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Securities Science, Computers & Technology

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

Recent SEC Enforcement Actions and Public Statement in the Blockchain Space

by McDermott Will & Emery on

The SEC has recently taken significant public steps in the regulation of token sales (popularly known as initial coin offerings, or ICOs) relating to blockchain. While the SEC Guidance provides clarity for critical points and...more

SEC’s Cyber Unit Takes Aim at ICOs

For the second time in less than a month, the SEC’s newly created Cyber Unit has shut down an initial coin offering (ICO). This time the ICO was for Munchee, Inc., a California-based developer of an iPhone application for...more

Bitcoin: Where Speculation (Likely) Meets Securities Regulation

by Murtha Cullina on

Recently, Bitcoin and other crypto-currencies have been widely reported in national mainstream news, with stories describing rapidly higher prices and interest, especially among retail investors. As a result, regulated...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Generic drugmaking giant Teva Pharmaceuticals will cut 25% of its workforce (around 14,000 jobs) and shutter manufacturing and R&D facilities in an effort to “simplify its structure and reduce its debt”....more

Day 11 of One Month to Better Written Standards- Policies and Procedures on Travel

by Thomas Fox on

Prior to the 2012 FCPA Guidance, the Justice Department issued two 2007 Opinion Releases which offered guidance to companies considering whether to, and if so how to, incur travel and lodging expenses for government...more

SEC Shuts Down Initial Coin Offering Using Blockchain for Failure to File Securities Registration Statement

by Hinshaw & Culbertson LLP on

On December 11, 2017, the SEC instituted cease-and-desist proceedings against Munchee Inc., the creator of an iPhone application that allows users to review restaurant meals, with regard to Munchee's planned initial coin...more

Cybersecurity Guidance on SEC Horizon

In a push for increased cybersecurity vigilance, the Securities and Exchange Commission indicated its plans to amend existing data security guidance, including the reporting of data breaches....more

SEC Issues Cease and Desist Order and Further Guidance on ICOs

by Goodwin on

On December 11, 2017, the U.S. Securities and Exchange Commission (SEC) issued a cease-and-desist order to Munchee Inc. (Munchee), a company that was in the process of a $15 million initial coin offering (ICO), for selling...more

When Does Software Become Securities?

The SEC Munchee Order and Chairman’s Statement - On December 11, 2017, the U.S Securities and Exchange Commission (“SEC”) issued a cease and desist order (“Order”) against Munchee, Inc.’s (“Munchee”) $15 million Initial...more

Across the Board-Episode 10 Sheila Hooda on Board Culture

by Thomas Fox on

In this episode, I visit with Sheila Hooda on culture on a Board of Directors and how Boards can drive culture throughout an organization. Some of the topics we highlight are the following: 1. What is good Board culture?...more

SEC Charges Firm Selling Digital Coins With Sale of Unregistered Securities

by Dorsey & Whitney LLP on

The creation of a unique digital coin or token such as Bitcoin, Ether or fiat currency tied to blockchain or cryptographically-secured ledger has become a controversial but expanding form of payment in some circles. Some...more

SEC Takes $15 Million Bite Out of an ICO

The SEC issued a cease and desist order against Munchee’s $15 million ICO, opining that the tokens were securities for which no there was registration statement filed or in effect with the Commission nor a qualifying...more

Top 10 Topics for Directors in 2018

EXECUTIVE SUMMARY - 1. Cybersecurity threats. Cybersecurity preparedness is essential in 2018 as the risk of, and associated adverse impact of, breaches continue to rise. The past year redefined the upward bounds of the...more

Day 9 of One Month to Better Written Standards-Revising Your Policies and Procedures

by Thomas Fox on

Simply having a Code of Conduct, together with compliance policies and procedures is not enough. As articulated by former Assistant Attorney General Lanny Breuer, “Your compliance program is a living entity; it should be...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Crowdfunding site Indiegogo is hoping that a bold move—as one of the first mainstream companies to do so— into the roller-coaster world of ICOs will help make the offerings more palatable for small and large investors....more

Does the ICO Open a New Chapter for RE Crowdfunding?

by Dechert LLP on

Back in July of 2015, we blogged about “Current Marketplace Trends in Real Estate Crowdfunding”. How young and breathless we were, in hindsight, now that we’re tapped into the Next Big ICO thing. Yes, the “fintech” world...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

HSBC announced yesterday that, 5 years after its controversial deferred prosecution agreement with the DOJ following the Swiss bank’s 2012 $1.9 billion payment over money-laundering allegations, it’ll be released from those...more

New Revenue Recognition Standard-Part III, Shaking Up the Software Industry?

by Thomas Fox on

Matt Kelly and I have put together a five-part podcast series where we explore implications of this new revenue recognition standard. Each podcast is short, 11-13 minutes and deals with one topic on the new revenue...more

Crowdfunding 101

by LeClairRyan on

“Crowdfunding” offers an option to startups and small businesses to raise capital, although it is a greatly misunderstood and misused term. It refers to the pooling of money from a crowd for the funding of a project or...more

Japan's FSA Clarifies Regulatory Position on Initial Coin Offerings, Warns of Risks

by Jones Day on

The Situation: The Financial Services Agency of Japan ("FSA") has released a statement on initial coin offerings ("ICOs"). It clarifies the regulatory position of ICOs under Japanese law and also highlights potential risks to...more

Move Aside EPA, The SEC Is Now Regulating Ecosystems!

by Allen Matkins on

I don’t hear many securities lawyers talking about “ecosystems”. Indeed, I think of the word as being more the province of environmental lawyers. The word itself is an amalgamation of two Greek words – ?????, meaning house,...more

SEC Halts Initial Coin Offering; Chair Clayton Speaks

Munchee Inc., a California-based company selling digital tokens to investors to raise capital for its blockchain-based food review service halted its initial coin offering (ICO) after being contacted by the SEC. Munchee Inc....more

Blog: Cybersecurity Risk Disclosure Remains At Relatively Low Levels, But For How Long?

by Cooley LLP on

Even though, in the wake of recent events, cybersecurity is a very hot topic, only 38% of U.S. public companies cite cybersecurity as a risk factor in their annual and quarterly SEC filings, according to a recent study from...more

New Revenue Recognition Standard-Part I, Introduction

by Thomas Fox on

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) for public business entities, certain not-for-profit entities, and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Bitcoin futures started trading yesterday for the first time prompting concerns about the volatility of the cryptocurrency that prompted several exchange outages due to 10%+ swings in its price as well as heavy website...more

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