More clearly define crypto asset regulatory boundaries for Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”), providing statutory definitions for “restricted digital assets” and...more
The court vacated the last of the three conditions that were applied to proxy advisory firms as a result of the SEC’s 2020 regulation of Proxy Advisory Firms.
As a result of this ruling, Proxy Advisory Firms are no longer...more
The U.S. Court of Appeals for the D.C. Circuit (the “Court”) issued a major ruling against the Securities and Exchange Commission (“SEC”) on August 29, 2023, holding that the SEC acted arbitrarily and capriciously when it...more
The Securities and Exchange Commission (“SEC”) issued a cease-and-desist order on August 28, 2023, charging Impact Theory, LLC (“Impact Theory”) with conducting an unregistered offering of crypto asset securities in violation...more
9/8/2023
/ Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Ethereum ,
Howey ,
Investment ,
Investors ,
Non-Fungible Tokens (NFTs) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Tokens
On July 13, 2023, the United States District Court for the Southern District of New York (the “Court”) issued a major ruling in in a closely-followed lawsuit brought by the Securities and Exchange Commission (the “SEC”)...more
The UK Supreme Court has found that an introducer of business was not entitled to any remuneration for a valuable introduction outside of circumstances expressly provided for in the contract.
This judgment highlights the...more
Citing a substantial increase in recent years in the demand for both virtual currencies and virtual currency custody services, the New York Department of Financial Services (NYDFS) on January 23, 2023 released its Guidance on...more
The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) on January 3, 2023...more
1/27/2023
/ Anti-Money Laundering ,
Cryptoassets ,
Cryptocurrency ,
Cyber Attacks ,
Decentralized Finance (DeFi) ,
Enforcement ,
FDIC ,
Federal Reserve ,
Financial Regulatory Agencies ,
Fraud ,
Investment Contract ,
Market Volatility ,
OCC ,
Risk Management
The staff of the SEC’s Division of Corporation Finance (Division) on December 8, 2022 released guidance for companies issuing securities in an illustrative letter, entitled “Sample Letter to Companies Regarding Recent...more
Perhaps in anticipation of the Securities and Exchange Commission’s four rulemakings on order execution and handlings, the staff of the SEC’s Division of Examinations (Division) released a risk alert (Risk Alert) on November...more
The Securities and Exchange Commission (the “SEC”) on July 21, 2022, filed a complaint (the “SEC Complaint”) alleging insider trading violations against an insider, his brother, and a friend, claiming that the trio engaged in...more
8/15/2022
/ Coinbase ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Insider Trading ,
Misappropriation ,
Non-Public Information ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations
Key Takeaways -
According to sources with firsthand knowledge, the SEC is conducting an industry-wide inquiry into alleged insider trading activities of cryptocurrency exchanges.
Insider trading occurs when a corporate...more
7/6/2022
/ Bitcoin ,
Capital Markets ,
Cryptoassets ,
Cryptocurrency ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Instruments ,
Financial Regulatory Agencies ,
Insider Trading ,
Investment Opportunities ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Trading Platforms ,
Virtual Currency
The United States Court of Appeals for the Fifth Circuit issued a major decision on May 18, 2022 holding Securities and Exchange Commission (SEC or Commission) administrative adjudications unconstitutional on multiple...more
5/31/2022
/ Adjudicatory Process ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Article II ,
Constitutional Challenges ,
Enforcement Actions ,
Right to a Jury ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations ,
Seventh Amendment
The U.S. Department of Labor (the “DOL”) on June 29, 2020 issued a release (the “Release”) proposing an important new initiative for retirement accounts (“Plans”) that are subject to the Employee Retirement Income Security...more
7/20/2020
/ 1975 Rule ,
Banks ,
Broker-Dealer ,
Brokers ,
Comment Period ,
Covered Transactions ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Five-Part Test ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment Adviser ,
New Guidance ,
Prohibited Transactions ,
Proposed Rules ,
Public Comment ,
Regulation Best Interest ,
Retirement Plan ,
Rollover Equity
Last week, the U.S. Supreme Court ruled on June 1, 2020 in Thole v. U.S. Bank that a participant in a defined benefit (“DB”) plan is constitutionally barred from bringing a fiduciary-breach (or similar) claim under the...more
6/11/2020
/ Article III ,
Breach of Duty ,
Defined Benefit Plans ,
Duty of Loyalty ,
Duty of Prudence ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Injury-in-Fact ,
Investment Adviser ,
Mismanagement ,
Pensions ,
Plan Participants ,
Retirement Plan ,
SCOTUS ,
Standing ,
Thole v U.S. Bank
Introduction -
As market participants prepare for the launch of the latest version of the Term Asset-Backed Securities Loan Facility (“TALF”) program (“TALF 2.0”), two new developments provide greater clarity as to how the...more
6/2/2020
/ Asset-Backed Securities ,
Business Development Companies ,
DBRS ,
Financial Markets ,
FRBNY ,
Investment Funds ,
Investment Management ,
KBRA ,
Loans ,
No-Action Letters ,
NRSRO ,
Securities and Exchange Commission (SEC) ,
SIFMA ,
Term Asset-Backed Securities Loan Facility (TALF)
On May 4, 2020, the Federal Reserve Bank of New York (the “Federal Reserve”) released Frequently Asked Questions (the “FAQs”) regarding the Primary Market Corporate Credit Facility (“PMCCF”) program, providing greater detail...more
5/13/2020
/ Bonds ,
CARES Act ,
Eligibility ,
Federal Reserve ,
NRSRO ,
Primary Market Corporate Credit Facility (PMCCF) ,
Rule 144 ,
Secondary Market Corporate Credit Facility (SMCCF) ,
Securities and Exchange Commission (SEC) ,
Special Purpose Vehicles ,
Term Asset-Backed Securities Loan Facility (TALF)
The Coronavirus Aid, Relief, and Economic Security Act was passed by the Senate on March 25, 2020 and passed by the House of Representatives on Friday, March 27, when it was then signed into law by President Trump. The CARES...more
Several federal agencies have announced various measures to help the United States respond to the economic dislocations from the COVID-19 coronavirus pandemic. This Dechert OnPoint summarizes several significant initiatives...more
3/31/2020
/ Banks ,
Capital Requirements ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Agencies ,
Liquidity ,
Money Market Funds ,
Mortgage-Backed Securities ,
OCC ,
Primary Dealer Credit Facility (PDCF) ,
Relief Measures ,
SBA ,
Term Asset-Backed Securities Loan Facility (TALF)
This Dechert OnPoint summarizes Dechert’s analysis of the exceptions provided in executive orders in certain states that have restricted business activities in response to the COVID-19 coronavirus public health emergency. The...more
Under Section 413(2) of the Employee Retirement Income Security Act of 1974 (“ERISA”), ERISA’s three-year statute of limitations for fiduciary breaches and certain other violations starts to run when “the plaintiff had actual...more
3/6/2020
/ Actual or Constructive Knowledge ,
Appeals ,
Breach of Duty ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Intel Corp. Investment Policy Committee v. Sulyma ,
Material Disclosures ,
Question of Fact ,
Reaffirmation ,
Retirement Plan ,
Retirement Plan Beneficiaries ,
Reversal ,
SCOTUS ,
Split of Authority ,
Statute of Limitations ,
Summary Judgment
The upcoming term of the U.S. Supreme Court is shaping up to be a busy one with respect to cases arising under the Employee Retirement Income Security Act of 1974 (“ERISA”). There have been other terms with multiple ERISA...more
10/16/2019
/ Actual or Constructive Knowledge ,
Appeals ,
Breach of Duty ,
Certiorari ,
Class Action ,
Corporate Counsel ,
Defined Benefit Plans ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Employee Stock Purchase Plans ,
Fiduciary Duty ,
Intel Corp. Investment Policy Committee v. Sulyma ,
Investment Funds ,
Overfunded Plans ,
Pleadings ,
Retirement Plan ,
Retirement Plans Committee of IBM v Jander ,
SCOTUS ,
Split of Authority ,
Standard of Review ,
Standing ,
Statute of Limitations ,
Thole v U.S. Bank
The Staffs of the Securities and Exchange Commission’s Division of Trading and Markets and the Financial Industry Regulatory Authority’s Office of General Counsel (jointly, Staffs) issued a Joint Statement on July 8, 2019...more
8/12/2019
/ Blockchain ,
Books & Records ,
Broker-Dealer ,
Custody Rule ,
Customer Protection Rule ,
Digital Assets ,
Digital Securities ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Reporting ,
Investor Protection ,
Joint Statements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
SIPA
Through two publications on April 3, 2018, the Staff of the Securities and Exchange Commission provided greater clarity on the application of the federal securities laws to blockchain-based “digital assets.”1 While the Staff...more
The Securities and Exchange Commission announced on March 11, 2019 that it had settled charges against 79 investment advisers in connection with its Share Class Selection Disclosure Initiative (SCSD Initiative). This...more
4/11/2019
/ Asset Management ,
Civil Monetary Penalty ,
Conflicts of Interest ,
Disclosure Requirements ,
Enforcement Actions ,
Investment Adviser ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Share Class Selection Disclosure Initiative (SCSD) ,
Share Class Structures ,
Share Classes ,
SIFMA