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FINRA Issues Proposal to Mandate Filing of All Retail Communications Regarding Certain Private Placements

In setting forth its rationale, FINRA observed that private placement retail communications reviewed by AdReg have “revealed significant and pervasive” violations of FINRA Rule 2210. On October 28, 2020, the Financial...more

DOJ’s Evolving Framework for Cryptocurrency Enforcement

US Department of Justice’s sprawling report reveals regulatory enforcement priorities for cryptocurrencies and highlights multi-agency cooperation. On October 8, 2020, the US Attorney General’s Cyber-Digital Task Force of...more

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

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

SEC Streamlines Rules for Over-the-Counter Equity Securities

The changes will have implications for the growing secondary market for non-listed securities. On September 16, 2020, the US Securities and Exchange Commission (SEC) adopted amendments to Rule 15c2-11 (the amended Rule) of...more

Crypto-Asset Trading Platforms: Another Regulatory Trip Around the World

Crypto-asset trading is a fast-growing part of the financial sector. Some countries have wholeheartedly embraced crypto-assets; others have been reticent to permit widespread adoption. Generally, countries have interpreted...more

Settlement of Digital Asset Trading Just Got Easier

SEC relief streamlines noncustodial settlement of digital asset trades, but broker-dealer custody is still off-limits. On September 25, 2020, the US Securities and Exchange Commission (SEC) issued a no-action letter (the...more

Banks Can Hold Stablecoin Reserves, OCC States in Crypto-Friendly Letter

The US OCC allows banks, with certain restrictions, to hold assets in reserve for stablecoin issuers. On September 21, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1172 (the...more

SEC Expands the Definitions of AI and QIB

The changes would allow more individuals and institutions to invest in private offerings of unregistered securities. On August 26, 2020, the US Securities and Exchange Commission (SEC) expanded the definitions of...more

SEC Issues Alert on Compliance Risks Related to COVID-19

As COVID-19 continues to disrupt routine operations, OCIE reminds broker-dealers and investment advisers of their ongoing obligations. On August 12, 2020, the US Securities and Exchange Commission (SEC) Office of...more

Regulators Gear Up for LIBOR Transition Testing

In anticipation of LIBOR discontinuation, key US and UK regulators signal a shift toward examining transition progress. After an initial phase of applying mostly verbal pressure, UK and US regulators are now taking a more...more

SEC Proposal: Will You Still Be a 13F Filer?

The SEC proposes a welcome and significant increase in the 13F reporting threshold from US$100 million to US$3.5 billion. On July 10, 2020, the US Securities and Exchange Commission (SEC) released a proposed rule amendment...more

SEC Greenlights Investment Fund Delivered in Security Tokens

The milestone fund structure portends a reduced role for broker-dealers, who may be sidelined by innovators unwilling to wait for regulators. On July 6, 2020, asset management firm Arca announced that the US Securities and...more

FINRA Issues Guidance on Retail Communications in Private Placements

The guidance highlights certain issues identified by FINRA regarding member firm communications to retail investors in private placement offerings. On July 1, 2020, the Financial Industry Regulatory Authority (FINRA)...more

SEC Puts LIBOR Transition Testing in Focus

In anticipation of LIBOR discontinuation, the SEC will begin examining transition progress. Nearly a year after the US Securities and Exchange Commission’s (SEC’s) release of a Staff Statement on LIBOR Transition, the...more

SEC and FINRA Take Action to Address COVID-19 Impacts

In the wake of COVID-19, the SEC and FINRA are taking steps to support markets and market participants. The US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority, Inc. (FINRA) continue...more

FSB Launches Consultation on Global Stablecoins

The report encourages the G20 to consider a broad set of supervisory principles when evaluating global stablecoin arrangements. On April 14, 2020, the G20’s Financial Stability Board (FSB) published a consultation on the...more

Telegram: Court Halts Grams Delivery

SEC’s motion for a preliminary injunction is granted, prohibiting delivery of Telegram tokens to purchasers. On March 24, the Court in the Southern District of New York sided with the SEC and granted an injunction...more

FINRA Issues Guidance and Sets Implementation Dates for Corporate Financing Rule Amendments

The amendments modernize, restructure, and streamline Rule 5110. On March 20, 2020, the Financial Industry Regulatory Authority, Inc. (FINRA) published Regulatory Notice 20-10 (RN 20-10), which provides additional guidance...more

FINRA Issues Guidance and Relief in Relation to COVID-19

As COVID-19 disruptions unfold, FINRA has granted temporary relief regarding alternate working arrangements for broker-dealer employees. On March 9, 2020, the Financial Industry Regulatory Authority, Inc. (FINRA) issued...more

Taking the Scarlet Out of the Letters I-C-O

SEC Commissioner Peirce has proposed a three-year safe harbor for qualifying token projects, but regulatory clarity remains elusive. SEC Commissioner Hester Peirce has been a perennial advocate of innovation in the...more

INSIGHT: Crypto - The Pursuit of Sufficient Decentralization

Recent SEC guidance on digital assets cleared a path for at least certain stable coins or payment tokens to avoid securities regulation. However, Latham & Watkins attorneys say there are still a number of open questions that...more

SEC Approves Amendments to FINRA’s New Issue Rules

The amendments expand certain exemptions and provide additional guidance under Rules 5130 and 5131 with respect to equity IPO allocations. On December 19, 2019, the Financial Industry Regulatory Authority (FINRA) issued...more

The SEC Greenlights a Blockchain Settlement Service for Public Shares

The US agency has used a no-action letter to enable a sandbox-like approach to blockchain-based trade settlements. In what may be the first regulator-approved application of blockchain technology for the settlement of US...more

Financial Firms Beware: Dangers Lurk in the Cloud

US regulators are calling attention to financial firms’ obligations to protect against evolving cybersecurity threats. On October 2, 2019, the Financial Industry Regulatory Authority (FINRA) issued an information notice to...more

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