On April 8, 2025, then Acting Chairman Mark T. Uyeda of the U.S. Securities and Exchange Commission (“SEC”), highlighted in remarks before the Annual Conference on Federal and State Securities Cooperation two areas where...more
FINRA’s Office of Financial Innovation published a report on “The Metaverse and the Implications for the Securities Industry” to raise awareness among its member firms and the broader securities industry and seek industry...more
The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more
On August 24, 2023, the United States Court of Appeals for the Second Circuit (the "Court") upheld the District Court's ruling in Kirschner v. JPMorgan Chase Bank, N.A. that notes issued as part of a refinancing transaction...more
On April 6, the California Department of Financial Protection and Innovation (DFPI) joined a multi-state settlement with a securities brokerage company stemming from an investigation spearheaded by state securities regulators...more
The North American Securities Administrators Association (NASAA), a non-governmental organization that recommends securities regulations for state adoption, has published proposed rules that would limit the ability of...more
Regulatory Developments - CFPB Announces Supervision of Nonbanks and Seeks Comment on Risk-Determination Procedures - On April 25, the CFPB announced its intention to supervise nonbanks, including fintechs, whose...more
State securities regulators have long expressed reservations about the use of the expungement remedy. Recently, we have observed a marked increase in the use of alternative (read: aggressive) efforts by states to impact the...more
On April 13, 2022, the Texas State Securities Board and Alabama Securities Commission issued separate emergency cease and desist orders (C&Ds) against Sand Vegas Casino Club and its two co-founders (Respondents). The C&Ds...more
In the non-fungible tokens (NFT) space, many have focused their attention on how the Securities and Exchange Commission (SEC) may view these digital assets. However, state laws are important, as well, as evidenced by recent...more
On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (“Independent”). The TSSB’s action may...more
The white collar bar “got together” for a virtual discussion on the current landscape of the practice on September 23, 2020. Hosted by Practising Law Institute (PLI), the White Collar Crime 2020: Prosecutors and Regulators...more
A number of New England securities regulators have issued orders or guidance modifying key provisions of their regulations in light of the COVID-19 pandemic. New England securities regulators, in particular, have provided...more
As anticipated, 2020 has seen a number of fiduciary and best interest advice regulations advance at both the federal and state levels. Firms subject to these regulations face challenges in dealing with rules that impose a...more
Recently, the Massachusetts Securities Division made public its proposed final fiduciary duty rule (the “Proposed Rule”). The MSD has requested public comment concerning the Proposed Rule by January 7, 2020....more
The North American Securities Administrators Association (NASAA) is a century old organization that represents state and provincial securities regulators in Canada, Mexico and the United States. Although the states were first...more
If your company plans to raise money by selling stock or convertible notes (also known as “securities”), then your company must comply with federal and state securities laws. If not, the company and its promoters could become...more
Although the price of Bitcoin is down nearly 80 percent since January, there continues to be tremendous interest in digital currencies and assets (sometimes referred to as “cryptocurrencies”), and in the potential benefits of...more
The Congressionally-mandated amendment aims to ease the disclosure burdens of private companies that grant compensatory stock to employees. Grants of securities to employees, including stock options, restricted stock and...more
BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more
On Monday, the Securities and Exchange Commission (SEC) announced it had obtained a court order suspending AriseBank’s (Arise) initial coin offering (ICO) whose public sale began in late December. According to the SEC, Arise...more