On April 5, 2014, after an eight-day trial and a few hours of deliberation, a federal jury entered a verdict for the US Securities and Exchange Commission (SEC) and found that Matthew Panuwat had engaged in insider trading...more
The U.S. District Court for the Central District of California held on January 7, 2022 that the federal securities laws do not apply to U.S. transactions in unlisted, unsponsored American Depositary Receipts (“ADRs”) for a...more
The changes will have implications for the growing secondary market for non-listed securities. On September 16, 2020, the US Securities and Exchange Commission (SEC) adopted amendments to Rule 15c2-11 (the amended Rule) of...more
Compounding the Bank of England’s decision to slash interest rates to 0.25%, the UK Government sent a message loud and clear today that it is braced - yet prepared - for the potentially devastating (but temporary) impact of...more
The Securities and Exchange Commission (the "Commission") and the staff of its Division of Investment Management (the "Staff") have recently taken two actions that may prove beneficial to registered funds and business...more
On October 17, 2019, the staff of the Division of Investment Management (the “Staff”) of the US Securities and Exchange Commission issued guidance regarding an unlisted business development company’s (BDC) repurchase...more
The Situation: In 2017, French authorities amended laws to permit the use of blockchain, or distributed ledger technology ("DLT"), for trading nonlisted securities. The Result: The regulation governing the use of DLTs and...more
In a recent case, the Second Circuit court decided that a Securities Exchange Act Section 10(b) action could be brought because the transaction at issue had sufficient connections to the United States to constitute a...more
The Situation: French authorities intend to amend securities laws to permit the use of blockchain technology. In March 2017, the French Treasury launched public consultation relating to the use of such technology and its...more
The Second Circuit held recently that putative securities class actions involving transactions in non-U.S.-listed foreign securities require careful scrutiny to determine whether the class members' claims can be litigated on...more