EDT
The SEC published a Framework for Investment Contract Analysis of Digital Assets on April 3, 2019. The analysis provides guidance for applying the Howey test to digital assets to determine if they are investment contracts or securities. The test was created in the 1946 U.S. Supreme Court case, SEC v. W.J. Howey Co.   The Howey test […]
EDT
Beginning January 19, 2019, OTC Markets will begin to require all U.S. OTCQB and OTCQX companies to give verified share data through the services of a transfer agent participating in their Transfer Agent Verified Shares Program. Through their program, transfer agents can provide regular and up-to-date information on a company’s authorized and outstanding shares. Transfer agents […]
EDT
President Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act into law on May 24, 2018. He remarked that this bill had reforms that “are critical to helping all Americans thrive and to prosper.” The bill was first introduced by Senator Mike Crapo (R-ID). The bill contains six titles relating to: consumer access […]
EDT
In June of 2018 the Securities and Exchange Commission (SEC) released a draft strategic plan that prioritized investors, innovation, and performance. The plan will guide the SEC’s actions and goals through 2022. The plan is in accordance with the Government Performance and Results Modernization Act of 2010, which mandates that all federal agencies outline missions […]
EDT
Spotify recently drew attention from a controversial decision to go public without an initial public offering (IPO) in April. Spotify said they wanted to go public this way, through a direct listing or direct public offering (DPO), because the company could provide equal access to both buyers and sellers, while making the entire process more […]
EDT
The House of Representatives recently passed H.R. 4263 on March 15, 2018, titled the Regulation A+ Improvement Act. Regulation A+ is comprised of two separate tiers regarding offerings, titled Tier 1 and Tier 2. Both of these tiers detail several minimum requirements, that include issuer eligibility and disclosure requirements. Regulation A+ allows companies to raise […]
EDT
In August of 2016, the SEC adopted the proposed amendments to the Investment Advisers Act, in addition to the investment adviser registration and reporting form, commonly known as Form ADV. These changes were designed to provide the public with additional information and disclosures, help investment advisers have more efficient reporting, and allow the SEC to […]
EDT
On November 7th, the OTC Markets Group released a new stock promotion policy. This policy aims to improve the overall market transparency for investors, while addressing the issue of misleading, manipulative, or fraudulent stock promotion. Market Transparency and Fraudulent Promotional Campaigns The wide use of digital media has allowed companies to interact and reach investors […]
EDT
After the Uniform Law Commission’s Revised Uniform Unclaimed Property Act (RUUPA) was released many states have proposed bills that relate to unclaimed property and escheatable assets. This includes Utah Senate Bill 175, which was recently proposed and contravenes the regulations established by RUUPA. Revised Uniform Unclaimed Property Act (RUUPA) RUUPA was approved by the Uniform […]