According to an October 16, 2014 press release, the U.S. Securities and Exchange Commission (“SEC”) reports a ”record 755 enforcement actions covering a wide range of misconduct, and obtained orders totaling $4.16 billion in disgorgement and penalties…” for the fiscal year-end ending in September 2014.
According to a September 8, 2014 press release, a survey of 359 UK pension professionals by Aon Hewitt suggests that investment complexity and a busy schedule are driving the increase in demand for outside help.
Albert Nigro just wanted to turn off his deceased mother-in-law’s electricity. He called the electric company, but it required that he provide his mobile telephone number to disconnect service.
No More Secret Identities: Broker-dealers May Soon Be Required to Identify Beneficial Owners of Legal Entity Customers
As we blogged about in May, the Bank Secrecy Act (“BSA”), which requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering, applies to entities that we may not traditionally think of as “financial institutions,” including securities broker or dealers. Compliance with the BSA is no easy task.
SEC Investor Advisory Committee Releases Recommendations On Changes to Accredited Investor Definition
On October 9, the Investor Advisory Committee (Committee) established by the Securities and Exchange Commission released its recommendations for changes to the definition of “accredited investor” included in Rule 501 promulgated under the Securities Act of 1933 (Securities Act).
On October 6, 2014, the U.S. Supreme Court denied an August 14, 2014, petition for writ of certiorari by Joel Esquenazi and Carlos Rodriquez, former owners of Terra Communications (Terra). The petition asked the court to define who counts as a foreign official under the Foreign Corrupt Practices Act (FCPA).
On October 11, 2014, the International Swaps and Derivatives Association (ISDA) announced that its newly developed resolution stay protocol would be adopted by 18 of the biggest banking organizations in the world.
FINRA recently filed proposed rule changes with the SEC addressing when broker-dealers may pay referral fees or otherwise share compensation with persons who are not registered as broker-dealers.
In my recent post, I discussed the shortcomings of Article 9 of the Uniform Commercial Code as applied to Bitcoin.
Most large venture deals require that the Company’s outside legal counsel issue a customary legal opinion, addressed to the investors in the financing, in order to give the investors comfort that the company’s legal affairs are in order.