News & Analysis as of

Investor Protection

With Zenefits Settlement Award SEC Demonstrates Continued Commitment to “Unicorn” Scrutiny Despite Administration Change: Same Old...

Last week the SEC announced it had reached an agreement with privately-held company Zenefits, and its co-founder and former CEO Parker Conrad, to settle allegations that Zenefits materially misled Series B and C investors....more

OCIE Publishes Risk Alert on Most Frequent Advertising Rule Compliance Issues Found During Examinations

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a National Exam Program Risk Alert on September 14, 2017 (Risk Alert). The Risk Alert highlights...more

OCIE Releases Risk Alert Regarding Advertisements of Investment Advisers

by Bracewell LLP on

On September 14, 2017, OCIE published a Risk Alert identifying issues associated with Rule 206(4)(1) of the Investment Advisers Act of 1940 (the “Advertising Rule”). The Risk Alert was based on observations of the OCIE staff...more

SEC Wants the Truth and Nothing but the Truth in Advertising

Tell the truth, the whole truth, and nothing but the truth: that’s the message to registered investment advisors from the Office of Compliance Inspections and Examinations (OCIE) in a recent risk alert about the SEC’s...more

Beijing-Based Cryptocurrency Trading Exchanges Told to Announce Trading Halt

by Perkins Coie on

Under the impact of the Chinese government’s recent formal notices of halting ICOs, Notice 99 and Joint Notice released on September 2, 2017 and September 4, 2017 respectively, Beijing authorities have taken further actions...more

China Halts ICOs and Token Sales and China-Based Trading Platforms Suspend Trading Amid Reports of Additional Government...

by Perkins Coie on

The government of the People’s Republic of China (PRC) has formally announced a suspension to all ICOs and token offerings and financing activities by releasing two notices, namely, the Notice of Seven Ministries Including...more

SEC Focuses on Initial Coin Offerings: Tokens May Be Securities Under Federal Securities Laws

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) has recently taken several actions to make clear that it is focused on and actively monitoring the rapidly growing market for so-called “token sales” or “initial coin...more

MiFID II Regulations Transposed into Irish Law

by Dechert LLP on

The European Union (Markets in Financial Instruments) Regulations 2017 (S.I. 375/2017) (the “MiFID II Regulations”) were signed into law on 10 August 2017 and are now publicly available....more

SFC (the “Commission”) Expresses Concern over Irregularities in Asset Management Activities

•The Commission has identified a number of regulatory concerns with respect to private funds and discretionary accounts, in particular, funds with concentrated, illiquid and interconnected investments. •The Commission has...more

Navigating The Private Right Of Action Under The California Franchise Investment Law

by Mulcahy LLP on

The California Franchise Investment Law (“CFIL”) regulates both the sale and disclosure of franchise opportunities within the state. The law was enacted to “provide each prospective franchisee with the information necessary...more

SEC Issues Guidance on Regulation of Initial Coin Offerings

Over the last 12 months, a growing number of start-ups, primarily those offering blockchain-based services, have raised capital utilizing so-called initial coin offerings or token sales (collectively referred to herein as...more

What to Expect From NAFTA Renegotiations

On July 17, 2017, the office of the U.S. Trade Representative (USTR) released a report on U.S. goals to modify the current North American Free Trade Agreement (NAFTA). The report provides insight into the issues that will be...more

Key Takeaways from the UK Financial Conduct Authority's Review into the Asset Management Market

by Jones Day on

On 28 June 2017, the UK Financial Conduct Authority ("FCA") published its final report in relation to its review of the UK asset management market. The report sets out a package of reform proposals designed to address certain...more

Financial Services Quarterly Report - Second Quarter 2017: Hong Kong Consultation on Guidelines on Online Distribution and...

by Dechert LLP on

The use of online platforms for distribution of financial products has become increasingly popular in Hong Kong. In May 2017, the Hong Kong Securities and Futures Commission (SFC) issued a Consultation Paper inviting comments...more

Tesco to Pay Compensation of £85 m and Further Fine of £129 m for Market Abuse

by Jones Day on

On 28 March 2017, the FCA announced that Tesco plc and Tesco Stores Limited ("Tesco") had agreed to committing market abuse in relation to a trading update published on 29 August 2014. In that update, Tesco plc had stated...more

Belgian Financial Regulator's Tightening of Investor Protection Against Unfair Contract Terms

by Jones Day on

On 6 February 2017, Belgium's financial regulator (Belgian Financial Services and Markets Authority ("FSMA")) moved to fortify the protection of investors, publishing a position paper ("Position Paper") on the application of...more

Securities Financing Transactions Regulation—Update

Regulation (EU) 2015/2365, the Securities Financing Transactions Regulation (SFTR), imposes a number of requirements on EU fund managers (see the previous Akin Gump client alert on SFTR, The New Securities Financing...more

Investment Funds Updatea: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

EMIR - ESMA Updates its List of Third Country CCPs and Issues Updated Q&A - On 30 March, ESMA updated its list of third-country central counterparties recognised to offer services and activities in the EU. CCPs in Dubai,...more

FINRA Observes Second Anniversary of Its Senior Helpline

On April 21, 2017, FINRA issued a press release marking the second anniversary of its Securities Helpline for Seniors. ...more

For the Second Time, Fiduciary Rule Applicability Date is Pushed Back

by Bass, Berry & Sims PLC on

In an unsurprising move, the Department of Labor (DOL) postponed the applicability date of the fiduciary rule on April 4 for an additional 60 days. The new applicability date for the rule is June 9, 2017, although the DOL...more

SEC Issues New Material Event Notices Under Proposed Rule 15c2-12 Amendments

by Holland & Knight LLP on

The U.S. Securities and Exchange Commission (SEC) on March 1, 2017, proposed adding two additional triggers – in new subparagraphs (15) and (16) – for the material events notice requirements under Rule 15c2-12 (the Proposed...more

Investors in Southern African Development Community Stripped of International Treaty Protections

by Jones Day on

In January 2014, Jones Day reported on the protection offered to foreign investors in Sub-Saharan Africa pursuant to the Southern African Development Community ("SADC") enacted on April 16, 2010. As noted in that Commentary,...more

DOL Announces Temporary No Enforcement Policy of Fiduciary Rule

by Bass, Berry & Sims PLC on

Earlier this month, the Department of Labor (DOL) proposed a 60-day delay of the April 10, 2017 effective date of its (much debated) fiduciary rule. The fiduciary rule – a vestige of the Obama Administration – was thought to...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

AIFMD - ESMA Updates Q&As on the Application of the AIFMD - ESMA updated its Q&As on 16 December on the application of the AIFMD. The revised Q&As include one updated question and answer on reporting obligations by...more

In Chinese Investment Treaties, Questions Arise on Who Qualifies for Protection

Despite recent criticism from some quarters concerning the use of investment treaties and free trade agreements, the Chinese investment treaty system remains firmly in place. Since 1982, the People's Republic of China (PRC)...more

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