News & Analysis as of

Investment Contract

Initial Coin Offerings (ICOs): The Current State of Play

The ICO boom in 2017 brings with it questions of jurisdiction and compliance, and a need for further guidance - The benefits of ICOs in raising capital, as well as in providing a marketing push for a new business model,...more

The SEC Addresses Initial Coin Offerings

by Carlton Fields on

On July 25, 2017, the Securities and Exchange Commission (SEC) issued a Report of Investigation pursuant to Section 21(a) of the Securities Exchange Act of 1934 (Report) and an Investor Bulletin: Initial Coin Offerings...more

China Shuts Down ICO Market

For the past few months, issuers of token sales or “initial coin offerings” (ICOs) have known that they were, to some extent, sailing in unchartered waters. Those waters have just gotten a bit murkier with an announcement by...more

Court Finds That Reinsurance Transaction Did Not Breach Investment Contract Underlying An ERISA Plan

by Carlton Fields on

MetLife acquired the rights to a fixed investment option contract with Midco, a trust established to administer a retirement plan for the employees of Midco International, Inc. Midco plan participants received interest each...more

SEC Speaks on Initial Coin Offerings: Tokens May Be Securities

No blockchain phenomenon has garnered more attention lately than Initial Coin Offerings ("ICOs"), which have exploded in value and raised more than $1.2 billion thus far this year....more

Benefits Litigation Update – Summer 2017

by Epstein Becker & Green on

Welcome to the Summer edition of Benefits Litigation Update, brought to you by The ERISA Industry Committee (ERIC) and the law firm Epstein Becker & Green. With a new Administration and executive branch, we are already...more

Howey Got Here: SEC Issues Guidance on Token Offerings

by Morrison & Foerster LLP on

The Howey test lives on—now in a lesson in what not to do when it comes to token offerings. Token offerings, also known as “initial token offerings,” “token launches,” “token sales,” “initial coin offerings,” or “ICOs,”...more

The Only Color in Gambling is Green—Why Staking is a Security

by Burr & Forman on

The Securities Act of 1933’s catchall for defining a security is the “investment contract.” The landmark case, SEC v Howey, explained that “an investment contract for the purposes of the Securities Act means a contract,...more

Russia Tightens Procurement Rules for Foreign Equipment

by Morgan Lewis on

As of September 30, Russian state authorities now reject tender submissions for supply of certain foreign electronic equipment if there are two concurrent submissions for supply of locally produced equipment. The ban applies...more

TN COA Tosses Fraud & Securities Claims Over “Crazy” Scam

by Burr & Forman on

Tennessee fraudulent misrepresentation claims – and “investment contract” claims under the State’s Blue Sky Law – fail the “reasonable reliance” requirement, where the plaintiff himself asserts it’s a fraud because nobody...more

Angola's New Private Investment Law

by King & Spalding on

On 11 August 2015, Angola's New Private Investment Law ("NPIL") came into force on its publication in Angola's Gazette, repealing the previous 2011 law. Like its predecessor, the NPIL sets out the rules applicable to...more

Russian Legislation Update

by White & Case LLP on

Real Estate - On 13 July 2015 the President signed Federal Law No. 218-FZ “On State Registration of Real Estate.” The Law was adopted in order to simplify real estate and cadastral registration. It establishes a...more

Life Partners, Et Al. V. Arnold Et Al.; Texas Supreme Court Confirms Fractionalized Life Settlement Interests Sold To Texas...

by Locke Lord LLP on

The ruling – On May 8, 2015, the Texas Supreme Court, in Life Partners, Inc., et al. v. Michael Arnold, et al., case number 14-1022, unanimously affirmed two Texas state appellate court decisions and concluded that...more

ASX Releases Consultation Paper On Continuous Disclosure Updates

by DLA Piper on

On 6 March 2015, the ASX published its Consultation Paper in relation to its proposed changes to Guidance Note 8 relating to continuous disclosure. ASX intends to make changes to its guidance relating to analyst and investor...more

With new law, Mongolia opens to investors

by DLA Piper on

The Great Hural, Mongolia’s Parliament, has ratified a new investment law, already in effect since November 1, that dramatically alters the investment landscape in Mongolia. The new investment law is one of the first...more

Sunshine May Be Free But It May Take A Security To Harvest It

by Allen Matkins on

Harvesting the sunlight as a source of “clean” energy is the dream of many. Although the energy provided by the sun is free, converting that energy into electricity continues to require significant financial resources. One...more

Silver Hills May Tarnish Crowdfunding

by Allen Matkins on

Both Section 2(1) of the Securities Act of 1933 and Section 25019 of the Corporate Securities Law of 1968 provide extensional definitions of the term “security”. That is, they each list everything within the term being...more

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Cybersecurity

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