News & Analysis as of

Securities

Introduction to Debt Exchange Offers

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 9 - Issuers have a variety of tools when dealing with upcoming debt maturities, including using a combination of exchange offers, tender offers, and/or new money issuances and...more

Five Things to Know About ICOs

by WilmerHale on

Initial coin offerings or similar types of sales of virtual-based coins and tokens, are quickly becoming an important fundraising tool for many early-stage companies. Last month, our QuickLaunch University webinar series...more

Developments in Global Securities Litigation

by Dechert LLP on

As securities markets become increasingly interconnected, multi- national public corporations continue to be a part of a significant sea change in the globalization of securities fraud litigation—a change that began with the...more

Continued Discussion on the Treatment of Companies with Multi-Class Shares by Major Index Providers

During the recent PLI Seminar on Securities Regulation that took place in New York City on November 8-10, 2017, panelists briefly discussed the recent decisions by major index providers to change their index eligibility rules...more

Bill 27: Expansion of the Conflicts of Interest Act to Public Agencies

by Field Law on

Bill 27 passed first reading in the Alberta Legislature on November 8, 2017. If passed, the legislation will amend the Conflicts of Interest Act (the "Act"), and expand its coverage to include public agencies, boards and...more

Initial Coin Offerings (ICOs) May Be Subject to SEC Registration Requirements

by Bryan Cave on

Initial Coin Offerings (ICOs) and other digital currency financing events have enjoyed explosive growth in 2017, with hundreds of millions of dollars invested with little to no regulation or government oversight. That era...more

Spotlight On Initial Coin Offerings

by Murtha Cullina on

During the past year, the United States has seen an increasing number of a novel form of capital raising conducted by businesses or developers – known as an "initial coin offering," or "ICO." As often seen with other new...more

Europe as a Hub for Initial Coin Offerings?

by Latham & Watkins LLP on

Initial coin offerings (ICOs) involve issuers offering virtual coins or tokens that are created and disseminated using blockchain or distributed ledger technology. Virtual coins resemble cash in a number of ways but may also...more

Condominiums And The California Corporate Securities Law

by Allen Matkins on

Some four years ago, I wrote about the Ninth Circuit Court of Appeals’ holding in Salameh v. Tarsadia Hotel, 726 F.3d 1124 (9th Cir. 2013). For those readers who don’t remember the post or the case, the Court of Appeals held...more

ICOs at the End of 2017: What We Think We Know and What We Don't Know

Initial coin offerings (ICOs), token pre-sales, and similar sales of blockchain-based coins and tokens are quickly becoming an important fundraising option, and an important method of attempting to seed a token-based platform...more

WSGR Fintech Update - October 2017

Wilson Sonsini Goodrich & Rosati is pleased to present the October 2017 issue of the WSGR Fintech Update. This latest edition features an article discussing the U.S. Securities and Exchange Commission's new "Cyber Unit"...more

When the Inevitable Happens: When to Self-Report Securities Law Violations and What to Expect When You Do

by WilmerHale on

An anonymous compliance hotline within your investment adviser suddenly receives complaints about a market-beating portfolio manager. Your in-house compliance and legal team investigate and learn this portfolio manager may...more

A Note on Investment Security: Reinsurance Investment Security Subgroup’s Recent Decision

The National Association of Insurance Commissioners (NAIC) Reinsurance Investment Security Subgroup (the Subgroup) was formed earlier this year with representatives from eight states: Connecticut, California, Colorado,...more

ICOs are more than a token gesture: an assessment of some of the key considerations for issuers of and investors in ICOs

by DLA Piper on

With total amounts raised in initial coin offerings (ICOs) this year exceeding US$2 billion and a number of sales coming forward each month, there is an understandable interest in the operation of this new phenomenon....more

Cryptocurrencies: Are They Securities?

Cryptocurrencies, including Bitcoin, have been in the news a lot lately, but many people still don’t know what they are—or whether they’re regulated.  Here’s a quick rundown....more

UK Regulator Examines Scope of Securities Laws, Warns of Initial Coin Offering Risks

by Jones Day on

The Situation: The UK Financial Conduct Authority has released a statement on initial coin offerings. It focuses the circumstances in which an ICO might fall within the scope of the FCA's current regulatory boundaries as well...more

Equifax Data Breach: Preliminary Lessons for the Adoption and Implementation of Insider Trading Policies

by Dorsey & Whitney LLP on

Insider trading allegations have surfaced at Equifax, a credit rating agency that last week announced a data breach that could potentially affect 143 million consumers in the United States, nearly half of the country’s...more

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

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

by 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

Every Day is Bitcoin Pizza Day: What Clients and Estate Planners Need to Know about Virtual Currency

by Murtha Cullina on

The combined value of all of the 867 crypto currencies tracked by CoinMarketCap.com is presently over $161 billion. Only seven years ago, on what is commemorated as “Bitcoin Pizza Day,” Bitcoin, then a new crypto currency,...more

The Securities and Futures Commission of Hong Kong comments on ICOs

by DLA Piper on

The Securities and Futures Commission of Hong Kong (the SFC) has debunked the myths that no securities laws apply to ICOs. In its first direct statement on the subject, the SFC fired a warning shot at issuers and...more

SEC’s Phone Call to Protostarr Shuts Down its ICO

by Goodwin on

Protostarr, a block-chain based startup, has shut down its decentralized application and refunded its initial coin offering (ICO) participants following a request for information from the U.S. Securities and Exchange...more

Coining it in: ICOs as the New Fundraising Paradigm?

by Latham & Watkins LLP on

Initial Coin Offerings (ICOs) involve issuers offering virtual coins or tokens that are created and disseminated using distributed ledger or blockchain technology. The capital raised from the offer will fund the development...more

Canadian Securities Administrators provide new guidance on cryptocurrency offerings and approve exemptive relief for Canadian ICO ...

by DLA Piper on

On August 24, 2017, Staff of the Canadian Securities Administrators (the “CSA”) released CSA Staff Notice 46-307 - Cryptocurrency Offerings1 (“Staff Notice 46-307”). Staff Notice 46-307 follows the report of the Securities...more

Debt Dialogue: August 2017 - Admitting an Inability to Pay Debts as They Become Due: What Does It Mean?

Among the litany of events of defaults often found in indentures and other credit documents is an issuer’s admission in writing of its inability to pay its debts as they come due. Like other insolvency events of default, this...more

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Cybersecurity

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