securities Exchange Act › Broker-Dealer