News & Analysis as of

Securities Securities and Exchange Commission (SEC)

Goodwin

FINRA Publishes Metaverse Report and Requests Industry Comments

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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

DLA Piper

From Expert to Director: How to Navigate the Complexities and Scrutiny of Public Company Board Service

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Becoming a first-time director of a public company is a goal not easily achieved and can represent a significant personal and professional accomplishment, giving an individual a platform to share their expertise to help a...more

SEC Compliance Consultants, Inc. (SEC³)

A September Surprise: SEC Finds Gaps in MNPI Controls for CLO Manager

In the SEC’s burst of settlements at the end of its fiscal year, one case about the potential misuse of material nonpublic inside information (“MNPI”) shows just how far down in the weeds it is willing to go to prevent...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: Oct. 1 Quarterly Review

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Katten Muchin Rosenman LLP

Bitnomial Exchange Sues SEC, Challenging Agency's Authority Over XRP Futures

Bitnomial Exchange, LLC (Bitnomial), a designated contract market (DCM) registered with the Commodity Futures Trading Commission (CFTC), has launched a legal offensive against the US Securities and Exchange Commission (SEC),...more

Farella Braun + Martel LLP

Howey Test for Crypto Asset Transactions Analyzed in Recent Denial of Kraken's Motion to Dismiss in ND California

In a recent decision in SEC v. Payward, Inc. (d/b/a “Kraken”), Judge Orrick of the Northern District of California denied Kraken's motion to dismiss the SEC's suit against it. In its complaint, the SEC alleges that Kraken...more

Perkins Coie

Does Withholding of Taxes for an RSU Vesting Require Item 703 Disclosure?

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Item 703 of Regulation S-K requires, among other things, tabular disclosure of any purchase made by an issuer of shares that are registered under Section 12 of the Exchange Act. In our regular review of 10-K and 10-Q Item 703...more

Seward & Kissel LLP

SEC Charges Crypto Firm with Custody Rule Violations and Misleading Fund Investors on the Timing of Redemption Notices

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On September 3, 2024, the U.S. Securities and Exchange Commission (the “SEC”) announced settled charges against Galois Capital Management LLC (“Galois”), a Florida-based former registered investment adviser, for failing to...more

DLA Piper

Blockchain and Digital Assets News and Trends - September 2024

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This monthly bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets....more

A&O Shearman

Western District Of Texas Dismisses Putative Securities Class Action Against Cryptocurrency Exchange For Lack Of Personal...

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On September 6, 2024, Judge Robert Pitman of the United States District Court for the Western District of Texas dismissed a putative securities class action against a family of corporations (“Corporate Defendants”) that,...more

Cadwalader, Wickersham & Taft LLP

SEC Approves Nasdaq Corporate Governance Rule Amendments to Cure Periods and Phase-In Schedules

On August 26, 2024, the U.S. Securities and Exchange Commission (SEC) issued an order approving  proposed amendments by The Nasdaq Stock Market LLC (Nasdaq) to clarify and modify the phase-in schedules for certain corporate...more

Jackson Lewis P.C.

Failure to Safeguard, Two Cyber Intrusions, and an $850,000 SEC Settlement

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Virtually all organizations have an obligation to safeguard their personal data against unauthorized access or use. Failure to comply with such obligations can lead to significant financial and reputational harm. In a...more

Proskauer - Whistleblower Defense

SEC Announces Slew of Enforcement Actions Regarding Whistleblower Protection Rule

The SEC recently announced the settlement of multiple enforcement actions for violations of its whistleblower protection rule, which prohibits “any action to impede an individual from communicating directly with the...more

Cohen & Gresser LLP

Upcoming Changes to Schedule 13G Reporting

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So long ago that it may have slipped from memory, the U.S. Securities and Exchange Commission (“SEC”) adopted changes to the regime for reporting beneficial interests in publicly traded equity securities on Schedule 13G. The...more

Proskauer - Corporate Defense and Disputes

Court Upholds SEC’s Victory in “Shadow Trading” Case

A federal court in California refused to grant a judgment or a new trial to a defendant who was found to have engaged in insider trading when he purchased securities of one company based on material nonpublic information...more

Mayer Brown Free Writings + Perspectives

SEC Filing Fees

The Securities and Exchange Commission recently announced that the fees that registrants pay to register their securities with the SEC will increase from $147.60 per million dollars to $153.10 per million dollars, effective...more

Seward & Kissel LLP

SEC Settles Charges with a Publicly Traded Company and its Controlling Shareholder for Not Disclosing Pledge of Company’s...

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Who may be interested: Board of Directors; Registered Investment Advisers; Registered Investment Companies; Broker-Dealers; Transfer Agents; Compliance Staff - Quick Take: The SEC announced that it settled charges against...more

Foley & Lardner LLP

Unlocking the Power of Equity-Based Incentive Compensation: An Overview of Incentive Stock Options (ISOs)

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This article is the third in our series on equity-based compensation intended to assist employers with answering a common question: What type of equity compensation award is best for our company and our employees?...more

K&L Gates LLP

Shedding Light on "Shadow Trading" and What Companies Should Do Now

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The concept of insider trading under the federal securities laws has evolved over the years, at times in unexpected ways. Current insider trading standards have developed through case law and administrative actions applying...more

Katten Muchin Rosenman LLP

Selection of Gov. Walz as VP Harris's Running Mate Triggers Federal Pay-to-Play Restrictions on Investment Advisers and Other...

Vice President Kamala Harris's selection of Minnesota Gov. Tim Walz as her running mate imposes restrictions on campaign contributions to the Harris-Walz campaign by federally registered investment advisers (RIAs), exempt...more

Foley Hoag LLP

TIC Form SHL-Reporting of Foreign Holdings of U.S. Securities Due August 30, 2024

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Form SHL is a five-year mandatory benchmark survey filing commissioned by the Department of the Treasury and administered by the Federal Reserve Bank of New York (“FRBNY”) applicable to all U.S.-resident issuers with foreign...more

Seward & Kissel LLP

SEC v. Binance: BUSD, BNB, and Simple Earn—a Closer Look

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On June 28, 2024, in SEC v. Binance Holdings Limited, et al., the U.S. District Court for the District of Columbia issued a Memorandum Opinion & Order on the defendants’ motions to dismiss the SEC’s charges against them. ...more

Alston & Bird

Navigating AI-Related Disclosure Challenges: Securities Filing, SEC Enforcement, and Shareholder Litigation Trends

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Companies’ accelerating reliance on artificial intelligence (AI) means heightened Securities and Exchange Commission (SEC) and shareholder plaintiff scrutiny. Our Securities Litigation Group underscores what companies need to...more

Goodwin

Stablecoins Unlikely to Be Subject to the SEC’s Jurisdiction

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The recent decision in Securities and Exchange Commission v. Binance Holdings Limited et al (Binance) has cast further doubt on the Securities and Exchange Commission’s (SEC’s) pursuit of jurisdiction over stablecoins....more

K&L Gates LLP

SEC Initiates Sweep of Adviser on T+1 Compliance

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Over the last week, several registered investment advisers have received examination letters, issued from both the Securities and Exchange Commission’s national office in Washington, D.C., and from at least one regional...more

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