News & Analysis as of

Securities and Exchange Commission (SEC) Institutional Investors Retail Investors

Seyfarth Shaw LLP

Retail Money, Institutional Risks: The New Dynamic in Private Equity

Seyfarth Shaw LLP on

Private equity (PE) sponsors are increasingly seeking to broaden their investor base by offering retail access to traditionally institutional-only funds. Recently, statements by the SEC indicated the SEC staff will no longer...more

Goodwin

FINRA Proposes to Add ‘Knowledgeable Employees’ to Category of Persons Who May Receive Projections and Targeted Returns Under Rule...

Goodwin on

This amendment builds on FINRA’s recent willingness to relax the prohibition on the use of projections and targeted returns in the marketing materials broker-dealers deliver to institutional investors and qualified...more

Barnea Jaffa Lande & Co.

Crypto as a Security – Applying the Howey Test

A US court recently handed down a landmark ruling addressing the question of whether the crypto token XRP falls under the definition of “security”. The US court ruled that the same crypto token may be classified differently...more

BCLP

How narrow will the 10b5-1 Safe Harbor become? Business community calls for major changes to SEC’s proposals

BCLP on

The comment period for the SEC’s proposed amendments to Rule 10b5-1 expired on April 1, 2022. A review of some representative submissions generally showed strong support from institutional and retail investors. ...more

Carlton Fields

Shortened Settlement Cycle Sprouts at SEC (T+1 for T+2)

Carlton Fields on

Rule changes recently proposed by the SEC would shorten the time within which most securities transactions effected by a broker-dealer must be settled. Specifically, most settlements would be required to occur by the first...more

Kilpatrick

New FINRA Filing Requirements for Private Placement Recommendations; More Private Offering Regulatory Restrictions Likely

Kilpatrick on

FINRA Rules - On July 15, 2021, FINRA announced that it has updated its rules regarding the offering of private placement securities to expand the existing requirement that each broker-dealer that issues and/or sells a...more

Mayer Brown Free Writings + Perspectives

SEC Chair Comments on Investor Advisory Committee Priorities

Securities and Exchange Commission Chair Jay Clayton gave opening remarks in connection with the Investor Advisory Committee meeting. The Committee’s meeting agenda includes a discussion of whether and how investors use...more

Perkins Coie

Blockchain Week in Review - September 2019

Perkins Coie on

U.S. Developments - VanEck and SolidX to Offer Bitcoin ETF to Qualified Institutional Buyers - On September 3, 2019, VanEck Securities Corp. and SolidX Management LLC announced that they are seeking to use Rule 144A of...more

Broker-Dealer Compliance + Regulation

FAQs about the FINRA Communication Rules

Understanding Financial Industry Regulatory Authority, Inc. Rule 2210, Communications with the Public - What is Rule 2210, and what does it require? - Rule 2210 governs three categories of “communications” by FINRA member...more

Broker-Dealer Compliance + Regulation

Twenty-Three Years Later, One Day Shorter: SEC Proposes T+2 Rule Amendment

Twenty-three years after adopting Rule 15c6-1 under the Securities Exchange Act of 1934 (“Exchange Act”) to establish T+3 as the standard settlement cycle for broker-dealer transactions, on September 28, 2016, the SEC...more

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