News & Analysis as of

North American Securities Administrators Association

Kilpatrick Townsend & Stockton LLP

Industry Groups and State and Federal Securities Regulators Grapple with Fiduciary Standards for BDs and Private Fund Advisers

Last April, the SEC released proposed rules related to the standard of care that broker-dealers (“BDs”) owe their customers and issued proposed guidance related to the standard of care that investment advisers (“IAs”) owe...more

Allen Matkins

Will Regulation "Best Interest" Preempt State Law?

by Allen Matkins on

Yesterday's post concerned possible arguments that federal law preempts Nevada's fiduciary standard for broker-dealers. At present, any preemption would have to be based on the National Securities Markets Improvement Act...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions - January 2019

by Blank Rome LLP on

Fund and Investment Management January 2019 (No. 1) REGULATORY UPDATES Policy Initiatives Set Forth by the U.S. Securities and Exchange Commission’s (“SEC”) Investment Management Division On September 28, 2018, Division of...more

Hardin Compliance Consulting LLC

Advisers Fall Short on Referral Arrangements, Mutual Fund Exams Planned, Updates to Annual and FOCUS Reports Finalized: ...

For Investment Advisers: SEC Actions - Risk Alert – Investment Adviser Compliance Issues Related to the Cash Solicitation Rule: The Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert with a list...more

Steptoe & Johnson PLLC

State Securities Regulators Are Increasing Actions Against Cryptocurrency Issuers and Exchanges

by Steptoe & Johnson PLLC on

Cryptocurrency is the newest investment vehicle used by companies to raise capital. At the federal level, the Securities and Exchange Commission has increased its scrutiny of cryptocurrencies over the past two years; but...more

Mayer Brown Free Writings + Perspectives

Proposed State Securities Registration Amendments for Smaller Offerings

On November 1, 2018, the North American Securities Administrators Association, Inc. (“NASAA”) released for public comment proposed updates to the SCOR Statement of Policy and the SCOR Form (Form U-7). According to the NASAA,...more

Allen Matkins

Cryptocurrency Is Now A Cartoon

by Allen Matkins on

For those still in the dark about cryptocurrency, the North American Securities Administrators Association (aka NASAA) has released an animated video on the subject. According to NASAA, the video "focuses on concerns...more

Burr & Forman

Tennessee Securities Regulator is President-Elect of NASAA

by Burr & Forman on

Frank Borger-Gilligan, Tennessee’s chief securities regulator, last week was selected as President-Elect of the North American Securities Administrators Association (“NASAA”) at the annual meeting in Anchorage, Alaska. ...more

BakerHostetler

Blockchain Capital Markets Offerings and Executive Attitudes Evolve, Threats Continue

by BakerHostetler on

New Blockchain Trading Platforms and Capital Markets Offerings Announced - Recently, it was reported that a popular Colorado resort planned to sell “Aspen Coins” in a Reg D 506(c) offering on a token trading platform...more

Hardin Compliance Consulting LLC

SEC Hits Pause Button for ALJs; Updates on Custody Rule; SEC Director Discusses What Makes Cryptocurrency a Security; Mutual Funds...

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...more

Fox Rothschild LLP

NASAA’s Proposed FDD Cover Page Changes: Helpful Or Misleading?

by Fox Rothschild LLP on

The North American Securities Administrators Association, Inc. (“NASAA”) is proposing to revise the instructions in the NASAA Franchise Registration and Disclosure Guidelines (the “Guidelines”) that outline policies and...more

Manatt, Phelps & Phillips, LLP

Fintech Update: Regulators Join Together for Fintech Oversight

A key regulator has announced a cryptocurrency crackdown in conjunction with Canadian as well as U.S. federal and state regulators. Also, the CFTC has released new guidance for clearinghouses and exchanges, while a key state...more

McDermott Will & Emery

US Regulators Use Carrots and Sticks to Encourage Good Conduct in ICOs and Cryptocurrency Investment Products

by McDermott Will & Emery on

US state and federal regulators recently offered carrots to guide market actors toward better behavior and are using the stick of enforcement actions to discourage fraud in ICOs and other cryptocurrency-related offerings....more

Fox Rothschild LLP

(Almost) All Your Tricky FDD Drafting Questions Answered

by Fox Rothschild LLP on

Almost every year at the IFA Annual Legal Symposium in Washington D.C., a panel of distinguished franchise attorneys and state regulators will discuss best practices in drafting a franchise disclosure document in compliance...more

Manatt, Phelps & Phillips, LLP

Fintech Developments: FTC, FDIC, OCC and More

Fintech developments continue to unfold, with ongoing workshops and forums, Federal Deposit Insurance Corp. remarks from its chair, another dismissal in the challenge to the Office of the Comptroller of the Currency’s (OCC)...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Topics on Broker-Dealer, CFTC, Derivatives, Cryptocurrencies, GDPR, UK and EU...

by Katten Muchin Rosenman LLP on

BROKER-DEALER - FINRA Publishes Information Notice Regarding Enhancements to the Disclosure Review Process Relating to Public Financial Records - On May 18, the Financial Industry Regulatory Authority (FINRA) published...more

Faegre Baker Daniels

Operation Cryptosweep: International Regulators Take Aim at Cryptocurrency Activities

by Faegre Baker Daniels on

Though they have become a hot topic in the past year, cryptocurrencies still occupy something of an untamed frontier in the financial trading and investment ecosystem — but a coordinated, international effort by regulators to...more

McGuireWoods LLP

State Regulators Announce Cryptocurrency Crackdown

by McGuireWoods LLP on

On May 21, the North American Securities Administrators Association (“NASAA”) announced a massive and coordinated series of enforcement actions by U.S. state and Canadian provincial regulators to combat fraudulent practices...more

Goodwin

State and Federal Regulators Coordinate Efforts to Combat Crypto Fraud

by Goodwin on

This past week was a busy one for state securities regulators, the CFTC and the SEC as they continue their focus on rooting out fraud from the digital currency space and crypto- and blockchain-based ventures. Noteworthy...more

Eversheds Sutherland (US) LLP

CFTC takes steps to increase regulatory oversight of virtual currency markets

On May 21, 2018, the Commodity Futures Trading Commission (CFTC) announced two actions intended to increase surveillance of virtual currency markets and enforcement of the Commodity Exchange Act in relation to these markets....more

Bryan Cave Leighton Paisner

DOL Issues Field Assistance Bulletin in Response to the Fifth Circuit's Rejection of the DOL Fiduciary Rule

by Bryan Cave Leighton Paisner on

On March 15, 2018, the United States Court of Appeals for the Fifth Circuit struck down the Department of Labor’s (DOL) fiduciary duty rule in a 2-1 decision. While the court has denied motions filed by, among others, the...more

Fox Rothschild LLP

ABA Forum Takeaway: Will The Trump Era Mark The End Of Franchise Regulation?

by Fox Rothschild LLP on

As we head into Tuesday night’s State of the Union Address, our thoughts at Fox Rothschild return to last year at the ABA Forum on Franchising Annual Meeting in Palm Desert, California. One of the most interesting seminars...more

K&L Gates LLP

SEC, NASAA, and State Regulators Caution on Cryptocurrencies and ICOs

by K&L Gates LLP on

If 2017 was the year that cryptocurrencies came to the forefront of public attention, 2018 will be the year that this emerging medium of exchange enters a new phase of regulatory scrutiny. As an example, on January 4, 2018,...more

Goodwin

New Year Brings Flurry of Regulatory Statements and Warnings Directed at Cryptocurrencies and ICOs

by Goodwin on

On the same day that a meteorological blizzard slammed the Eastern Seaboard, U.S. financial regulators unleashed their own flurry of statements and warnings surrounding initial coin offerings (ICOs) and cryptocurrencies....more

Murtha Cullina

Bitcoin: Where Speculation (Likely) Meets Securities Regulation

by Murtha Cullina on

Recently, Bitcoin and other crypto-currencies have been widely reported in national mainstream news, with stories describing rapidly higher prices and interest, especially among retail investors. As a result, regulated...more

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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 www.jdsupra.com) (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.

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Collection of Information

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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:

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How is your information shared?

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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 privacy@jdsupra.com.

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.
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    • 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 privacy@jdsupra.com 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 privacy@jdsupra.com 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 privacy@jdsupra.com. 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 privacy@jdsupra.com.

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: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (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;
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There are different types of cookies and other technologies used our Website, notably:

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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 legal.hubspot.com/privacy-policy.
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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 http://www.aboutcookies.org 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: privacy@jdsupra.com.

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