News & Analysis as of August 21, 2025

Securities Exchange Act › Venture Capital

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

Second Circuit Upholds Dismissal Of Federal Securities Law Claims Against Cryptocurrency Trading Platform Operator

A&O Shearman on 3/12/2025

On February 26, 2025, the United States Court of Appeals for the Second Circuit affirmed the dismissal of federal securities claims against the developers of a decentralized cryptocurrency exchange and the exchange’s venture...more

Marketing Private Funds to U.S. Investors — A Practical Guide for Asia-Based Managers

Morrison & Foerster LLP on 7/6/2023

As the private equity (“PE”) and venture capital (“VC”) funds industry grows and matures in Asia, managers are increasingly looking to market interests in their funds to U.S.-based investors. However, many Asia-based managers...more

The 'New' M&A Broker-Dealer Exemption

Fox Rothschild LLP on 7/5/2023

The bane of every start-up company is the never-ending quest to raise capital for its operations. Newly (and not so new) formed companies seemingly would do anything to raise funds. Over the course of many decades, these...more

Exempt Reporting Advisers Faced Significantly More SEC Enforcements in 2022

Goodwin on 1/27/2023

The Securities and Exchange Commission (SEC) brought an unusually high number of enforcement actions against exempt reporting advisers in 2022 — that appears to be more than the prior three years combined and a record number...more

Treasury Issues Final Rule on Disclosure of Beneficial Ownership

Rivkin Radler LLP on 9/30/2022

In an effort to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, the United States Department of the Treasury just issued a final rule [RIN: 1506-AB49]. ...more

Fund Adviser Exemptions Primer– Redux

Fox Rothschild LLP on 3/9/2021

I never find it boring to review the investment adviser exemptions for private fund managers. Apparently, I am not the only one since this is a question we frequently field. Initially, private fund manager investment...more

SEC Proposes Conditional Broker Exemption For Finders

Lowenstein Sandler LLP on 10/20/2020

What You Need To Know: •The SEC proposes to exempt two types of Finders from broker-dealer registration pursuant if they satisfy certain conditions. •Tier I Finders may provide potential investors’ contact information to...more

Third Circuit Clarifies Board Observers Are Not Subject to Section 11 Liability

Troutman Pepper Locke on 8/29/2019

It is common for investors in venture capital and private equity transactions, and in other investment arrangements, as a condition to their investment, to have rights to appoint board observers when director representation...more

SEC Provides Guidance on Venture Capital Fund Advisers Exemption

Stinson - Corporate & Securities Law Blog on 9/28/2015

Investment advisers to venture capital funds are exempt from registration under the Investment Advisors Act if certain requirements are met. Amongst those requirements is that certain investments be made in qualifying...more

"Corporate Finance Alert: SEC Adopts Regulation A+ to Provide New Exemption for Smaller Capital-Raising Transactions"

Skadden, Arps, Slate, Meagher & Flom LLP on 4/2/2015

On March 25, 2015, the U.S. Securities and Exchange Commission (SEC) adopted the final rules for the new Regulation A+ exemption, which will permit eligible issuers to conduct securities offerings of up to $50 million without...more

Crowdfunding Part 3(B): Alternatives— Accredited Crowdfunding Platform #1

Chambliss, Bahner & Stophel, P.C. on 8/13/2013

We’ve been talking about crowdfunding for a while now, and we’ve started discussing alternatives to the crowdfunding exemption in Title III of the JOBS Act because that exemption is technically not final yet. Last time we...more

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Securities Exchange Act › Venture Capital

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