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Securities Regulation Securities and Exchange Commission (SEC)

Katten Muchin Rosenman LLP

A CAT-astrophic Funding Model? Court Sends SEC Back to the Drawing Board

The US Court of Appeals for the Eleventh Circuit (Eleventh Circuit) recently vacated the Securities and Exchange Commission’s (SEC) 2023 funding order for the Consolidated Audit Trail (CAT) (the 2023 Funding Order), stayed...more

Katten Muchin Rosenman LLP

Liquid Staking Clears the Howey Hurdle

The Securities and Exchange Commission’s (SEC) Division of Corporation Finance issued a staff statement expressing its views that certain liquid staking activities fall outside the federal securities laws....more

Troutman Pepper Locke

SEC Launches AI Task Force

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On August 1, the Securities and Exchange Commission (SEC) announced the formation of a new task force dedicated to harnessing artificial intelligence (AI) to enhance innovation and efficiency across the agency. This...more

Bracewell LLP

Derivatives and Securities Dealers' Pre-Hedging of Client Trades Faces Potential New Rules

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Derivatives and securities dealers and some of their market users are locked in a potentially consequential debate over what legal standards should be adopted to govern pre-hedging (also called “pre-positioning” or...more

Freiberger Haber LLP

Enforcement News: The Custody Rule

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The Custody Rule provides that “it is a fraudulent, deceptive, or manipulative act, practice or course of business within the meaning of section 206(4) of the [Advisers] Act … for [a registered investment adviser] to have...more

Troutman Pepper Locke

SEC’s “Project Crypto:” A Step Toward On-Chain Financial Markets

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On July 31, the Securities and Exchange Commission (SEC) Chairman Paul Atkins (Chair Atkins) presented “Project Crypto,” an initiative aimed at positioning the U.S. as the global leader in the digital finance world. In his...more

Lowenstein Sandler LLP

Democratization of VC funds

At least once or twice per year, a prospective client will call with the greatest new idea—launch a venture fund for everyone. Open up potential fundraising by appealing to moderate-income people. Why hasn’t anyone thought of...more

Fenwick & West LLP

Securities Law Update - August 2025

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Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more

Troutman Pepper Locke

Senate Banking Committee Releases Draft Digital Asset Market Structure Bill and Request for Information

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Since the House passed the CLARITY Act on July 17, the U.S. Senate Banking Committee, which has oversight of the Securities and Exchange Commission (SEC), has been busy working on its own version of the U.S. crypto regulatory...more

Seward & Kissel LLP

SEC No-Action Relief Clears Operational Hurdles for Broker-Dealers Handling ETFs with Foreign Holdings

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Who may be interested: Exchange-Traded Funds, Broker-Dealers, Registered Investment Companies, Registered Investment Advisers, Compliance Staff, Boards of Directors - Quick Take: The Securities and Exchange Commission (the...more

Morrison & Foerster LLP

SEC Permits In-Kind Creations and Redemptions for Crypto ETPs

On July 29, 2025, the Securities and Exchange Commission (SEC) signaled a significant policy shift, approving orders that permit in-kind creations and redemptions for crypto asset exchange-traded products (ETPs). This marks a...more

Paul Hastings LLP

Update on Crypto Market Structure Legislation: Senate Banking Draft and CLARITY Act

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The Senate Banking Committee, which has jurisdiction over the SEC, released its long-anticipated digital asset market structure legislation, titled the “Responsible Financial Innovation Act of 2025.” The Committee’s draft...more

Morrison & Foerster LLP

Sec Lit IQ: MoFo’s Quarterly Federal Securities Litigation and Delaware Corporate Litigation Newsletter (Q2 2025)

In our latest edition of MoFo’s quarterly federal securities and Delaware corporate litigation newsletter, we provide a rundown of select developments from the second quarter of 2025. The SEC’s New Crypto Guidance- On July...more

Whiteford

Client Alert: The New Terrain for Going Public—Strategic Insight for Capital Raisers Amid Regulatory Change

Whiteford on

Imagine a small, fast-growing tech company preparing to go public in 2025. The leadership team, relying on practices that were standard just a few years ago, drafts generic risk disclosures, leans on flexible governance...more

Cooley LLP

Corp Fin Continues to Make Reg A Offerings Easier to Conduct

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Last month, Corp Fin’s Office of Small Business Policy issued no-action relief to a company from the requirement to file an annual report on Form 1-K under Regulation A – despite the fact that the company didn’t qualify for...more

Dorsey & Whitney LLP

EDGAR Next Mandatory Compliance Deadline Is Quickly Approaching

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The September 12, 2025 deadline for EDGAR filers to complete their enrollment in the EDGAR system’s new login, password, and access protocols (these updates being referred to as “EDGAR Next”) is fast approaching.  ...more

Bass, Berry & Sims PLC

(Insider) Trading under a Rule 10b5-1 Plan

Bass, Berry & Sims PLC on

In June 2025, Terren Scott Peizer, the former chief executive officer, executive chairman and chairman of the board of directors of Ontrak, Inc. (Ontrak), was sentenced to 42 months imprisonment, ordered to pay a $5.25...more

Orrick, Herrington & Sutcliffe LLP

What Does SEC Commissioner Peirce's July 9 Statement Mean for Tokenized Securities Regulation?

Although digitized initial offerings of securities may not be novel, blockchain tokenization of existing securities is still evolving. In SEC Commissioner Hester Peirce’s July 9 statement, she emphasized that while...more

Robinson Bradshaw

SEC Guidance Increases Opportunity for 506(c) Offerings by Fund Sponsors

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On March 12, 2025, the Securities and Exchange Commission (SEC) issued a No-Action Letter (NAL) that clarified and expanded the definition of “reasonable steps” an issuer must take when making an offering under Rule 506(c)....more

Troutman Pepper Locke

SEC Whistleblower Awards Face Scrutiny as Denials Rise

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A recent article by Bloomberg Law highlighted a significant shift in the Securities and Exchange Commission’s (SEC) approach to whistleblower claims. The article, “Whistleblower Awards Slow to Trickle as SEC Raises Bar on...more

Katten Muchin Rosenman LLP

FINRA Aligns CAT Timestamp Requirements with SEC Relief and Extension to 2030

The Financial Industry Regulatory Authority (FINRA) is updating Rule 6860(a)(2) so that industry members who use time stamps more granular than nanoseconds must continue to truncate (rather than round) those time stamps at...more

Mayer Brown Free Writings + Perspectives

Further Legislation Related to Capital Formation Passes the House of Representatives

On July 21, 2025, the House of Representatives (the “House”) passed five bills relating to capital formation, in particular affecting small entities and emerging growth companies (“EGCs”). As discussed in a previous post,...more

Proskauer Rose LLP

A Securities and Exchange Commission (SEC) Analisará os Critérios de Elegibilidade para Emissores Privados Estrangeiros (Foreign...

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Empresas latino-americanas com valores mobiliários registrados nos Estados Unidos, ou que pretendem registrá-los, devem ficar atentas. A SEC (Comissão de Valores Mobiliários dos EUA) publicou um “concept release” propondo...more

Cooley LLP

The Life of Former SEC Chair (and Corp Fin Director) Manny Cohen

Cooley LLP on

Recently, I blogged about the 20 Corp Fin Directors we’ve had at the SEC (we haven’t heard yet who will be the new Corp Fin Director) – and it got me thinking about Manny Cohen, whom many of us don’t know much about since he...more

BakerHostetler

Weekly Blockchain Blog - July 2025 #2

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According to a recent press release, a major stablecoin consortium announced a new partnership with a leading international crypto exchange. The exchange has now integrated USDG and seeks to offer the stablecoin to its 60...more

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