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Securities Updates

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

Potential SEC Shutdown: Frequently Asked Questions About the Impact on Capital Markets Transactions and Public Companies

The U.S. federal government shutdown that began Saturday has the potential to affect capital markets and public companies in far-reaching ways. While the Securities and Exchange Commission currently plans to operate fully...more

NYSE Rule Change Regarding Dividend Notifications to be Effective February 1, 2018

As we noted, the NYSE proposed, and the SEC approved, a rule change to require NYSE listed companies to provide notice to the NYSE at least ten minutes before making any public announcement with respect to a dividend or stock...more

Potential SEC Shutdown Impact on Capital Markets Transactions and Public Companies - Frequently Asked Questions

by Morrison & Foerster LLP on

On Friday, January 19, 2018, the Securities and Exchange Commission (“SEC”) announced that “should there be a federal government shutdown after January 19, the SEC will remain open for a limited number of days, fully staffed...more

Massachusetts Securities Division Files First Complaint Related to Initial Coin Offering

On January 17, 2018, the Massachusetts Securities Division Enforcement Section filed a complaint against the company Caviar and its founder Kirill Bensonoff for violations of the Massachusetts Uniform Securities Act in...more

Potential SEC Shutdown: Frequently Asked Questions About the Impact on Capital Markets Transactions and Public Companies

by Latham & Watkins LLP on

On Friday, January 19, 2018, the Securities and Exchange Commission (SEC) announced that “should there be a federal government shutdown after January 19, the SEC will remain open for a limited number of days, fully staffed...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A look at Amazon’s newest concept—Amazon Go—a convenience store that opens in Seattle today complete with “shelves of food” found at other stores (including Whole Foods) but with nary a cashier in sight....more

OFAC Issues Statement On Venezuelan Digital Currency

by Goodwin on

On Friday, the Office of Foreign Assets Control (OFAC) issued FAQ 551 stating that U.S. persons who deal in the prospective Venezuelan digital currency (the “Petro”) may be exposed to U.S. sanctions risk under Executive Order...more

SEC and CFTC Issue Joint Statement on Virtual Currency Enforcement Actions

by Ballard Spahr LLP on

The following joint statement was issued this last week from the Enforcement Directors of the Securities Exchange Commission and Commodity Futures Trading Commission...more

FCPA Compliance Report-Episode 367, Jim Shields on using comedy for compliance training

by Thomas Fox on

Today I visit with James Shields, the Creative Director for Twist and Shout Communications, a UK company which creates training video using comedy as the touchstone. You can check out a selection of the company’s offerings on...more

The Directors of SEC and CFTC Enforcement Warn Would-be Virtual Currency Market Fraudsters

by Dorsey & Whitney LLP on

The Enforcement Directors of the SEC and CFTC took the unusual step of issuing a joint statement regarding virtual currency enforcement actions at the close of last week. SEC Enforcement Co-Directors Stephanie Avakian and...more

FINRA Prioritizes Cryptocurrency Regulation in 2018

by Nossaman LLP on

Last week, I posted a blog about the SEC’s increased focus on cryptocurrency and ICOs in the coming year. It looks like that scrutiny will not be limited to the SEC. In its 2018 Annual Regulatory and Examination Priorities...more

Blog: Impact of government shutdown on SEC operations

by Cooley LLP on

The SEC has finally posted a notice about its operating status in the event of a government shutdown. If there is a shutdown “after January 19, the SEC will remain open for a limited number of days, fully staffed and focused...more

Supreme Court to Decide Constitutionality of SEC Administrative Judge Hiring Process

by McGuireWoods LLP on

The U.S. Supreme Court will decide a longstanding controversy regarding the validity of the appointment process for Securities and Exchange Commission (SEC) administrative law judges (ALJs). The decision will impact the...more

CFTC Continues Federal Crackdown On Virtual Currency Fraud Schemes

by Fox Rothschild LLP on

On January 18, 2018, the Commodity Futures Trading Commission announced two enforcement actions as part of a continuing crackdown on virtual currency fraud schemes by numerous federal agencies. (We have previously written...more

Day 22 of 31 Days to a More Effective Compliance Program- Assessing Compliance Internal Controls

by Thomas Fox on

In the Evaluation, Under Prong 9 Continuous Improvement, Periodic Testing and Review, it stated "Control Testing - Has the company reviewed and audited its compliance program in the area relating to the misconduct, including...more

Day 21 of 31 Days to a More Effective Compliance Program-Continuous Improvement in a Compliance Program

by Thomas Fox on

Under Hallmark Nine of Ten Hallmarks of an Effective Compliance Program as articulated in the 2012 FCPA Guidance, it stated, "Finally, a good compliance program should constantly evolve. A company's business changes over...more

Episode 22 -- Test and Evaluate Your Ethics and Compliance Program

by Michael Volkov on

As more companies implement ethics and compliance programs, chief compliance officers are increasingly focusing on the need to test and evaluate their compliance program. An effective testing program provides important...more

CEO Does Not Get Whistleblower Protections for His Opinions

by Hinshaw & Culbertson LLP on

In order to get whistleblower protection under the Sarbanes-Oxley Act of 2002, whistleblowers have to subjectively believe that fraud was occurring, their belief has to be reasonable, and they have to make a report to the...more

Day 20 of 31 Days to a More Effective Compliance Program-Responding to Investigative Findings

by Thomas Fox on

There is nothing like an internal whistleblower report about a FCPA violation, the finding of such an issue or (even worse) a subpoena from the DOJ to trigger the Board of Directors and senior management attention to the...more

UK Conduct Regulator Bans RBS Trader for Manipulation of Japanese Yen LIBOR

by Shearman & Sterling LLP on

The Financial Conduct Authority published a Final Notice in relation to Neil Danziger, a former RBS interest rate derivatives trader, in connection with his involvement in the manipulation of Japanese Yen LIBOR. The FCA...more

CFTC Proposes Interpretation of “Actual Delivery” for Virtual Currencies

by Latham & Watkins LLP on

The proposed interpretation would further clarify the CFTC’s jurisdiction over virtual currency platforms that facilitate retail commodity transactions. On December 15, 2017, the US Commodity Futures Trading Commission...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court agreed to hear the appeal from the D.C. Circuit of Raymond J. Lucia Companies on the question of whether the Constitution’s Appointments Clause applied to SEC ALJs. While the Court will presumably resolve...more

Washington Legislature Introduces Revised Uniform Unclaimed Property Act

by McDermott Will & Emery on

On January 10, 2018, a bill was introduced in the Washington State Legislature that would substantially enact the Revised Uniform Unclaimed Property Act (RUUPA) finalized by the Uniform Law Commission (ULC) in late 2016. The...more

BitConnect and the Advent of State Securities Enforcement Over ICOs

by Goodwin on

In the wake of the SEC’s clarifying guidance in Munchee regarding the application of the federal securities laws to initial coin offerings (“ICOs”), there has been increased activity among both federal and state regulators as...more

Reminders for US Public Companies for the 2018 Annual Reporting and Proxy Season

by White & Case LLP on

This memorandum outlines certain considerations for US public companies in preparation for the 2018 annual reporting and proxy season. Part I of this memorandum discusses new developments and practical action items for the...more

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