Securities Exchange Act, Securities Transactions

SEC Shortening of Securities Transaction Settlement Cycle to Take Effect

Seward & Kissel LLP on 5/30/2024

On February 15, 2023, the Securities and Exchange Commission (the “Commission”) adopted final rule amendments to shorten the standard settlement cycle for securities broker-dealer transactions from two business days after the...more

Looking Ahead to T+1 Settlement for Broker-Dealer Securities Transactions

Wilson Sonsini Goodrich & Rosati on 5/21/2024

Beginning May 28, 2024, the standard settlement cycle for most broker-dealer securities transactions will be one business day (T+1) following a trade instead of two business days (T+2), which has been the standard since 2017....more

Upcoming Compliance Date: The T+1 Settlement Cycle

Kelley Drye & Warren LLP on 4/23/2024

The Securities and Exchange Commission (the “SEC”) adopted changes to Rule 15c6-1 under the Securities Exchange Act of 1934, as amended on February 15, 2023, to shorten the standard settlement cycle from T+2 to T+1. See 17...more

Who Needs Customers, Anyway? New SEC Rules Turn Traders Into Dealers

Jones Day on 2/28/2024

The Securities and Exchange Commission (the "SEC" or "Commission") has adopted new rules that further define the phrase "part of a regular business" for purposes of determining whether a person is a "dealer" or "government...more

SEC Adopts T+1 Settlement Cycle - Capital Markets Compass | Issue 6

Katten Muchin Rosenman LLP on 5/26/2023

On February 15, 2023, the Securities and Exchange Commission (SEC) adopted amendments to Exchange Act Rule 15c6-1, including an amendment that decreased the standard settlement cycle for most broker-dealer transactions in...more

SEC Adopts T+1 Settlement Cycle

Kramer Levin Naftalis & Frankel LLP on 2/24/2023

On Feb. 15, the Securities and Exchange Commission (SEC) adopted final rule amendments to Exchange Act Rule 15c6-1 to shorten the standard settlement cycle for most securities transactions from two business days after trade...more

New Federal “M&A Broker” Exemption From SEC Registration in Certain Securities Transactions

Nelson Mullins Riley & Scarborough LLP on 2/21/2023

President Biden signed, on December 29, 2022, the Consolidated Appropriations Act, 2023, H.R. 2617 (the “2023 Act”). The 2023 Act amends the Securities Exchange Act of 1934 (the "Exchange Act") to exempt certain "M&A...more

Coinbase Wins Dismissal of Class Action Alleging Sale of Unregistered Securities

BakerHostetler on 2/8/2023

On February 1, the U.S. District Court for the Southern District of New York dismissed a putative class action brought by customers of Coinbase Global Inc. and its subsidiary Coinbase Inc. (together, Coinbase), alleging the...more

SEC Rule Proposal Seeks to Clarify “Dealer” Definition for Persons Engaging in Liquidity-Providing Activities

Mayer Brown Free Writings + Perspectives on 4/21/2022

Proposed Rules Could Require Dealer Registration by Certain Principal Trading Firms, Private Funds, Investment Advisers and Other Market Participants - On March 28, 2022, the U.S. Securities and Exchange Commission (“SEC”)...more

District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action

Goodwin on 3/14/2022

District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action; Delaware Chancery Court Dismisses Camping World Insider Trading Derivative Suit; California Federal Judge Certifies Class Of Apple Common-Stock...more

Second Circuit Reaffirms that Federal Securities Laws Do Not Apply to Predominantly Foreign Transactions

Proskauer - Corporate Defense and Disputes on 1/28/2021

The U.S. Court of Appeals for the Second Circuit reaffirmed yesterday that the federal securities laws do not apply to “predominantly foreign” securities transactions even if those transactions might have taken place in the...more

Foley Governance and Regulatory Alert: Determining Existence of Material Non-Public Information

Foley & Lardner LLP on 10/21/2020

On October 15, 2020, the Securities and Exchange Commission (“Commission” or “SEC”) announced settled charges against Andeavor LLC for internal accounting controls violations relating to a stock buyback plan it implemented...more

SEC Proposes Exempting Finders, Subject to Compliance Obligations

Akin Gump Strauss Hauer & Feld LLP on 10/14/2020

On October 9, 2020, the Securities and Exchange Commission (SEC) proposed an order that would exempt from registration as broker-dealers certain natural person “finders” who help locate investors in connection with the sale...more

SEC Proposes Exemption from Broker-Dealer Registration for Finders Assisting Small Businesses with Capital Raising

Dorsey & Whitney LLP on 10/13/2020

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

Divided SEC Votes To Propose “Finder” Exemption From Broker Registration

Goodwin on 10/12/2020

On October 7, 2020, the U.S. Securities and Exchange Commission (“SEC”) voted 3-2 to propose a conditional exemption (“Exemption”) to permit natural persons to engage in limited securities activities as “finders” on behalf of...more

Temporary Exemption From Broker Registration for Municipal Advisors

Jones Day on 6/25/2020

The U.S. Securities and Exchange Commission ("SEC") has granted a temporary exemption from broker registration for certain activities by municipal advisors. On June 16, 2020, the SEC issued a temporary conditional...more

SEC Issues Temporary Order Exempting Municipal Advisors From Broker-Dealer Registration Requirements Under Certain Limited...

Ballard Spahr LLP on 6/24/2020

The U.S. Securities and Exchange Commission (SEC) on June 16, 2020, granted a temporary conditional exemption (Temporary Order) from broker registration under Section 15 of the Securities Exchange Act of 1934 (Exchange Act). ...more

SEC Staff Grants No-Action Relief to Blockchain Clearing Agency - The action may lead to the SEC's broader acceptance of...

Jones Day on 11/18/2019

On October 28, 2019, the SEC's Division of Trading and Markets granted no-action relief for a limited period of time to Paxos Trust Company, LLC from registration as a clearing agency under Section 17A(b)(1) of the Securities...more

Securities Exchange Act › Securities Transactions