White & Case has supported UK Finance and the Association for Financial Markets in Europe ("AFME") on their joint response to the Financial Conduct Authority's ("FCA") consultation on the private intermittent securities and...more
Key Points - - During its 2024 term, the U.S. Supreme Court is poised to provide important guidance on the Private Securities Litigation Reform Act’s (PSLRA’s) particularity requirement in NVIDIA Corp. v. E. Ohman J:or...more
In recent years, the virtual asset industry has experienced exponential growth, bringing about innovations in digital payments, tokenisation and decentralised finance (Defi). While highly innovative, the volatile nature of...more
When it comes to estate planning, addressing all your assets should be a priority. However, certain assets require greater attention than others. For example, if your assets include unregistered securities, such as restricted...more
Decisive inorganic growth decisions by London Stock Exchange, Deutsche Börse, Nasdaq and Euronext set a furious pace for European trading venue M&A activity....more
On August 9, the Securities and Exchange Commission (SEC) sent a letter to U.S. District Judge Analisa Torres requesting leave to file an interlocutory appeal in SEC v. Ripple Labs, Inc. as to the two adverse liability...more
On July 13, the FTC issued a press release announcing that it had reached a settlement with a bankrupt crypto platform. The New Jersey based company, which filed for bankruptcy in July 2022, marketed a variety of...more
On May 1, NYDFS settled with a cryptocurrency trading platform over the company’s cybersecurity deficiencies, resulting in a consent order and $1.2 million fine for the crypto company. NYDFS alleged “multiple deficiencies in...more
Against a backdrop of near-daily enforcement actions and constant regulatory changes, Montana inched into the fray by publishing a letter calling on money transmitters to make a submission to the Montana Department of Banking...more
Since at least 2016 the IRS has been ferreting out taxpayers who failed to report their taxable gains from cryptocurrency transactions by issuing John Doe summonses to crypto exchanges and dealers. A John Doe summons enables...more
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced yesterday that they had reached settlements for over $24 million and $29 million,...more
On August 1, 2022, the New York Department of Financial Services (“DFS” or the “Department”) secured its first enforcement win against a cryptocurrency platform, Robinhood’s crypto trading arm Robinhood Crypto, LLC....more
UK & European Financial Services M&A: Sector trends H2 2021 | H1 2022 — Brokers/Corporate Finance - Marginal improvement in investor sentiment for high-quality brokers, particularly across online brokerage, crypto trading...more
Financial institutions M&A sector trends: stock exchanges/trading venues — H1 2021 and outlook for H2 2021 - Global FMI juggernauts snatch up fund platforms, trading venues and data analytics providers, under the...more
Regulators propose new regulations for virtual asset exchanges and enhanced customer identity verification requirements, and launch an innovative commercial data interchange. This blog post summarises key regulatory...more
(i) a licensing regime for virtual asset trading platforms in Hong Kong, including anti-money laundering obligations; (ii) a two-tier registration regime for dealers in precious metals and stones; and...more
Incorporating in the Seychelles but Allegedly Operating in the U.S. Spells Trouble for Company and its Founders - The Bitcoin Mercantile Exchange, or BitMEX, is a large and well-known online trading platform dealing in...more
Financial institutions M&A sector trends: stock exchanges/clearing houses/trading venues — H2 2019 and outlook for 2020 - The search for the world's premier listing venue continues—could data aggregation and analytics set...more
On June 26, the price of bitcoin surged to a 12-month high of nearly $13,900 (up about 35% on the month) before losing more than $1,700 in a span of 15 minutes, then rebounding slightly and closing the day at around $12,800....more
Following the Ministry of Economy and Finance press release of 24 January 2019, last night the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit...more
• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more
Top mutual fund firm The Vanguard Group, Inc. unveiled a plan last week to incorporate blockchain smart contract technology into some of its indexing operations beginning early next year. Vanguard’s initiative will be carried...more
A federal jury in Brooklyn has found former HSBC Holdings exec Mark Johnson guilty on 9 counts of front-running that grew out of the DOJ’s investigation into forex manipulation at HSBC....more
Big American banks (BofA, Citi, Morgan Stanley) are avoiding deals with Chinese conglomerate HNA Group over concerns regarding HNA’s debt level and ownership structure....more
Part Three of a Three-Part Series - In the third and final part of this series on marijuana-related businesses (“MRBs”), we explore how the Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”)...more