What is PISCES? The Private Intermittent Securities and Capital Exchange System (PISCES) is a UK government–backed initiative designed to enable private companies to offer and trade their existing shares in a controlled,...more
In July 2017, the SEC issued its landmark DAO Report, which clarified, among other things, its view that digital tokens with characteristics akin to those of an "investment contract" as established in SEC v. W.J. Howey Co....more
On July 18, 2018, the SEC ramped up its oversight of alternative trading systems (“ATSs”) by adopting a series of rule amendments imposing public disclosure requirements on ATSs that trade NMS (“National Market System”)...more
On November 18, the Securities and Exchange Commission proposed a rule to enhance operational transparency and regulatory oversight of alternative trading systems (ATSs) that trade stocks listed on a national securities...more