Category: Securities Law

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On June 25, 2020, five agencies, including the OCC, Board, FDIC, SEC, and CFTC, adopted amendments to Section 13 of the BHC Act, also known as the Volcker Rule. OCC here refers to Department of Treasury, Office of the Comptroller of the Currency Board refers to the Federal Reserve System FDIC refers to the Federal
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On June 22, 2020, the Securities and Exchange Commission and the Antitrust Division of the Department of Justice signed an inter-agency MOU for enhancing competition in the securities industry. Assistant Attorney General Makan Delrahim of the Antitrust Division and the SEC Chairman Jay Clayton executed the historic Memorandum of Understanding. SEC Chairman Jay Clayton said
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In addition to Federal securities laws, states have their own securities regulations designed to protect investors which are referred to as Blue Sky Laws. Just like the SEC, states require securities to either be registered or exempted from registration before offering to investors of that state. Filings must be made by the issuer offering the
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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
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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
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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