The SEC has previously provided guidance on the filing of annual and supplemental reports required under Rule 17a-5 or Rule 17a-12 by broker-dealers or over-the-counter derivatives dealers on the SEC EDGAR system. However,...more
1/31/2017
/ Annual Reports ,
Broker-Dealer ,
Derivatives ,
EDGAR ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
No-Action Letters ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
The SEC has published a white paper describing the types of Regulation A+ offerings to date. Facts published include:
As of October 31, 2016, prospective issuers have publicly filed offering statements for 147 Regulation...more
The SEC announced that Equidate Inc. agreed to settle charges that it violated federal securities laws by failing to register security-based swaps that were offered and sold online to shareholders in pre-IPO companies....more
The CFPB issued a bulletin warning supervised financial companies that creating incentives for employees and service providers to meet sales and other business goals can lead to consumer harm if not properly managed....more
Something must be afoot inside the Beltway, because Sen. Sherrod Brown (D-OH) and Rep. Maxine Waters (D-CA) sent a letter to Senate and House leaders stating they will oppose ideological policy riders to year-end funding...more
Insights into an SEC composed of Trump appointees can be gleaned from Financial Services Committee Chairman Jeb Hensarling’s (R-TX) opening statements at a committee hearing on SEC oversight, with testimony by outgoing SEC...more
11/16/2016
/ Administrative Appointments ,
Capital Formation ,
Crowdfunding ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Fixing America’s Surface Transportation Act (FAST Act) ,
JOBS Act ,
Mutual Funds ,
Presidential Elections ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Startups ,
Trump Administration
The CFTC approved a final rule amending a CFTC regulation addressing the timing for filing chief compliance officer annual reports for certain registrants.
The final rule amends CFTC regulation 3.3 to provide futures...more
The SEC recently revised Rule 504 of Regulation D to increase the amount of securities that can be offered in any 12-month period from $1,000,000 to $5,000,000. Among other things, Rule 504 allows companies to solicit or...more
The SEC has adopted final rules to modernize intrastate securities offerings under Rule 147, adopted new Rule 147A to broaden the availability of the existing safe harbor for intrastate securities offerings and amended Rule...more
10/27/2016
/ Crowdfunding ,
Exemptions ,
Financial Institutions ,
Financial Markets ,
Public Offerings ,
Regulation D ,
Rule 147 ,
Rule 504 ,
Safe Harbors ,
Securities ,
Securities Act ,
Securities and Exchange Commission (SEC) ,
Transacting Intrastate Business
SEC staff in the Office of Compliance Inspections and Examinations are examining compliance with key whistleblower provisions arising out of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The staff is...more
Three federal banking regulatory agencies have approved an advance notice of proposed rulemaking (ANPR) inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply...more
10/20/2016
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Bank Holding Company ,
Comment Period ,
Cyber Attacks ,
Cybersecurity ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
OCC ,
Risk Management
We are thrilled to bring you the third installment of Stinson Leonard Street's Emerging Trends newsletter. We are proud of the depth and breadth of experience and knowledge across our firm's 13 offices nationwide and are...more
10/17/2016
/ Acquisitions ,
Americans with Disabilities Act (ADA) ,
Automotive Industry ,
CFTC ,
Chemicals ,
Class Action ,
Confidentiality Agreements ,
Connected Cars ,
Controlling Stockholders ,
Covered Entities ,
Cybersecurity ,
Cybersecurity Framework ,
Data Retention ,
Department of Justice (DOJ) ,
Disability Discrimination ,
Disgorgement ,
Dodd-Frank ,
Drinking Water ,
Driverless Cars ,
Employee Training ,
Enforcement Actions ,
Entire Fairness Standard ,
Fiduciary Duty ,
Financial Institutions ,
Geolocation ,
Incident Response Plans ,
Mergers ,
Mobile Apps ,
New Amendments ,
Niantic Inc. ,
Nintendo ,
NYDFS ,
OEHHA ,
OSHA ,
Pokemon ,
Proposition 65 ,
Public Nuisance ,
Regulatory Oversight ,
Risk Management ,
Safe Harbors ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Severance Agreements ,
Smartphones ,
Statute of Limitations ,
Technology ,
Teva Pharmaceuticals ,
Third-Party Service Provider ,
Toxic Chemicals ,
Toxic Exposure ,
Vendors ,
Video Games ,
Virtual Reality ,
Warning Labels ,
Website Accessibility ,
Websites ,
Whistleblowers
As has been rumored in recent weeks, the CFTC has adopted an order establishing December 31, 2018 as the swap dealer registration de minimis threshold phase-in termination date. With this approval, the de minimis threshold...more
I previously discussed an SEC Investor Alert which said fantasy stock trading for small amounts of money can violate provisions of securities laws implemented by the Dodd-Frank Act. According to the SEC, the terms “swap,”...more
10/14/2016
/ Civil Monetary Penalty ,
ETFs ,
Fantasy Sports ,
Financial Institutions ,
Financial Markets ,
Football ,
Mobile Apps ,
Mobile Devices ,
Online Gaming ,
Popular ,
Securities ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Sports Gambling ,
Stocks ,
Swaps
On two successive days, the SEC brought settled enforcement actions against issuers for failure to report sales of unregistered securities. Under Item 1.01 of Form 8-K, a registrant must disclose its entry into a material...more
9/28/2016
/ Common Stock ,
Enforcement Actions ,
Financial Institutions ,
Financial Markets ,
Form 10-Q ,
Form 8-K ,
Regulation S-K ,
Reporting Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Unregistered Securities
In the first action of its kind, the SEC has temporarily suspended the Tier 2 Regulation A+ offering of Med-X, Inc. The $15 million continuous offering of common stock was qualified by the SEC on November 3, 2015. ...more
Under current CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are required to register with the CFTC as swap dealers during the phase-in period...more
The Minnesota Department of Commerce recently conducted a series of routine exams of investment adviser firms registered in Minnesota to analyze their compliance with certain regulations applicable to investment advisers. ...more
The SEC has adopted final rules requiring investment advisers to provide additional information on Form ADV and other matters.
The final rules:
- require information about an investment adviser’s separately managed...more
8/25/2016
/ Filing Requirements ,
Final Rules ,
Financial Institutions ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
Registration ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Umbrella Registration
The SEC has approved a series of FINRA rules that are meant to simplify regulation of firms engaged as M&A brokers and those who conduct other limited activities. While the rules may be simpler, it still looks like a...more
In its third rulemaking in two days without holding a meeting, the SEC proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans. The...more
The States of Montana and Massachusetts had previously challenged Regulation A+’s preemption of state securities registration and qualification requirements in Tier-2 offerings. The United States Court of Appeals for the...more
House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled details of the Financial CHOICE Act – the Republican plan to replace the Dodd-Frank Act and promote economic growth. CHOICE stands for Creating Hope...more
6/7/2016
/ Chevron Deference ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
FSOC ,
Insider Trading ,
MSRB ,
PCAOB ,
Proposed Legislation ,
Regulatory Oversight ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
SIFIs
The Board of Governors of the Federal Reserve System is inviting comment on a proposed rule to promote U.S. financial stability by improving the resolvability and resilience of systemically important U.S. banking...more
The Financial Stability Oversight Council, or FSOC, released an update of its review of asset management products and activities. The statement notes that its review of the use of leverage in the hedge fund industry suggests...more