The Securities and Exchange Commission let pass the deadline to seek a review of the decision by the US Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) to vacate the SEC’s final rule relating to private fund...more
The Securities and Exchange Commission recently announced that the fees that registrants pay to register their securities with the SEC will increase from $147.60 per million dollars to $153.10 per million dollars, effective...more
Earlier this month, the Southern District of New York issued its final ruling and remedies order in Securities and Exchange Commission v. Ripple Labs, Inc. Judge Analisa Torres found that the SEC failed to show that any...more
8/27/2024
/ Civil Monetary Penalty ,
Cryptocurrency ,
Digital Assets ,
Disgorgement ,
Enforcement Actions ,
Investment ,
Popular ,
Ripple ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations
The Securities and Exchange Commission adopted Rule 3c-7, which adjusts for inflation the dollar threshold used in defining a “qualifying venture capital fund” under the Investment Company Act, as required pursuant to Section...more
On July 31, 2024, the Securities and Exchange Commission (“SEC”) announced that it agreed to settle allegations that a California-based broker-dealer sold in excess of $13 million in “L bonds,” a speculative, unrated debt...more
Fintech Capital Raising Trends in 2024 -
Global capital raising in the fintech sector rose 19% quarter over quarter, while deal volume declined 16%, signaling that investors remain cautious, according to CB Insights’ State...more
Last week, SIFMA released its annual Capital Markets Fact Book, which reports comprehensive data on capital markets activity generally. The U.S. equity markets represent 42.6% of the $115 trillion global equity markets, with...more
On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) proposed revisions to the restrictions on brokered deposits (the “Proposal”). The Proposal is intended to strengthen the restrictions to reflect the FDIC’s...more
A number of trade associations (The Business Roundtable, the American Investment Council, The Center for Capital Markets Competitiveness of the US Chamber of Commerce, the Investment Company Institute, the Managed Funds...more
The Division of Examinations (the “Division”) of the Securities and Exchange Commission (“SEC”) recently issued a Risk Alert (the “Risk Alert”) to SEC-registered broker-dealers providing insight and additional information...more
The Securities and Exchange Commission’s Office of the Investor Advocate recently issued its fiscal year 2025 Report on Objectives. The Report is one of two annual reports required to be filed by the Investor Advocate with...more
7/5/2024
/ Annual Reports ,
Artificial Intelligence ,
Broker-Dealer ,
Cryptocurrency ,
Financial Markets ,
Fraud ,
Investment Adviser ,
Investors ,
Regulation Best Interest ,
Regulatory Agenda ,
Retailers ,
Securities and Exchange Commission (SEC)
On May 22, 2024, the Financial Stability Board (FSB) issued a report on vulnerabilities in the markets for commercial paper (CP) and negotiable certificates of deposit (CDs). The report analyzes the structure of the markets,...more
The Staff of the Division of Corporation Finance posted questions and answers regarding the confidential submission process for draft registration statements.
...more
On June 27, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 24- 09 (the “Notice”) reminding member firms that FINRA’s rules and the securities laws apply to the use of artificial...more
7/1/2024
/ Artificial Intelligence ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Innovative Technology ,
Investment Funds ,
Policies and Procedures ,
Regulatory Oversight ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In recent remarks, Securities and Exchange Commission Commissioner Lizarraga called on the SEC to move forward to implement the rulemaking mandate in Section 956 of the Dodd-Frank Act. The Commissioner was speaking at an...more
During his remarks at a meeting of the International Bar Association’s Asset Management Industry Conference on Global Challenges and Opportunities in Boston, Commissioner Uyeda commented on investment research and the...more
Chair Gensler recently testified before the Subcommittee on Financial Services and General Government in connection with the Securities and Exchange Commission budget request. In his testimony, the Chair included a number of...more
Commissioner Uyeda spoke at the Securities and Exchange Commission’s 30th Annual Institute for Securities Market Growth and Development. Commissioner Uyeda focused on the need to root out bad actors and promote transparent...more
The PIPE market has proven to be resilient during times of stress. In 2023, issuers raised over $33.8 billion in 809 PIPE transactions according to PrivateRaise. This is considerably less than in 2021 during which issuers...more
On May 22, 2024, the US House of Representatives passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), which would amend existing securities and commodity regulatory statutes to...more
6/4/2024
/ CFTC ,
Cryptocurrency ,
Digital Assets ,
Financial Regulatory Reform ,
Investment ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Authority ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stablecoins
On May 23, 2024, the Staff of the Securities and Exchange Commission’s Division of Trading and Markets (the “SEC”) approved rule changes (so-called “19b-4 forms”) permitting the listing and trading of eight separate...more
Several days ago, FINRA released guidance updating its Frequently Asked Questions relating to Rule 2210 on Advertising and Public Communications to address Artificial Intelligence. This follows after FINRA has consistently...more
The Securities and Exchange Commission announced an upcoming meeting of its Investor Advisory Committee, which will be held on June 6, 2024. The agenda includes a number of interesting topics....more
Following the financial sector disruptions in 2023, financial institutions turned first to covered bonds for funding and the covered bond market demonstrated its resilience. Just as the covered bond market remained available...more
In a statement yesterday, the Director of the SEC’s Division of Corporation Finance commented on the relatively new Form 8-K Item 1.05 requirement. Last summer when the SEC adopted the final rules relating to cybersecurity...more
5/22/2024
/ Corporate Governance ,
Cyber Attacks ,
Cyber Incident Reporting ,
Cybersecurity ,
Disclosure Requirements ,
Form 8-K ,
Publicly-Traded Companies ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation