News & Analysis as of

Securities

Delaware Becomes the First State to Allow Corporations to Maintain Corporate Records Using Blockchain Technology

by Jones Day on

On August 1, 2017, Delaware became the first state to allow corporations to use blockchain technology to maintain corporate records. This development comes almost a year after Vice Chancellor J. Travis Laster of the Delaware...more

A Limited Exception - California enacts new rules governing exemption for finders in securities transactions

The California Department of Business Oversight has enacted final rules to implement an exemption from broker-dealer registration licensing requirements in California for individuals acting as “finders” in securities...more

SEC Issues Guidance on Initial Coin Offerings and Digital Assets

by Holland & Knight LLP on

The U.S. Securities and Exchange Commission (SEC) on July 25, 2017, issued a "Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO," weighing in on what are known as Initial Coin...more

Initial coin offerings – something new under the regulatory sun?

by DLA Piper on

FinTech Regulation - In our financial services updates at the beginning of the year (see here), we outlined a few regulatory pointers for FinTech coming out of a speech by the Chair of the Financial Stability Board (FSB)....more

An uncertain tax climate: An estate tax repeal might result in negative tax consequences for some families

It’s clear that tax reform is a high priority for the Trump administration and Republican leaders in Congress. In particular, the federal estate tax remains a prime target of some lawmakers. One possible scenario is that this...more

SEC's Investigative Report Raises Difficult Questions for ICO Issuers

by Jones Day on

Against the backdrop of recent growth of initial coin or token offerings ("ICOs"), the U.S. Securities and Exchange Commission ("SEC"), on July 25, 2017, published its first public statements on this fundraising practice. The...more

SEC Issues Guidance on Regulation of Initial Coin Offerings

Over the last 12 months, a growing number of start-ups, primarily those offering blockchain-based services, have raised capital utilizing so-called initial coin offerings or token sales (collectively referred to herein as...more

SEC Report Determines DAO Tokens, A Digital Asset, Were Securities

by King & Spalding on

On July 25, 2017, the U.S. Securities and Exchange Commission (“SEC”) released a Report of Investigation (“Report”) warning market participants that offers and sales of digital assets (“Tokens”) by “virtual” organizations...more

SEC Speaks on Initial Coin Offerings: Tokens May Be Securities

No blockchain phenomenon has garnered more attention lately than Initial Coin Offerings ("ICOs"), which have exploded in value and raised more than $1.2 billion thus far this year....more

A Permit To Negotiate – Really?

by Allen Matkins on

It is sometimes forgotten that the California Corporate Securities Law of 1968 makes it unlawful to either offer or sell a security in California in an issuer transaction unless that the sale has been qualified or exempt from...more

Between Bridges: SEC Declines to Prosecute Issuer of Digital Tokens That It Deems Securities Not Issued in Accordance with US...

Yesterday, the Securities and Exchange Commission published a Report of Investigation that concluded that digital tokens issued by an entity for the purpose of raising funds for projects – even if using distributed ledger or...more

Recent case law update: Treatment of Trust Assets — Akers (and others) v. Samba Financial Group (2017)

by Latham & Watkins LLP on

The English Supreme Court has delivered a ruling that provides helpful guidance on the enforceability of trusts in respect of assets located in foreign jurisdictions that do not recognise trusts. The ruling also highlights...more

"On demand" performance bonds: no strings attached?

by White & Case LLP on

A recent Australian case decided that a claim used as a basis for encashing an "on demand" performance security did not need to be authoritatively determined first....more

Update on the New Prospectus Regime

by Dechert LLP on

As part of its Capital Markets Union action plan, in June 2017 the EU adopted the new Prospectus Regulation (2017/1129), which overhauls the prospectus regime and is intended to improve accessibility to capital markets for...more

Dechert's Global Private Equity Newsletter - Summer 2017 Edition: D&O Insurance Coverage - How Careful Should the Drafting Be?...

by Dechert LLP on

Directors are required to review and approve transformative M&A transactions. The power to approve, however, comes with the potential liability that could be asserted if the transactions do not turn out as projected....more

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

BaFin Restricts CFD Trading to Retail Clients - BaFin issued a General Administrative Act pursuant to section 4b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) on 8 May 2017. The General...more

Italy Addresses "Carried Interest" Tax Treatment

by Jones Day on

The Italian government has enacted Law Decree no. 50 ("Decree 50"), providing a set of new tax measures aimed at, among other things, attracting investments in Italy. Decree 50 was finally approved by the Italian Parliament...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS - Steven Peikin Reported to Become Co-Director of SEC’s Enforcement Division - On May 26, 2017, The Wall Street Journal reported that recently confirmed Commissioner Jay Clayton will hire...more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS - Steven Peikin Reported to Become Co-Director of SEC’s Enforcement Division - On May 26, 2017, The Wall Street Journal reported that recently confirmed Commissioner Jay Clayton will hire...more

Inside the Courts – An Update From Skadden Securities - June 2017

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between February 2017 and April 2017. The cases address developing trends in class actions, ERISA, fiduciary duties,...more

Resources on Crypto-Tokens and Securities Law

by Perkins Coie on

The following resources take a deep dive into the issues surrounding crypto-tokens and securities law and recognize that, when properly designed, some tokens may not meet the Howey test...more

Asset management: Coming out of the shadows - Financial Stability Board addresses structural vulnerabilities from asset...

by White & Case LLP on

On 12 January 2017, the Financial Stability Board (FSB) published its Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities....more

Colorado’s Proposed Cybersecurity Rules for Investment Advisers and Broker-Dealers

by Snell & Wilmer on

Colorado has new proposed rules that add cybersecurity requirements for certain entities with Colorado securities licenses. The proposed rules are from the regulatory agency the Division of Securities. It licenses securities...more

Deutsche Börse Introduces New Exchange Segment Scale

by Jones Day on

On 1 March 2017, Deutsche Börse AG, the operator of the Frankfurt Stock Exchange, launched Scale, a new market segment for small and medium-sized enterprises ("SMEs"). Scale replaces Deutsche Börse's former market segment...more

Blockchain and the financial markets: Will 2017 be the year of the regulators? New rules covering blockchain and distributed...

by White & Case LLP on

In 2016, policy makers and regulators started to take an active interest in blockchain and distributed ledger technology (DLT). However, many adopted a "wait and see" approach rather than producing binding regulations. 2017...more

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Cybersecurity

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