SEC Hits Pause Button for ALJs; Updates on Custody Rule; SEC Director Discusses What Makes Cryptocurrency a Security; Mutual Funds Allowed to Save Trees: Regulatory Update for July 2018

by Hardin Compliance Consulting LLC

For Investment Advisers:  SEC Actions

SEC Stops All In-House Cases after Defeat in Supreme Court:   The SEC enforcement division suffered a blow when the U.S. Supreme Court held that the process for hiring SEC’s administrative law judges (“ALJs”) was unconstitutional.    The Court held that the ALJs must be appointed under the Constitution’s Appointments Clause since they are “officers” within the meaning of that clause.  The Court issued its 7-2 decision on June 21, 2018, in Raymond J. Lucia vs. Securities and Exchange Commission.   For defendant Raymond Lucia, this ruling means that he will be getting a new hearing in front of an ALJ appointed by the Securities and Exchange Commissioners.

 The SEC anticipated this outcome, and, on November 30, 2017, the Commission ratified the prior appointments of its five incumbent ALJs.  Does this solve the problem?  Who knows.  In a footnote, the Supreme Court said “[w]e see no reason to address that issue.” Seriously?  This case has left many unanswered questions, prompting the SEC’s halt to current ALJ proceedings for the next 30 days.

By way of background, the facts of the original case involved radio personality and investment adviser Raymond Lucia, Sr. At least on the surface, Mr. Lucia seemed intent on grabbing the SEC’s attention by touting an investment strategy called “Buckets of Money,” and supporting his results with back-testing.  Lucia was fined $300,000 and barred from working as an investment adviser after an SEC ALJ found he misled prospective clients.  The ALJ found that Mr. Lucia misrepresented the accuracy of the backtested investment portfolios to prospective investors and failed to maintain sufficient documentation supporting the backtested returns.  Contributed by Jaqueline M. Hummel, Partner and Managing Director 

 SEC Updates FAQs on Custody and Ignorance is Bliss — Sometimes: In its response to Question II.11, the SEC finally recognized that investment advisers are not parties to their clients’ custody agreements, and, sometimes, do not even know what the custody agreements say.  The answer states that “[a]n adviser that does not have a copy of a client’s custodial agreement, and does not know, or have reason to know whether the agreement would give the adviser Inadvertent Custody, need not comply with the custody rule if Inadvertent Custody would be the sole basis for custody. The Division of Investment Management would not recommend enforcement action to the Commission under the custody rule or under Section 207 of the Advisers Act against any such investment adviser if that adviser neither complied with the requirements of the custody rule nor indicated it has custody in its Form ADV filing.   There is a large BUT attached to this response since the SEC states that this relief will not apply where the adviser recommends, requests or requires that clients use a particular custodian.    Contributed by Jaqueline M. Hummel, Partner and Managing Director

 Schwab Provides Expanded Definition for “First Party” Transfers under Custody Rule  – In a recent communication to advisers, Charles Schwab says it has been working with Investment Adviser Association to provide a more consistent definition of “first party” money movement, which should, hopefully, match the SEC’s definition.  According to the SEC, an adviser that has the authority to move money among a client’s own accounts (first party) via journal, check or ACH is generally not considered to have custody under the Custody Rule.   Most custodian’s interpret “first party” transfer to mean movement between accounts with identical registration (same tax identification or social security number).  Going forward, Schwab says it will expand its definition of “first party,” and provided these examples of first-person transfers:

  • A transfer between an individual’s account and his/her IRA account,
  •  A transfer between an individual’s account and his/her revocable living trust (total identity trust),
  • A transfer between a husband/wife’s joint account and the same husband/wife’s community property account.

Schwab noted that it will take time fto modify its systems to incorporate this more expansive definition.  The big takeaway from this is that while the SEC may consider a transfer from an individual account to a joint account and vice versa to be a first-party money movement, some custodians may disagree.  Just because a custodian requires the adviser to provide a third-party standing letter of authorization (SLOA) to move funds between an individual’s brokerage account and his/her IRA account does not mean that an adviser has custody for the purposes of the Custody Rule.  A custodian’s internal policies do not trump SEC regulation.  Contributed by Jaqueline M. Hummel, Partner and Managing Director

Digital Assets Like Bitcoin are not Securities:  In a recent speech, Dean Hinman, the SEC’s Division of Corporate Finance Director clarified the SEC’s stance on whether cryptocurrencies and initial coin offerings are securities.  For example, digital assets like Bitcoin and Etherium are not securities since they are sold only to purchase goods or services on a decentralized network.  Hinman said that the key to determining whether the digital asset is a security is how the promoters marketed the asset and the expectations of its purchasers.  Cryptocurrency tokens can be considered a security when they are sold in a way that causes investors to have a reasonable expectation of profits based on the efforts of others.   However, the nature of a digital asset transaction can change over time. If the network on which the token or coin is to function becomes decentralized, and the efforts of a third party are no longer key in determining the enterprise’s success, the token would no longer be considered a security.  Contributed by Doug MacKinnon, Senior Compliance Consultant

CFTC and State Regulators Agreement to Cooperate and SEC and CFTC to Cooperate: The Commodity and Futures Trading Commission (“CFTC”) and the North American Securities Administrators Association (“NASAA”) signed an agreement to enhance the exchange of information between the regulators to allow cooperation in enforcement operations.  The impetus to the Memorandum of Understanding (“MOU”) lies in the explosion of cryptocurrencies and modern commodities.  Each jurisdiction will be required to sign an MOU to receive leads, tips, complaints and referrals from the CFTC.  The SEC also jumped on the bandwagon with the CFTC and approved an update to an MOU signed by the two agencies back in 2008 to ensure continued coordination and information sharing between the two agencies. The updated MOU addresses the “regulatory regime for swaps and security-based swaps.”  Contributed by Heather D. Augustine, Senior Compliance Consultant

The Cayman Islands Adopts Beneficial Ownership Registry Requirement: As of July 1, 2018, companies and limited liability companies incorporated or registered in the Cayman Islands are required to maintain a beneficial ownership register at their Cayman Islands-registered offices (or appointed service provider), unless an exemption applies.  Hedge funds and private investment companies registered as companies or limited liability companies in the Cayman Islands should check with their Cayman service providers to confirm whether they comply.  Hedge funds regulated or licensed with the Cayman Islands Monetary Authority (“CIMA”), and hedge funds and private equity funds managed by a person (or a subsidiary of a person) who is regulated or listed in Cayman or an approved jurisdiction, are exempt from this requirement.  Approved jurisdictions include Canada, Hong Kong, Ireland, the United Kingdom and the United States.  For more details, check out our blog postContributed by Denise Alfieri, Managing Director

For Mutual Funds:  SEC Actions

  •  SEC Grants No-Action Relief For Delays in Redemptions of Mutual Fund Accounts where Financial Exploitation is Suspected: The SEC issued a No-Action Letter to the Investment Company Institute (“ICI”), stating that it would not bring an enforcement action against a mutual fund or its transfer agent for delaying payment of redemption proceeds due to suspected senior financial exploitation. This relief affords transfer agents similar protections provided to broker-dealers under FINRA Rule 2165, which became effective earlier this year.  The No-Action letter allows mutual funds and their transfer agents to place a temporary hold on the disbursement of funds from an account (but not on securities transactions) when there is a reasonable belief of financial exploitation, provided that they satisfy certain operational and compliance conditions. Mutual funds whose transfer agents take advantage of this relief must add disclosure to the fund’s prospectus and Statement of Additional Information disclosing the authority of the transfer agent to institute the hold and related activities.  Contributed by Cari A. Hopfensperger, Compliance Consultant 
  •  SEC Saves Forests by Allowing Mutual Funds to Deliver Shareholder Reports via Website:  Almost two years after its proposal, and despite opposition by lobbyists, the SEC adopted Rule 30e-3 under the Investment Company Act of 1940, which creates a new web-based option for shareholder report delivery.  Using a “notice and access” method, funds may deliver shareholder reports through their websites provided they also send investors a paper notice of the reports’ online availability.  Funds must also post quarterly holdings for the last fiscal year on their websites.  Importantly, investors will retain the ability to request paper reports on an ongoing or ad hoc basis free of charge.  The rule applies on January 1, 2021, and becomes effective on January 1, 2022.  Funds intending to adopt the notice and access method before January 1, 2022 will need to prominently disclose their intent on existing shareholder documents beginning January 2019.  Given the long runway on the rule’s effectiveness, interested mutual fund advisers should consider their options and upcoming disclosures.  Trees win!  Contributed by Cari A. Hopfensperger, Compliance Consultant

For Investment Advisers and Broker-Dealers: DOL Actions

  •  Fiduciary Rule is Really and Truly Dead.  On June 21, 2018, the U.S. Court of Appeals for the Fifth Circuit issued the final mandate vacating the DOL’s Fiduciary Rule.  So does that mean we can all go back to business as it was in the pre-Fiduciary Rule era?  No.  Check out our blog post to find out why.  Contributed by Jaqueline M. Hummel, Partner and Managing Director

For Broker-Dealers:  FINRA Actions

FINRA to Transform CRD and Other Registration Systems: FINRA’s multi-phased transformation of its registration and disclosure programs began on June 30th, with a roll-out of WebCRD’s new user interface.  The new and improved WebCRD will alert participants to important information and critical issues that require prompt attention.  FINRA’s overhaul of its registration and disclosure programs is expected to, “increase utility and efficiency of the registration and disclosure process for firms, investors and regulators, as well as to reduce compliance costs for firms.”   The Investment Adviser Registration Depository (IARD), Investment Advisor Public Disclosure system (IAPD), Private Fund Reporting Depository (PFRD), and BrokerCheck will all be enhanced for the benefit of their users.  FINRA expects the project to be completed in 2021.  Click here for more details on the transformation, including the New CRD Reference Guide, and important information regarding new CRD entitlements.  Contributed by Rochelle A. Truzzi, Senior Compliance Consultant

Firms Can Rely on FINRA’s New Disclosure Review Process — Most of the Time: FINRA has improved its disclosure review process, and will now allow firms to rely on its verification process to comply with the requirement to conduct public searches related to bankruptcies, judgments, and liens under Rule 3110(e).   FINRA will also allow firms to rely on the fingerprint results obtained through FINRA’s CRD system to satisfy meet their obligations to search public records to identify criminal matters required to be reported on Form U4.

FINRA is instituting this new process on July 9, 2018, and will conduct a search of public records within fifteen calendar days of a broker-dealer registered representative submitting an initial or transfer Form U4.  If the information submitted on U4 is different from FINRA’s search results, FINRA will notify the member firm, after which the firm will have thirty calendar days to amend Form U4 to avoid a late disclosure fee.

We caution firms to investigate any discrepancies before amending Form U4.  Prior FINRA disclosure reviews have resulted in many false hits.  FINRA is working on a report to show when identified none of the information relating to public financial records that was not already disclosed on the applicant’s Form U4.  However, until that report becomes available, no news is good news.

Relying on FINRA’s disclosure review and fingerprint screening will not satisfy all requirements outlined in Rule 3110(e).  Firms will still need to do the following:

  • investigate the character, business reputation, qualifications and experience of an applicant before submitting an initial or transfer Form U4 on behalf of the applicant;
  • review a copy of the applicant’s most recent Form U5 within 60 days of filing an initial or transfer Form U4;
  • review the applicant’s employment experience to determine the need to review CFTC Form 8-T, based on whether the applicant has been employed by a Futures Commission Merchant or an Introducing Broker that is notice-registered with the SEC; and
  • verify the accuracy and completeness of the remaining information on an applicant’s initial or transfer Form U4 within 30 days of filing.

The remaining information includes, but is not limited to, name, date of birth, social security number, current residential address, employment history, and other business activities.

Firms are not required to use FINRA’s enhanced disclosure review process to comply with their verification obligations.  Firms may continue to use third-party service providers to conduct these searches.  FINRA notes that the ability of a firm to rely on credit reports from major national credit reporting agencies for purposes of compliance with FINRA Rule 3110(e) is not affected by the fact that these reports exclude judgments and liens that do not include consumers’ names and addresses, and Social Security numbers and or dates of birth.  Contributed by Rochelle A. Truzzi, Senior Compliance Consultant

For Municipal Advisors and Brokers

  • Frequently Asked Questions Regarding MSRB Rule G-42 (Non-solicitor Municipal Advisors and Making Recommendations): The MSRB published FAQs on Rule G-42, providing clarity on making recommendations, and the obligations for municipal advisors that result from those recommendations.  Contributed by Doug MacKinnon, Senior Compliance Consultant

Written by:

Hardin Compliance Consulting LLC

Hardin Compliance Consulting LLC on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.