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Securities Transactions Securities

Polsinelli

Assessing the Landscape: One Year into the SEC’s Litigation Against Major U.S. Digital Asset Exchanges

Polsinelli on

The SEC’s litigation against the largest digital asset exchanges in America has been unfolding for over a year, beginning with the agency suing various Binance entities in June 2023, followed by actions against Coinbase...more

Wilson Sonsini Goodrich & Rosati

Looking Ahead to T+1 Settlement for Broker-Dealer Securities Transactions

Beginning May 28, 2024, the standard settlement cycle for most broker-dealer securities transactions will be one business day (T+1) following a trade instead of two business days (T+2), which has been the standard since 2017....more

A&O Shearman

UK To Move to T+1 Settlement by Latest End 2027

A&O Shearman on

The recently published Accelerated Settlement Taskforce report makes several recommendations to the U.K. government for moving to faster settlement of securities trades in the U.K. The main recommendation is that the U.K....more

Wilson Sonsini Goodrich & Rosati

SEC Adopts Rule Amendments Requiring Increased Disclosure of Short Selling and Securities Lending Activities of Institutional...

On October 13, 2023, the U.S. Securities and Exchange Commission (SEC) approved final rules requiring increased disclosure of short selling activities of institutional investment managers and securities lending activities of...more

Allen Matkins

Are Securities Law And Unfair Competition Law Claims Miscible?

Allen Matkins on

Recently, I wrote about the ruling in Cress v. Nexo Financial LLC, 2023 WL 6609352 (Oct. 10, 2023).   Today's post covers a different issue addressed in that case - to what extent does California's securities law preclude...more

Allen Matkins

California Securities Claims Can Transend Even Death

Allen Matkins on

As has been discussed in previous posts, Part 5 of the Corporation Securities Law of 1968 establishes violations and Part 6 prescribes remedies.  For example, Corporations Code Section 25401 in Part 5 provides, in part, that...more

Katten Muchin Rosenman LLP

Navigating the Regulatory Landscape – SEC Adopts New Rules Requiring Increased Disclosure on Stock Buybacks – Including Quarterly...

On May 3, 2023, by a 3-2 vote, the Securities and Exchange Commission (SEC) adopted amendments to disclosure rules (the “new buyback disclosure rules”) relating to repurchases of equity securities by issuers (or repurchases...more

A&O Shearman

Eastern District Of New York Dismisses Derivative Action, Applying “Concrete Injury” Standing Requirement To Section 16(b) Claims...

A&O Shearman on

On March 13, 2023, Magistrate Judge James M. Wicks of the United States District Court for the Eastern District of New York dismissed a derivative action brought on behalf of an online flower company against certain of its...more

A&O Shearman

T+1 Settlement Coming May 28, 2024

A&O Shearman on

On February 15, 2023, the SEC adopted several changes to shorten the standard settlement cycle for securities transactions to T+1 effective May 28, 2024...more

Goodwin

SEC Proposes Rules to Improve Risk Management in Clearance and Settlement and to Facilitate Additional Central Clearing for the...

Goodwin on

Regulatory Developments - SEC Proposes Rules to Improve Risk Management in Clearance and Settlement and to Facilitate Additional Central Clearing for the U.S. Treasury Market - On September 14, the SEC proposed rule...more

Katten Muchin Rosenman LLP

The SEC Remains in Search of and Is Looking for Finders

Much has been written on the topic of finders and arrangers of securities transactions, including when a person or entity acting as a finder (i.e., someone who merely makes an introduction) has crossed the line and engaged in...more

Allen Matkins

"All Purchasers" Does Not Always Mean All Purchasers

Allen Matkins on

I started practicing law in the same year that California enacted a limited offering exemption for the offer and sale of securities in issuer transactions, Cal. Corp. Code § 25102(f).  Before then, issuers had to rely on...more

Wilson Sonsini Goodrich & Rosati

SEC Proposes Changes to the Definition of “Exchange” under the Securities Exchange Act

The Rule Proposal Would Significantly Broaden the Scope of Systems Required to Register as an Exchange or an ATS The U.S. Securities and Exchange Commission (SEC) has issued a rule proposal (the Proposal) that would...more

Allen Matkins

Court Rules "Thoughtful," "Disciplined," and "Dynamic" Are But Short Blasts Of Wind

Allen Matkins on

Semper Midas Fund, Ltd was formed for to invest primarily in mortgage-related instruments.  Five months after investing over $300,000 in the fund, the Alan Kalin was told that that the fund had lost over 50% of its value. ...more

Katten Muchin Rosenman LLP

Second Circuit Opinion Allows Market Manipulation Claims Based on Hedging Activity

On April 27, the US Court of Appeals for the Second Circuit released its opinion in Set Capital LLC v. Credit Suisse Group AG, No. 19-3466 (2d Cir. 2021). The decision is noteworthy because the Court permitted market...more

Allen Matkins

Puzzling CSL Exemption Proposed

Allen Matkins on

California Assembly Member Al Muratsuchi introduced a bill, AB 511, which would add a new transactional exemption to the qualification requirement of the California Corporate Securities Law of 1968.  As introduced, the...more

Mayer Brown Free Writings + Perspectives

Material Nonpublic Information

The heads of the SEC Enforcement Division, in remarks today, reminded market participants of the need to keep a close eye on the persons that may have material nonpublic information.  In the remarks, they noted, “[f]or...more

Schwabe, Williamson & Wyatt PC

SEC to ICO Players: Our Game, Our Rules

On July 25, 2017, the U.S. Securities and Exchange Commission (the “SEC”) published an investigative report (the “Report”) cautioning market participants that the offer and sale of digital assets such as “coins” or “tokens,”...more

Dechert LLP

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

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

Pillsbury Winthrop Shaw Pittman LLP

A Limited Exception - California enacts new rules governing exemption for finders in securities transactions

The California Department of Business Oversight has enacted final rules to implement an exemption from broker-dealer registration licensing requirements in California for individuals acting as “finders” in securities...more

Sullivan & Worcester

SEC Proposes T+2 for Settling Securities Transactions

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The SEC has proposed a rule amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days after the trade date (T+3) to two business days after the trade date...more

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