Corporate & Financial Weekly Digest, Featuring Articles on a SEC and CFTC Joint Letter on Disqualification Rules, OCC Final "True Lender" Rule and the European Commission Starts Work on AIFMD II

BROKER-DEALER -

SEC and CFTC Chairman Issue Joint Letter Regarding CFTC Orders Implicating Regulations A and D -

On October 23, Chairman Jay Clayton of the Securities and Exchange Commission and Chairman Heath P. Tarbert of the Commodity Futures Trading Commission issued a joint letter creating a one-year pilot program to formalize the practices between the Chairmen relating to CFTC orders that implicate the “bad actor” disqualification provisions of Regulations A and D under the Securities Act of 1933 (the SEC Disqualification Rules). Under the SEC Disqualification Rules, individuals or firms are disqualified from relying on certain exemptions from registration for securities offerings if certain triggering events occur, such as certain securities law violations or final orders issued by the CFTC in connection with certain enforcement proceedings.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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