In connection with annual compliance manuals reviews and the conclusion of Form ADV season, firms should consider updating for compliance with amended Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act....more
On January 26, 2022, the Securities and Exchange Commission (the “SEC”) approved a proposal to amend Form Private Fund (“Form PF”) to (i) require additional reporting from advisers to large hedge funds and private equity...more
2/14/2022
/ Comment Period ,
Financial Regulatory Reform ,
Form PF ,
Hedge Funds ,
Investment Adviser ,
Private Equity ,
Private Funds ,
Proposed Amendments ,
Regulatory Agenda ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On November 9, 2021, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (the “Division”) released a Risk Alert regarding various compliance issues for investment advisory firms offering robo-advisory...more
Thoughts on Recent SEC statements and Action on Enforcement Related to Decentralized Autonomous Organizations (DAO) -
On November 10, 2021 the US Securities and Exchange Commission (the SEC) announced that it had halted...more
On Tuesday, April 20, 2021, the House of Representatives passed the Eliminate Barriers to Innovation Act of 2021 (the “Act”). The Act was initially introduced in March with an overarching aim to clarify the roles of the...more
4/28/2021
/ Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Innovative Technology ,
Jurisdiction ,
Legislative Agendas ,
Regulatory Agenda ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Virtual Currency ,
Working Groups
On April 14, 2021, the U.S. Senate confirmed Gary Gensler as the new Chair of the U.S. Securities and Exchange Commission. Over the last few years the SEC has taken an assertive position in considering many digital assets to...more
4/26/2021
/ Administrative Agencies ,
Administrative Appointments ,
Biden Administration ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
ETFs ,
Regulatory Agenda ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Senate Confirmation Hearings
For each of the past nine years, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (previously called the Office of Compliance Inspections and Examinations, or OCIE, and hereinafter referred to as...more
On November 2, 2020, the Securities and Exchange Commission (“SEC”) adopted final rules under the Securities Act of 1933 (the “Securities Act”) expanding a number of private placement exemptions. The amendments were adopted...more
11/17/2020
/ Capital Raising ,
Crowdfunding ,
EDGAR ,
Harmonization Rules ,
Investment Opportunities ,
Regulation A ,
Regulation CF ,
Regulation D ,
Rule 504 ,
Rule 701 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Small Offering Exemptions ,
Testing-the-Waters Communications
The U.S. Securities and Exchange Commission (the “SEC”) recently proposed a new, conditional exemption from registration as a broker for individuals who are “finders” that connect accredited investors with issuers looking to...more
On August 12, the SEC’s Office of Compliance Inspections and Examinations released a Risk Alert regarding new operational, technological, commercial and other challenges and issues for investment advisers and broker-dealers...more
On June 15, Jay Clayton, the Chairman of the U.S. Securities and Exchange Commission (“SEC”) re-confirmed there will be no delay in the compliance date for Regulation Best Interest and Form CRS. In the statement, Chairman...more
U.S. Securities and Exchange (SEC) Commissioner Hester Peirce, referred to by some as “crypto mom” for her support for blockchain technology and cryptocurrency, was nominated on June 3, to serve a five-year term. Peirce is...more
With the world slowly coming out of the COVID-19 lock down and the economy hopefully on the path to recovery there have been many developments in the blockchain / crypto space over the last few weeks....more
5/19/2020
/ Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
FinTech ,
Fraudulent Investment ,
Initial Coin Offering (ICOs) ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Stock Exchange ,
Unregistered Securities ,
Virtual Currency
While the world at large shelters in place due to COVID-19 legal and regulatory activity of digital asset and the blockchain world is hopping. ...more
4/23/2020
/ Best Interest Standard ,
Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Instruments ,
Form CRS ,
FSB ,
Initial Coin Offering (ICOs) ,
Investment Fraud ,
Regulation BI ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
On June 5, 2019, the Securities and Exchange Commission (“SEC”) adopted Regulation Best Interest (“Regulation Best Interest” or “Reg BI”), which establishes a new standard of conduct under the Securities Exchange Act of 1934...more
4/19/2020
/ Best Interest Standard ,
Broker-Dealer ,
Disclosure Requirements ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Investment Adviser ,
Investment Management ,
OCIE ,
Regulation Best Interest ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Standard of Care ,
Standard of Conduct
When we started thinking about this update, less than two weeks ago, the proposal by the U.S. Securities Exchange Commission (“SEC”) to liberalize Reg A and Reg CF (as discussed below) was the biggest news on our minds…. How...more
3/19/2020
/ Bitcoin ,
Capital Raising ,
Coinbase ,
Commodities ,
Coronavirus/COVID-19 ,
Crisis Management ,
Digital Currency ,
FinTech ,
Initial Coin Offering (ICOs) ,
Investment ,
Relief Measures ,
Securities and Exchange Commission (SEC)
Many crypto entrepreneurs are seeking to build decentralized networks in which a token serves as a means of exchange on, or provides access to a function of the network. In the course of building out the network, they need...more
2/14/2020
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
De Minimus Quantity Exemption ,
Digital Currency ,
Financial Instruments ,
Financial Markets ,
FinTech ,
Initial Coin Offering (ICOs) ,
Investment Opportunities ,
IRS ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Tax Liability ,
Tax Planning ,
Token Sales ,
Virtual Currency
On January 30, 2020, the U.S. Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency, Treasury (OCC), the Board of Governors of the Federal Reserve System (“Fed”), the Federal Deposit...more
2/6/2020
/ Amended Regulation ,
Bank Holding Company Act ,
CFTC ,
Comment Period ,
Covered Funds ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Investment Companies ,
OCC ,
Ownership Interest ,
Proprietary Trading ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Standards ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Venture Capital ,
Volcker Rule ,
Wealth Management
On December 18, the U.S. Securities and Exchange Commission (“SEC”) issued a proposal to update the definition of “accredited investor” pursuant to Rule 506 of Regulation D under the Securities Act of 1933 (“Securities Act”)...more
12/23/2019
/ Accredited Investors ,
Financial Regulatory Reform ,
Investment ,
Investment Advisers Act of 1940 ,
Investment Management ,
Proposed Amendments ,
Qualified Institutional Buyers ,
Registered Investment Advisors ,
Regulation D ,
Regulatory Agenda ,
Regulatory Reform ,
Rule 144A ,
Rule 506 ,
Rulemaking Process ,
Securities Act ,
Securities and Exchange Commission (SEC) ,
Securities Regulation