News & Analysis as of

Cease and Desist Orders

SEC Settles FCPA Books and Records and Internal Controls Action

by Dorsey & Whitney LLP on

The SEC moved past virtual currencies for the moment, returning to a long established staple – the Foreign Corrupt Practices Act. The Commission filed a settled books and records action involving an Israeli based firm whose...more

Alleging Fraud, SEC Shuts Down AriseBank’s Celebrity-Endorsed ICO of Purported “Decentralized Bank”

In its latest effort to combat scams in the initial coin offering (ICO) space, the SEC announced today that it has obtained a court order cutting off AriseBank’s ICO of “AriseCoin” tokens, appointing a receiver over AriseBank...more

Financial Regulatory Developments Focus - February 2018 #2

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

US Board of Governors of the Federal Reserve System Issues Cease-and-Desist Order Against Large US Financial Institution

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System issued a cease-and-desist order against a large US financial institution. The order requires the institution to utilize its resources to ensure compliance with consent...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

German Supreme Court remains claimant-friendly on cease and desist orders

by Hogan Lovells on

Another milestone for cease and desist orders has been reached in Germany. The German Federal Supreme Court has clarified in a number of decisions that defendants in cease and desist orders not only have to cease the...more

Federal Reserve Announces It Will Restrict Growth of National Bank Until It Improves Governance

by Goodwin on

On February 2, 2018, the Board of Governors of the Federal Reserve System (the “Board”) announced that it would restrict the growth of a national bank based on its past consumer abuses and compliance failures and its need to...more

Bank Corporate Governance—Fed lowers Boom on Wells’ Directors

by Sullivan & Worcester on

On February 2, 2018, the Fed announced that it issued a consent Cease and Desist order with Wells Fargo—the bank holding company. The Fed’s press release noted that Wells is replacing 4 directors within this year (out of 17...more

SEC Continues Focus on Retail Customers

by Dorsey & Whitney LLP on

The Commission’s enforcement program continued its focus on retail customer protections this week. The agency filed settled administrative proceedings against a broker dealer – investment adviser based on a coding error which...more

Red Notice Newsletter - January 2018

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd....more

Improper Reliance on Informal “Opinion of Counsel” Part of Basis for Exceptional Case Award

In Drop Stop LLC v. Jian Qing Zhu et al, 2-16-cv-07916 (CACD January 22, 2018), the Central District of California granted Plaintiff’s motion to award attorney fees due to Defendants’ exceptional litigation tactics under 35...more

SEC halts “Decentralized Consumer Bank” Initial Coin Offering (ICO) Labeling it a “Scam”

On Monday, the Securities and Exchange Commission (SEC) announced it had obtained a court order suspending AriseBank’s (Arise) initial coin offering (ICO) whose public sale began in late December. According to the SEC, Arise...more

Blockchain Week in Review – January 2018

by Perkins Coie on

U.S. Developments - Regulatory Updates - CFTC and SEC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions - This morning, the Enforcement Director of the U.S. Commodity...more

SEC and Retail Customers: Sanctions For Undisclosed Principal Transactions

by Dorsey & Whitney LLP on

The Commission’s revamped approach to enforcement, centered in part on retail customers, is reflected in its most recent case. In an action against a managing director at a firm registered as an investment adviser and broker...more

‘Secret’ keys to effective legal demands and responses

by Thompson Coburn LLP on

Internet disputes are often resolved through correspondence. But effective dispute-resolving correspondence often differs from what most people think of as “cease-and-desist letters,” “lawyer letters” or...more

Company Abandons ICO, Agrees to Cease-and-Desist; SEC Chairman Issues ICO Warning

by Farrell Fritz, P.C. on

December 11, 2017 was a day of reckoning for entrepreneurs conducting or contemplating initial coin offerings, and for securities professionals who advise them. ...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

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

SEC Continues Crackdown On Initial Coin Offerings With Cease-And-Desist Order

by Fox Rothschild LLP on

The Securities and Exchange Commission announced yesterday that a California-based company selling digital tokens to investors to raise capital for its blockchain-based food review service halted its initial coin offering...more

ITC Clarifies Domestic Industry Requirement for Unregistered Trade Dress

by Jones Day on

The ITC issued an Opinion finding a violation of Section 337 and issuing a general exclusion order and cease and desist orders. Of note, the Commission clarified that the “domestic industry” for unregistered trade dress need...more

Non-Compete News: Georgia Court of Appeals Confirms Lack of Geographic or Material Contact Limitation Does Not Invalidate...

by FordHarrison on

Georgia’s recent Restrictive Covenant Act, enacted in 2011, does not directly address non-solicitation of employees a/k/a non-recruitment covenants, thereby leaving such provisions subject to the principles developed by...more

ITC Remedy Remains Even After PTO Finds Design Patent Claims To Be A “Croc”

by Orrick - IP Landscape on

Commission Order, Certain Foam Footwear, Inv. No. 337-TA-567 (Oct. 20, 2017). In Certain Foam Footwear, the Commission denied Respondent Double Diamond’s request to modify, suspend, or rescind its general exclusion order and...more

ITC Remains Unpersuaded by Final PTAB Rulings

by Jones Day on

This week the ITC stood firm in its position that final PTAB rulings of unpatentability in IPR proceedings are not grounds to modify, suspend, or rescind remedial orders. In Certain Foam Footwear, Inv. No. 337-TA-567, the ITC...more

Well here is where an advisory firm gets in trouble

by Ary Rosenbaum on

A good chunk of my work as an ERISA attorney is working with financial advisory firms in managing their retirement plan practice especially with 401(k) plans. I have many registered investment advisory clients around the...more

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