A federal jury in Los Angeles recently convicted the former CEO of Ontrak Inc. (a publicly traded company), Terren Peizer, for engaging in an insider trading scheme using Rule 10b5-1 trading plans. The insider trading...more
On February 6, the SEC announced its adoption of rules expanding application of the Securities Exchange Act of 1934 (the Exchange Act) to require market participants that “take on significant liquidity-providing roles” to...more
The United States Securities and Exchange Commission’s Division of Examinations announced its examination priorities for fiscal year 2024 on October 16, 2023. The timing of the announcement is significant because it is the...more
On July 5, 2023, the D.C. Circuit Court of Appeals issued an injunction that raises a challenge to FINRA’s authority to use FINRA-appointed hearing officers to conduct enforcement proceedings. The injunction enables Alpine...more
It’s not just the New York Yankees that wish they could put the summer behind them. We previously wrote about the shocking blow the D.C. Circuit Court of Appeals dealt FINRA in early July by enjoining the self-regulatory...more
A DC Circuit Court of Appeals challenge to a recent Financial Industry Regulatory Authority (FINRA) enforcement action brings into question whether FINRA should be held accountable to constitutional restrictions on state...more
On July 5, 2023, the D.C. Circuit Court of Appeals enjoined FINRA from expelling Alpine Securities Corp. through an expedited disciplinary proceeding following an emergency motion for an injunction pending appeal. The...more
The New Self-Regulatory Organization of Canada (“New SRO”) changed its name to “Canadian Investment Regulatory Organization” (“CIRO”) on June 1, 2023. The former Investment Industry Regulatory Organization of Canada...more
The Canadian Securities Administrators (CSA) recently released their 2022 Annual Activities Report (Report) summarizing their key oversight activities and assessments of self-regulatory organizations (SROs) and investor...more
REGULATORY UPDATES - Recent SEC Leadership Changes - On January 10, 2023, the Securities and Exchange Commission (the “SEC”) announced the appointment of Cristina Martin Firvida as director of the Office of the Investor...more
On March 22, the SEC proposed amendments intended to “modernize” filing procedures through the use of electronic filings on EDGAR using structured data as appropriate....more
The latest delay for the FINRA Rule 4210 amendments regarding covered agency transactions —originally approved in the summer of 2016—should serve as a cautionary tale regarding the outer limits of self-regulatory organization...more
Les litiges en valeurs mobilières au Canada évoluent de façon à tenir compte des modifications apportées tant au droit civil qu’au droit réglementaire. Il est important que les entreprises restent à l’affût de ces...more
Securities litigation in Canada continues to be informed by changes in both civil and regulatory law. It is important for businesses to stay informed of changes to limit their exposure to potentially contentious matters...more
On September 29, 2022, the members of the Mutual Fund Dealers Association of Canada (MFDA) and of the Investment Industry Regulatory Organization of Canada (IIROC) announced that they have approved the amalgamation of their...more
A few months ago, a large shampoo Company advertisement was published in Greek media (both on TV and οn social media), in which members of the Greek LGBTQ+ community starred. Through the campaign, the Company praises...more
Canadian Securities Administrators (CSA) issue a request for comments on draft documents related to the proposed amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers...more
On March 28, the Securities and Exchange Commission (SEC) proposed rules (Proposal) that would require certain market participants to register as broker-dealers or government securities dealers, and potentially be subject to...more
In a recent interview with CNBC, FINRA Chair Eileen Murray forcefully made the case for increased government regulation of environmental, social and governance (ESG) disclosures by public companies. Citing concerns with the...more
The first 10 years of the U.S. Securities and Exchange Commission's Rule 15c3-5, known as the market access rule, have been a textbook example of the principle of regulation by enforcement, resulting in an informal patchwork...more
Le 3 août 2021, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont annoncé leur intention de regrouper l’Organisme canadien de réglementation du commerce des valeurs mobilières (l’« OCRCVM ») et l’Association...more
On August 3, 2021, the Canadian Securities Administrators (CSA) announced that it intends to consolidate the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada...more
The Second Circuit reemphasized that conclusory allegations that a transaction took place in the United States will not pass muster under Morrison. On March 4, 2021, the Second Circuit issued a Summary Order affirming...more
Le Groupe de travail sur la modernisation relative aux marchés financiers de l’Ontario (le « groupe de travail ») a récemment soumis au ministre des Finances de l’Ontario son rapport final (le « rapport »), qui modifie et...more
The Ontario Capital Markets Modernization Taskforce (Taskforce) recently delivered its final report (Report), which updates and expands on the recommendations contained in its July 2020 initial consultation report (Initial...more