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General Business Securities

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

SEC Announces Share-Class Enforcement Initiative for Advisers

by Burr & Forman on

After several years of examination focus and a series of enforcement actions, the SEC’s Enforcement Division on February 12 announced a “Share Class Selection Disclosure Initiative” in an attempt to level-set industry...more

Regulation Crowdfunding Surpasses $100 Million but Still Needs Reform

by Farrell Fritz, P.C. on

A recent report on the state of Regulation Crowdfunding published by a major crowdfunding advisory firm is cause for both celebration and renewed reform efforts. The $100 million aggregate funding milestone and the prorated...more

What’s Next for the EB-5 Program?

by Polsinelli on

Congress recently passed and President Trump signed a comprehensive two-year defense spending budget agreement for fiscal years 2018 and 2019 to prevent an extended federal government shutdown. The legislation also contained...more

Africa Focus: Spring 2018: Exiting African PE investments - While IPOs remain scarce, other promising exit strategies are gaining...

by White & Case LLP on

Historically, one of the key concerns of LPs regarding African private equity has been the number and quality of available exit routes. Illiquid domestic exchanges as well as political and foreign exchange risk have all...more

SEC Announces 2018 Compliance Outreach Program Seminar for Investment Advisers and Investment Companies

On Tuesday, February 13th, the Securities and Exchange Commission (SEC) announced the opening of registration for its 2018 national compliance outreach seminar for investment companies and investment advisers. The event is...more

BitConnect Promoters Targeted in Class Action Suits, Twice in One Week

BitConnect International, PLC had a somewhat unique business model, even for an industry known for its unconventional nature. On its face, BitConnect functioned as an exchange. However, the real purpose of the platform, and...more

An Important Reminder About Concentration Limits: How Much is Too Much?

by Reminger Co., LPA on

If you work with clients in the State of Ohio, it is important to be mindful of concentration limits placed on the recommendations of direct placement programs (DPPs), such as non-traded real estate investment trusts...more

SEC Announces 2018 National Examination Priorities

by Pepper Hamilton LLP on

The Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) recently announced its 2018 national examination priorities, which are broken down into five categories...more

Bitcoin Futures Trading Kicks Off; CFTC to Monitor Risk

CBOE Global Markets Inc. (CBOE) began trading CFTC-approved bitcoin futures on December 10th, and CME Group Inc. (CME) will begin trading them on December 18th. Bitcoin futures have generated significant attention as the...more

FINRA Enforcement Head Explains Why Enforcement “Isn’t Rocket Science”

In a speech at the SIFMA AML Conference last week, FINRA Head of Enforcement Susan Schroeder openly explained the “straightforward framework” that Enforcement uses when making decisions about enforcement actions. ...more

Are You KID-ing New EU Rules Require Information Documents to Be Supplied to Retail Investors

by Morgan Lewis on

The EU regulation on key information documents (KIDs) for packaged retail and insurance-based products (PRIIPs) took direct effect in the European Union on 1 January 2018. This LawFlash outlines at a high level the...more

S.D.N.Y Dismisses Dodd-Frank Whistleblower Action

On February 5, 2018, U.S. District Court for the Southern District of New York granted Defendant Khan Funds Management America, Inc.’s Rule 12(b)(6) motion to dismiss a whistleblower retaliation claim under Dodd-Frank on the...more

Orrick's Financial Industry Week In Review

SEC OCIE Examinations Announces 2018 Examination Priorities - On February 7, the Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examinations ("OCIE") announced its 2018 examination...more

Court of Appeals Decision: Managers of Open-Market CLOs Not Subject to Dodd-Frank Risk Retention

On February 9, 2018, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled in favor of the Loan Syndications and Trading Association (“LSTA”) in its lawsuit against the...more

Cryptocurrency Roundup - Market Rebounds After SEC Chair Expresses Cautious Optimism But ETFs Are Still Off The Table...For Now

by Burr & Forman on

The cryptocurrency market took a nosedive earlier this month after the stock market tanked and the Peoples Bank of China issued a statement that it would block access to all domestic and foreign cryptocurrency exchanges. ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The SEC is blocking the proposed sale of the Chicago Mercantile Exchange to a group of Chinese investors based on “unresolved questions” over the “proposed ownership structure and concerns for the regulatory agency’s ability...more

SEC Cyber Unit Targets PlexCoin

On December 4, the SEC’s new Cyber Unit announced it obtained an emergency asset freeze to halt the initial coin offering (“ICO”) of PlexCoin. According to the SEC, the Plexcoin ICO had raised up to $15 million to date...more

Petrobras Court’s Denial of Plaintiffs’ Request for Confidential Treatment of Opt-Out Provisions Could Undermine the Settlement...

On Tuesday, February 6, 2018, United States District Judge Jed S. Rakoff denied class counsel’s request to file under seal three supplemental agreements to a $2.95 billion settlement in the Petrobras Securities Litigation,...more

Senior EU Court Adviser Provides Welcome Guidance on Gun-Jumping

by WilmerHale on

EU and US laws prohibit merging companies from implementing reportable transactions until their deal is cleared or the statutory waiting period has expired. Violations of this principle are colloquially known as “gun-jumping”...more

BlackRock Talks…And U.S. Companies Must Listen

In BlackRock CEO and Co-founder Larry Fink’s annual letter to companies on January 16, he issued a call to action for companies to have “a clear sense of purpose.” To BlackRock, having “a clear sense of purpose” means much...more

SEC v. PlexCorps — Cyber Unit Enforcement Action Underscores Potential Challenges to Cross-Border Cryptocurrency Enforcement

by Ropes & Gray LLP on

Following the hype of Bitcoin, regulatory and other concerns surrounding various forms of cryptocurrency and initial coin offerings (“ICOs”) have taken center stage. As of late last year, the U.S. Securities and Exchange...more

CLO Managers No Longer Need to Abide by Dodd-Frank Risk Retention Requirements

by Pepper Hamilton LLP on

In a case of first impression, the D.C. Circuit Court struck down the Dodd-Frank-mandated risk retention requirements for managers of open market collateralized loan obligations (CLOs). ...more

Risk Retention Rules Do Not Apply to Open Market CLO Managers

The D.C. Circuit Court of Appeals on February 9 reversed a summary judgment decision of the U.S. District Court for the District of Columbia and remanded the case with instructions to, among other things, vacate the rule...more

Quant funds and a trillion dollar question of risk

Quant funds are expected to account for US$1 trillion in assets this year. But when algorithms are managing this money, who manages the algorithms? Computer-powered, data-driven strategies have continued their spectacular...more

Nasdaq Proposes Changes to Shareholder Approval Rule for 20% Issuances

Nasdaq has proposed to amend its rule regarding shareholder approval for certain securities issuances. Currently the rule requires shareholder approval for security issuances for less than the greater of book or market value...more

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