News & Analysis as of

NSMIA

Paul Hastings LLP

Federal Court Rules that Missouri Anti-ESG Rules Are Preempted by Federal Law and Are Unconstitutional

Paul Hastings LLP on

On August 14, 2024, the United States District Court for the Western District of Missouri declared unconstitutional two anti-ESG disclosure rules issued by the Missouri Securities Division and applicable to broker-dealers and...more

Proskauer - Corporate Defense and Disputes

Missouri Court Enjoins Missouri’s Anti-ESG Rules for Financial Advisers

A federal district court in Missouri recently enjoined Missouri Securities Division rules that require financial firms and professionals to obtain clients’ signatures on state-prescribed documents before providing advice that...more

Mintz

Federal Court Bars Missouri's Anti-ESG Investment Rules

Mintz on

Yesterday, Judge Bough (W.D. Mo.) issued a decision barring the recent anti-ESG rules Missouri had promulgated that prohibited investment advisers from utilizing ESG factors when making investment decisions (absent written...more

Harris Beach PLLC

The Future of Blue Sky Laws: Is This the Beginning of the End for NSMIA Preemption?

Harris Beach PLLC on

Despite the enactment of the National Securities Market Improvement Act (“NSMIA”) in 1996, which aimed to create more uniform regulation of securities at the federal level, recent developments in Missouri suggest this...more

Proskauer - Corporate Defense and Disputes

Missouri Court Denies Dismissal of SIFMA Challenge to Missouri’s Anti-ESG Rules for Financial Advisers

A federal district court in Missouri recently denied a motion to dismiss the Securities Industry and Financial Markets Association’s (“SIFMA’s”) challenge to Missouri Securities Division rules that require financial firms and...more

Dechert LLP

SEC Expands Scope of Fund “Names Rule”

Dechert LLP on

The Securities and Exchange Commission recently adopted significant changes to Rule 35d-1 under the Investment Company Act of 1940 (Names Rule), as well as certain forms and disclosure requirements on September 20, 2023...more

Burr & Forman

New Front in ESG Wars: Securities Industry Sues Missouri

Burr & Forman on

On August 10, 2023, the Securities Industry and Financial Markets Association (“SIFMA”) – a leading Wall Street industry association – filed suit to enjoin new Missouri regulations requiring investment advisors (“IA’s”) and...more

Harris Beach PLLC

State Blue Sky Laws: What You Need to Know

Harris Beach PLLC on

This is the first of a series which will highlight the finer points of state Blue Sky Laws – and what to keep in mind if you are planning to prepare a Blue Sky Survey for a municipal bond transaction....more

Vicente LLP

Blue Sky Laws And The Cannabis Industry

Vicente LLP on

The sale of securities associated with a cannabis company are subject to the same legal requirements as those of a company in any other industry, and compliance with these is more important due to higher regulatory scrutiny....more

Kilpatrick

Securities Offerings Involving Interests in Real Estate Left Out of New York’s Reg D Modernization

Kilpatrick on

In December 2020, New York adopted new rules to update its blue sky securities registration requirements as part of an ongoing effort to “streamline and enhance the oversight of the securities industry in New York,” modernize...more

Fox Rothschild LLP

New Reg D Rule 506 Filing Rules For New York

Fox Rothschild LLP on

In December 2020, the New York State Attorney General altered its filing rules to align with those required by the SEC’s requirements for a Regulation D Rule 506 offering. Now, for a Rule 506 offering in New York, the...more

McGuireWoods LLP

New York Modernizes Issuer Filing Requirements for Rule 506 Offerings

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On Dec. 1, 2020, the New York Department of Law modernized its dealer rules to more closely align with federal requirements for a Regulation D Rule 506 offering. Under the amended rules, an issuer conducting a Rule 506...more

Troutman Pepper

New York Attorney General Issues Guidance Clarifying Filing Requirements for Regulation D Private Placements

Troutman Pepper on

On December 1, the New York attorney general issued guidance that issuers selling “covered securities” must provide notice through the Electronic Filing Depository (EFD) of the North American Association of Securities...more

Tarter Krinsky & Drogin LLP

New York State Attorney General Proposes Changes To New York's Securities Offer

At the end of March 2020, the New York State Attorney General announced temporary relief to meet certain filing deadlines for investment advisers, brokers, dealers, salespersons, commodity broker-dealers, commodity...more

K&L Gates LLP

Massachusetts Finalizes State Fiduciary Standard amid Regulation Best Interest

K&L Gates LLP on

I. SUMMARY - On February 21, 2020, the Massachusetts Securities Division (the “Division”) officially adopted regulations (the “MA Fiduciary Rule”) that would raise the standard of conduct applicable to broker-dealers and...more

Eversheds Sutherland (US) LLP

Preemption of state securities laws

With the recent announcement by the Securities and Exchange Commission (SEC) that it will hold an open meeting on June 5, 2019, to consider adopting Regulation Best Interest, one of the major issues that the SEC may clarify...more

Cooley LLP

Blog: New Act takes a few small steps to encourage capital formation

Cooley LLP on

While the Economic Growth, Regulatory Relief, and Consumer Protection Act, which was just signed into law, is focused primarily on providing regulatory relief to banks under Dodd-Frank, there are a few provisions of more...more

Morrison & Foerster LLP - JOBS Act

SEC Denies Motion to Stay Regulation A+

On June 5, 2015, Monica J. Lindeen, Montana State Auditor, ex officio Commissioner of Securities and Insurance, filed a motion with the SEC for a stay of the Regulation A+ rules, which are scheduled to become effective this...more

Allen Matkins

American Icon Amends Stock Plan To Make It Section 25102(o) Eligible – Why?

Allen Matkins on

Section 102 the National Securities Markets Improvement Act (which amended Section 18 of the Securities Act of 1933) deems securities listed (or authorized for listing) on the NYSE, the American Stock Exchange or the National...more

Allen Matkins

The NSMIA Didn’t Lay A Preemptive Finger On These Transactions

Allen Matkins on

Last week, I was in Washington D.C. where I served as the moderator of a panel discussion on current securities law issues for small business. As part of my presentation, I discussed the following list of securities...more

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