News & Analysis as of

Securities Regulation

SEC Issues Warning on Certain ICOs

As the number and dollar volume of Initial Coin Offerings (“ICOs”) continue to increase, the SEC has taken a greater interest in this activity. As we previously reported, the SEC issued its initial ICO guidance on July 25,...more

The Guide to Social Media and the Securities Laws

The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper. This Guide...more

Chairman Clayton Sets New SEC Agenda

On Wednesday July 12, 2017, in his first public speech as Chairman of the SEC, SEC Chairman Jay Clayton laid out a set of eight priorities that will guide his SEC Chairmanship. He said his priorities are consistent with and...more

Court Says Canada’s Attempt to Create a National Securities Regulation Scheme is Unconstitutional…Again

by Burr & Forman on

The Quebec Court of Appeals recently held in an advisory opinion that Canada’s attempt to create a national securities regulation scheme with the voluntary participation of the provinces is unconstitutional. Canada’s...more

Food for Thought, part 3

Below, a continuation of our bibliography of thought-provoking articles on issues related to right-sizing regulation, staying private versus going public, and related topics...more

SEC Shortens Settlement Cycle to T +2

On March 22, the Securities and Exchange Commission (the "SEC") adopted an amendment to Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to shorten the standard settlement cycle for most...more

Regulation D Battlefield Heating Up as Acting Chairman Piwowar Suggests Doing Away with Concept of Accredited Investors

On the same day that President Trump signed an Executive Order instructing federal agencies to create task forces designed to identify regulations for potential elimination, Michael Piwowar, Acting-Chairman of the Securities...more

One Step Forward, Two Steps Back?

Market participants who are not enamored by the current state of federal securities regulation may have been heartened by the new administration’s January 30, 2017 “two for one” order. The order contemplated that, for each...more

European Parliament Rapporteur Publishes Draft Amendments to the Proposed EU Securitisation Regulation

On 6 June 2016, Paul Tang MEP, the Rapporteur of the Committee on Economic and Monetary Affairs (“ECON”) of the European Parliament, published a “Draft Report”, consisting mainly of draft amendments (the “Proposed...more

TSX Proposes Mandated Website and Updated Equity Compensation Plan Disclosure Requirements

by Bennett Jones LLP on

The Toronto Stock Exchange (TSX) has published for comment proposed amendments to the TSX Company Manual (Manual). If adopted, the amendments would, among other things, introduce mandated website disclosure for all TSX listed...more

Chameleon SROs: The Gov’t, But Not Really

by Burr & Forman on

For years, self-regulatory agencies (like FINRA or the Exchanges) have wielded the statutory authority granted them by Congress – and backed by the SEC – exercising governmental power to compel testimony, impose fines and...more

EU Technical Standards on Admission of Financial Instruments to Trading

by Shearman & Sterling LLP on

A Commission Delegated Regulation outlining the Regulatory Technical Standards for the admission of financial instruments to trading on regulated markets was adopted by the European Commission. The adopted RTS will supplement...more

Dropping the Dime: Risks of Giving Evidence to Canadian Securities Regulators

Canadian securities regulators often cooperate with their counterparts abroad due to the increasingly global nature of securities regulation. Canadian securities regulators have entered into several agreements or memoranda of...more

Glossary of Important Securities Regulation Terms and Definitions (Revision #2)

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

Should Church Debt Be Exempt From Qualification?

by Allen Matkins on

The California Corporate Securities Law of 1968 currently exempts from qualification any security of an issuer (1) organized exclusively for educational, benevolent, fraternal, religious, charitable, social, or reformatory...more

New Investment Dealer Prospectus Exemption

by Bennett Jones LLP on

Securities regulatory authorities in each of British Columbia, Alberta, Saskatchewan, Manitoba and New Brunswick recently announced the creation of a new prospectus exemption that will allow certain issuers to distribute...more

SEC Permits Shareholder Proposal for Favoring Repurchases over Dividends to Move Forward

The SEC has denied no-action relief to exclude the following shareholder proposal submitted to several companies by Jonathan Kalodimos: Resolved: Shareholders of ITT Corporation ask the board of directors to adopt and...more

New Hampshire Uniform Securities Act

New Hampshire has adopted a new securities law, known as the New Hampshire Uniform Securities Act, which will become effective on January 1, 2016. It is modeled on the Uniform Securities Act (2002) (“USA 2002”), which has...more

FAST Act Brings Holiday Cheer to Issuers

by Baker Donelson on

"Fixing America's Surface Transportation Act," also known as the FAST Act, was signed by President Obama on December 4, 2015. Although primarily aimed at authorizing spending on highway and transit projects, the FAST Act...more

The FAST Act: Buried Transportation Bill Amendments Ease Private Resale Restrictions and Modify the JOBS Act

by Davis Wright Tremaine LLP on

On Dec. 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation Act (the “FAST Act”). As the name implies, the FAST Act is primarily concerned with transportation and infrastructure spending, but...more

FAST Act Includes Enhancements to Capital Raising and Securities Laws

On December 4, 2015, President Obama signed the Fixing America’s Surface Transportation Act (the “FAST Act”) which included a host of provisions related to capital raising and securities law matters. Provisions of particular...more

Council publishes more securitisation proposal compromises

by Dentons on

The Council has published the second Presidency compromise on the proposed Securitisation Regulation for simple, transparent and standardised securitisations announced as part of the Capital Markets Union action plan (see...more

New Hampshire Adopts Uniform Securities Act

by Pierce Atwood LLP on

On January 1, 2016, a newly-adopted Uniform Securities Act will take effect in New Hampshire. The NH Securities Act is based on the Uniform Securities Act of 2002, which is a model statute designed to increase coordination...more

B.C. Securities Commission Provides Guidance on Defensive Tactics in Re Red Eagle

On November 3, 2015, the British Columbia Securities Commission (BCSC) released its reasons in Re Red Eagle?, cease-trading a rights plan in the face of a hostile bid. In doing so, the BCSC rejected the target’s submissions...more

"EU Lawmakers May Delay MiFID 2 Implementation"

Yesterday’s press reports indicate that European Union lawmakers are likely to delay MiFID 2 implementation. MiFID 2 is the name given to the EU laws which will reform EU securities and derivatives markets. Once implemented,...more

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Cybersecurity

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