News & Analysis as of September 17, 2024

Securities Exchange Act › Regulatory Oversight

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange Commission (SEC), which is the primary regulatory agency enforcing federal securities laws. less -

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

8 State AGs Argue That SEC’s Crypto Enforcement Action Is Unlawful

Troutman Pepper on 3/13/2024

On February 29, the state of Montana, supported by seven other states, filed an amicus brief arguing that the Securities and Exchange Commission (SEC) lacks authority to regulate crypto assets. The attorneys general (AG)...more

SEC Approves Spot Bitcoin ETFs; CFTC Publishes DeFi Report; FINRA Addresses Crypto Assets; Reports Provide Data on Crypto Scams

BakerHostetler on 1/16/2024

On January 10, the U.S. Securities and Exchange Commission (SEC) simultaneously approved eleven spot bitcoin Exchange Traded Funds (ETFs) on an accelerated basis based on its Order Granting Accelerated Approval of Proposed...more

SEC adopts new rules to expand public company disclosure relating to cybersecurity by year end

Eversheds Sutherland (US) LLP on 8/2/2023

On July 26, 2023, the US Securities and Exchange Commission (SEC) released final rules requiring disclosure by public companies of material cybersecurity incidents and policies and procedures related to cybersecurity risk...more

Opportunistic Credit Default Swap Strategies in the Crosshairs: SEC Finalizes Rule 9j-1

Alston & Bird on 7/25/2023

The Dodd–Frank Act continues to spawn new rules more than a decade after its passage. Our Financial Services & Products Group reviews a rule finalized 10 years after its proposal that protects security-based swaps from fraud...more

SEC Staff Issues Key Considerations on LIBOR Transition

Latham & Watkins LLP on 12/13/2021

As a major LIBOR transition milestone approaches, a Staff Statement provides key considerations for market participants regarding their obligations. On December 7, 2021, the Staff of the Securities and Exchange...more

SEC Proposes Rule Amendments Designed to Expand Access to Private Investment Opportunities

Cadwalader, Wickersham & Taft LLP on 1/23/2020

By a 3-2 vote, the Securities and Exchange Commission (the “SEC”) approved the publication of a release on December 18, 2019, generally expanding the scope of the definitions of “accredited investor” in Rule 501(a) of...more

SEC Staff Issues CF Disclosure Guidance on Confidential Treatment Requests

Skadden, Arps, Slate, Meagher & Flom LLP on 1/17/2020

In December 2019, the Division of Corporation Finance (Staff) of the U.S. Securities and Exchange Commission issued new "CF Disclosure Guidance: Topic No. 7" (Guidance) regarding confidential treatment requests pursuant to...more

SEC Issues Guidance and Interpretation Aimed at Proxy Voting

Perkins Coie on 9/3/2019

The U.S. Securities and Exchange Commission (SEC) held an open meeting on August 21, 2019, (the Open Meeting) and approved two items: (1) guidance regarding the proxy voting responsibilities of investment advisers under the...more

Two New Bitcoin ETF Proposals Pending as Cryptocurrency Markets Mature

Proskauer - Blockchain and the Law on 4/1/2019

Two recent proposals for bitcoin exchange-traded funds (“ETFs”) are vying to become the first to receive approval from the U.S. Securities and Exchange Commission (“SEC”) – one filed by CBOE BZX Exchange, Inc. (“CBOE”) and...more

ICOs – The Developing Regulatory Environment

Womble Bond Dickinson on 3/12/2019

Initial Coin Offerings, or ICOs, have emerged at the intersection of cryptocurrencies and blockchain. Compared to a traditional equity offering in the United States where a company issues stock to investors in exchange for...more

PCAOB Amends Process for Appointing and Removing its Hearing Officers

Akin Gump Strauss Hauer & Feld LLP on 3/7/2019

On January 29, 2019, the Public Company Accounting Oversight Board (PCAOB or “Board”) adopted amendments to its bylaws and rules that make the PCAOB’s appointment and removal of its hearing officers subject to the approval of...more

The Top Ten Regulatory and Litigation Risks for Private Funds in 2019

Proskauer - The Capital Commitment on 2/21/2019

An increasingly sophisticated and active OCIE division, innovative market disruptors, a maturing credit cycle, and a philosophical change in how the private fund industry views and utilizes litigation are likely to lead to...more

Federal Judge Rules Securities Laws May Cover ICOs

Proskauer - Blockchain and the Law on 9/12/2018

U.S. District Judge Raymond Dearie of the Eastern District of New York has ruled that initial coin offerings (ICOs) may be subject to securities law. The ruling came in the court’s denial of defendant Maksim Zaslavkiy’s...more

Blockchain Week in Review - July 2018 #2

Perkins Coie on 7/31/2018

U.S. Developments - Regulatory Updates - CFTC Issues Customer Advisory Urging Public to Use Caution When Buying Virtual Currencies - On July 16, 2018, the U.S. Commodity Futures Trading Commission (“CFTC”) issued...more

Regulatory Scrutiny of the ICO Market – What Fund Managers Should Know

Proskauer - The Capital Commitment on 5/1/2018

Last week, former CFTC Chairman Gary Gensler explained in remarks at M.I.T. that he believes the second and third most widely used virtual currencies—Ether and Ripple—may have been issued and traded in violation of securities...more

SEC & MSRB’s Pay-to-Play Rule: “Governing Games - Mocking, Part 2”

Burr & Forman on 8/2/2016

This SRO gamesmanship is making a mockery of governing. The latest is the SEC’s position that it didn’t take any action on the new MSRB Rules extending pay-to-play prohibitions to municipal advisors, so it can’t be sued...more

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