Securities Exchange Act, Proposed Regulation

SEC to Ban Exchange Volume-Based Pricing Tiers

Goodwin on 2/21/2024

While the SEC meddling in industry pricing and other commercial matters is not a new phenomenon, a recent SEC proposal reflects an enhanced willingness by the agency to tightly grip the industry’s purse strings (and a slow...more

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on 2/9/2024

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

Broker-Dealers and Advisers Beware: The SEC’s “PDA” Proposal Could Upend Firms’ Interactions With Customers, Clients and Investors

WilmerHale on 8/18/2023

On July 26, 2023, the Securities and Exchange Commission (SEC or Commission) narrowly approved (3-2) a proposed rulemaking under the Securities Exchange Act of 1934 (Exchange Act) and the Investment Advisers Act of 1940...more

SEC Adopts Rules Requiring Compensation Clawback Policies

Sullivan & Worcester on 10/27/2022

The SEC adopted long-pending rules requiring the recovery of erroneously awarded compensation as required by Congress in the Dodd-Frank Act. The rules will, among other things, require securities exchanges to adopt listing...more

SEC Proposes to Expand the Definition of an “Exchange”

Latham & Watkins LLP on 2/17/2022

The proposal would require certain systems and platforms currently not subject to any registration requirements to register as broker-dealers and ATSs. On January 26, 2022, the Securities and Exchange Commission (SEC)...more

SEC Proposes Significant New Regulatory Obligations for Communication Protocol Systems and Government Securities ATSs

WilmerHale on 2/10/2022

The Securities and Exchange Commission (SEC) proposed significant changes to the regulation of securities trading systems that use non-firm trading interest and alternative trading systems (ATSs) that trade government...more

SEC proposes exempting certain finders from broker registration

Eversheds Sutherland (US) LLP on 10/29/2020

On October 7, 2020, the US Securities and Exchange Commission (SEC) proposed granting exemptive relief from the broker registration requirement in Section 15 of the Securities Exchange Act of 1934, as amended (the Exchange...more

SEC Proposal for Limited Exemption from Broker-Dealer Registration

Nutter McClennen & Fish LLP on 10/21/2020

On October 7, 2020, the Securities and Exchange Commission (the “SEC”) proposed a limited, conditional exemption from the broker registration requirements of Section 15(a) of the Securities Exchange Act of 1934 (the “Exchange...more

Finders, Keepers: SEC Proposes Safe Harbor Framework for Unregistered Finders

Latham & Watkins LLP on 10/19/2020

The proposal would significantly impact finders by granting tailored exemptive relief to individuals engaging in limited capital raising activity. Key Points: ..The Proposal would provide a conditional exemption that...more

10 Key Takeaways From the Section 162(m) Proposed Regulations

Latham & Watkins LLP on 1/24/2020

Recently issued proposed regulations clarify changes made by the TCJA to the tax deductibility of executive compensation. Section 162(m) of the US Internal Revenue Code (the Code) as amended by the Tax Cuts and Jobs Act...more

Overview of Proposed Regulations Under Code Section 162(M) — Who is a Covered Employee

Locke Lord LLP on 1/17/2020

Today’s installment of our overview of the Proposed Regulations under Code Section 162(m) highlights the expansion of who is a “covered employee.” As a reminder, Code Section 162(m) generally limits the compensatory...more

Highlights from Proposed Section 162(m) Regulations

BCLP on 1/14/2020

Section 162(m) of the Internal Revenue Code disallows a deduction by any publicly held corporation for applicable employee remuneration paid with respect to any covered employee to the extent that remuneration for the taxable...more

Overview of Proposed Regulations Under Code Section 162(m) — Grandfather Rules

Locke Lord LLP on 1/10/2020

Series Installment: “publicly held corporation” - As we noted in our December 24, 2019 blog entry, on December 16, 2019, the Treasury Department released proposed regulations (the “Proposed Regulations”) addressing the...more

And We Mean It - Proposed Regulation Doubles Down on the Elimination of the Performance-Based Exception Under Section 162(m) of...

Dechert LLP on 12/30/2019

Last week, on December 20, 2019, the U.S. Department of the Treasury and Internal Revenue Service (the “IRS”) published a proposed regulation (the “Proposed Regulation”) under Section 162(m) of the Internal Revenue Code of...more

New Section 162(m) Proposed Regulations

Kramer Levin Naftalis & Frankel LLP on 12/24/2019

The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to Section 162(m) of the Internal Revenue Code (Section 162(m)), expanding the scope of individuals and entities subject to Section 162(m), in addition to...more

IRS offers a 162(m) - brace for the holidays

Eversheds Sutherland (US) LLP on 12/23/2019

On December 16, 2019, the Department of the Treasury (Treasury Department) and Internal Revenue Service (IRS) released long-awaited proposed regulations under Section 162(m) of the Internal Revenue Code implementing changes...more

Is Nevada's Broker-Dealer Fiduciary Standard Constitutional?

Allen Matkins on 2/6/2019

Recently, I wrote about the Nevada Secretary of State's proposal to adopt regulations implementing legislation that imposes a fiduciary standard on brokers. See Nevada Secretary Of State Unveils Proposed Broker-Dealer...more

Investment Management Regulation: Year in Review

Kilpatrick on 1/3/2019

As we prepare for a new year of regulatory initiates and actions, we believe it is important to take inventory of the most significant regulatory events from the past year. True to its word, the SEC focused on reducing...more

Clarifying the Single Issuer Exemption for Broker-Dealers

Kilpatrick on 10/19/2018

On September 20th, the SEC released a proposed rule amending Rule 17a-5 of the Securities Exchange Act of 1934, as amended (“Exchange Act”).[1] Under Rule 17a-5(d)(1)(i)(C) of the Exchange Act, broker-dealers registered with...more

Raising the Bar? SEC Proposes Broker-Dealer Standard of Care and Guidance on Investment Advisers’ Fiduciary Standard

A&O Shearman on 4/25/2018

On April 18, 2018, the U.S. Securities and Exchange Commission (“SEC”) took the long-awaited step of proposing rules, interpretations and guidance (the “Proposed Rules”) that would seek to enhance and clarify the standards of...more

SEC Proposes Rules Addressing Broker-Dealer and Investment Adviser Standards of Conduct

Dechert LLP on 4/20/2018

On April 18, 2018, the U.S. Securities and Exchange Commission (SEC) voted 4-1 to propose a package of rules and interpretations (Proposals) intended to improve the retail investor experience and to provide greater clarity...more

House Votes to Invalidate Extraction Payment Disclosure Rule

Bracewell LLP on 2/2/2017

On February 1, 2017, the U.S. House of Representatives passed House Joint Resolution 41 to annul the Extraction Payment Disclosure Rule. The rule would require oil and gas companies to disclose in annual reports for fiscal...more

"SEC Extends Comment Period on Proposed FINRA Pay-to-Play Rule "

Skadden, Arps, Slate, Meagher & Flom LLP on 4/18/2016

On March 29, 2016, the Securities and Exchange Commission (SEC) filed an order instituting proceedings (the Order) intended to determine whether to approve or disapprove Financial Industry Regulatory Authority (FINRA)...more

SEC Proposes Payment Disclosure Rules for Resource Extraction Issues

Katten Muchin Rosenman LLP on 12/22/2015

On December 11, the Securities and Exchange Commission proposed Rule 13q-1 of the Securities Exchange Act of 1934 (Exchange Act), often referred to as the “resource extraction rule,” which would require an issuer to disclose...more

Financial Services Weekly News - November 2015

Goodwin on 11/5/2015

Regulatory Developments - Client Alert: SEC Issues New Guidance on Excluding Shareholder Proposals under Rule 14a-8: Goodwin Procter’s Capital Markets practice has released a client alert on the SEC’s Division of...more

Securities Exchange Act › Proposed Regulation

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