Tag Archives: SEC

SEC Brings Enforcement Action Against Two Companies Related to Initial Coin Offerings

On September 29, 2017, the U.S. Securities and Exchange Commission filed a complaint in federal court against REcoin Group Foundation, LLC (“REcoin”); DRC World, Inc., also known as Diamond Reserve Club (“DRC”); and their principal, Maksim Zaslavskiy. The complaint alleges false and misleading statements and violations of securities laws in connection with initial coin offerings … Continue Reading

Shortened T+2 Settlement Cycle for Securities Transactions is Implemented

On September 5, 2017, the securities industry implemented a shortened standard settlement cycle for securities transactions from three business days (“T+3”) to two business days (“T+2”). On March 22, 2017, the Securities and Exchange Commission (the “SEC”) had adopted an amendment to Rule 15c6-1(a) of the Securities and Exchange Act of 1934 that shortened the … Continue Reading

SEC Clarifies Guidance Related to Omission of Interim Financial Information in Registration Statements

On Thursday, August 17, 2017, the U.S. Securities and Exchange Commission (the “SEC”) issued an interpretation that clarifies what financial information an emerging growth company (an “EGC”) may omit from its confidentially submitted draft registration statement.… Continue Reading

OCC Issues Request for Information on the Volcker Rule

This morning, the Office of the Comptroller of the Currency (“OCC”) released a Request for Information (“RFI”) to determine how regulations implementing the Volcker Rule should be revised to better accomplish the purposes of the statute. The OCC’s release notes that the information the agency is soliciting could support revisions to the regulation that are consistent … Continue Reading

SEC Report of Investigation Concludes that DAO Tokens Were Securities

On July 25, 2017, the Securities and Exchange Commission (“SEC”) issued a Report of Investigation (“Report”) finding that the digital tokens offered and sold by the virtual, unincorporated organization known as “The DAO” were securities subject to the federal securities laws. The DAO sold DAO tokens in exchange for the digital currency Ether used on … Continue Reading

SEC Permits All Companies to File Certain Registration Statements Confidentially

On June 29, 2017, the Division of Corporate Finance of the Securities and Exchange Commission announced that it will permit all companies to submit drafts of certain registration statements to the Division on a confidential basis, expanding a popular privilege that was made available to emerging growth companies under the Jumpstart Our Business Startups Act (known … Continue Reading

Financial Regulators to Reassess Volcker Rule

Federal financial agencies are taking steps to reevaluate the Volcker Rule as part of the Trump Administration’s review of financial regulations.  In a May 8, 2017 meeting of the Financial Stability Oversight Council, Treasury Secretary Steve Mnuchin reportedly directed the five agencies responsible for the Volcker Rule – the Board of Governors of the Federal … Continue Reading

House and Senate Panels Advance SEC Proposals

On March 9, 2017, the House Financial Services Committee and Senate Banking Committee conducted their first legislative mark-ups in the new Congress and approved bipartisan bills to amend several SEC-related laws.  Observers have speculated that the simultaneous advancement of this package of bipartisan bills in both chambers may indicate that key legislators are open to … Continue Reading

President Trump Signs First Congressional Review Act Disapproval Resolution in 16 Years

On February 14, 2017, President Donald Trump signed a resolution nullifying a Securities and Exchange Commission (“SEC”) regulation that required energy companies to disclose foreign payments. This marks the first successful use of the Congressional Review Act (“CRA”) procedure in 16 years, and only the second successful use since the statute passed in 1996.  Several … Continue Reading

House Freedom Caucus Takes Aim at Financial Regulations

On December 14, 2016, House Freedom Caucus Chairman Mark Meadows released a special report (the “Report”) detailing over 200 rules, regulations, and executive orders the Caucus recommends that President-Elect Donald Trump should examine, revoke, or issue in his first 100 days in office. The report targets for repeal a diverse set of regulations finalized or … Continue Reading

SEC Chair Will Continue to Push Agenda, Despite GOP Requests

Shortly after the election, House Republicans reportedly sent a letter to the federal agencies, including the SEC, asking them to refrain from finalizing any pending rules or regulations in order to provide the new administration and Congress the opportunity to review and provide direction. The letter further stated that “should you ignore this counsel, please … Continue Reading

Post-Election Outlook for Financial Regulatory Agencies: U.S. Securities and Exchange Commission

Republican president-elect Donald J. Trump, with the support of a Republican controlled Senate and House of Representatives, promises to bring in a new era of limited government, rolling back legislation enacted under President Obama’s administration. This transition to a new administration will have a significant impact on each of the federal financial regulatory agencies, including … Continue Reading

SEC Leaders Discuss Fintech Regulation

At the inaugural Financial Technology Forum hosted by the Securities and Exchange Commission (the “SEC”) November 14, 2016, SEC Chairwoman Mary Jo White and Commissioner Michael Piwowar gave remarks addressing the future of fintech regulation and the role of the SEC in such regulation. Both Chairwoman White and Commissioner Piwowar emphasized the potential benefits and … Continue Reading
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