News & Analysis as of

Over The Counter Derivatives (OTC) Securities Exchange Act

Perkins Coie

SEC’s Use of Trading Suspensions During the COVID-19 Pandemic and Considerations for Issuers and Broker-Dealers

Perkins Coie on

Since the start of the COVID-19 pandemic in the United States, the U.S. Securities and Exchange Commission (SEC) has increasingly exercised its authority under the Securities Exchange Act of 1934 (the Exchange Act) to suspend...more

A&O Shearman

Central District Of California Allows Exchange Act Claims To Proceed Against Non-U.S. Corporate Issuer In Connection With ADRs,...

A&O Shearman on

On January 28, 2020, Judge Dean D. Pregerson of the United States District Court for the Central District of California denied defendant’s motion to dismiss a putative securities class action brought against a multinational...more

Proskauer - Corporate Defense and Disputes

California Federal Court Holds that U.S. Securities Laws Apply to Unsponsored, Unlisted ADRs

The U.S. District Court for the Central District of California held on January 28, 2020 that the federal securities laws apply to U.S. transactions in unlisted, unsponsored American Depositary Receipts (“ADRs”) for a foreign...more

Mintz - Securities Litigation Viewpoints

Ninth Circuit Holds Transactions in Unsponsored ADRs Can Be “Domestic” Under Morrison

The Toshiba Securities Litigation stems from alleged violations of the Exchange Act, as well as the Financial Instruments and Exchange Act of Japan, against Toshiba Corp., in connection with its alleged accounting fraud and...more

Mintz - Securities Litigation Viewpoints

Federal Court Declines to Exercise Jurisdiction Over Toshiba Despite Over-the-Counter ADS Sales in the United States

Ever since the Supreme Court issued its opinion in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010), courts have been making their own interpretations of what Morrison means for whether certain transactions are...more

Allen Matkins

Looking For The List Of OTC Margin Stocks? You’ll Find It In California’s New LLC Act

Allen Matkins on

When originally enacted, the Securities Exchange Act of 1934 banned brokers and dealers from extending margin credit on over-the-counter (OTC) securities. This changed in 1969 when the Exchange Act was amended. The Federal...more

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