The SEC’s Division of Trading and Markets and the Office of the General Counsel of FINRA (Financial Industry Regulatory Authority) published on July 8, 2019, a joint staff statement (Custody
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securities
SEC Clears First Two Regulated Token Offerings
In July 2019, the SEC qualified the first token offerings under Regulation A+, approving blockchain startup Blockstack’s bitcoin-like digital tokens on July 10, and live video streaming platform YouNow’s offering…
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SEC Issues Concept Release to Overhaul Current Framework for Exempt Offerings
The SEC is seeking public comment (due by September 24, 2019) on possible ways to improve the framework for exempt offerings under the Securities Act of 1933 and related SEC…
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Illinois Supreme Court Rules Annuities Are Not Securities Under Illinois Securities Act
On March 21, 2019, in Van Dyke v. Jesse White, the Illinois Supreme Court issued a long-awaited opinion relating to Illinois Securities Department authority to regulate annuities under the…
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NASDAQ Provides Additional Flexibility Under Its 20% Shareholder Approval Rule
Effective Sept. 26, 2018, the Securities and Exchange Commission approved amendments to Nasdaq’s shareholder approval rule regarding issuances of 20% or more of an issuer’s outstanding common stock or voting…
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11th Circuit Answers When Would-Be ‘Customers’ May Bring a FINRA Arbitration Against FINRA Members and Associated Persons
Last week, in Pictet Overseas, Inc. v. Helvetia Trust, the Eleventh Circuit U.S. Court of Appeals affirmed a Florida district court’s order permanently enjoining two offshore trusts from pursuing …
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SEC Adopts Amendments to Rule 15c2-12
Rule 15c2-12 of the Securities Exchange Act of 1934 (Rule 15c2-12) was adopted by the Securities and Exchange Commission (SEC) in 1989 to establish standards for the procurement and dissemination…
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SEC and FINRA Continue to Root Out Bad Brokers
On Thursday, July 27, regulators and industry professionals gathered in Washington, D.C. to discuss the current regulatory environment, cybersecurity, and other hot topics at the SEC and FINRA’s 2017 National…
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Carl Fornaris to Speak at the Financial Markets Association’s 26th Annual Securities Compliance Seminar
Greenberg Traurig Shareholder Carl A. Fornaris, co-chair of the Financial Regulatory and Compliance Practice, will speak at the Financial Markets Association’s (FMA’s) 26th Annual Securities Compliance Seminar on April…
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Ninth Circuit Widens Circuit Split on Whether Dodd-Frank Protects Internal Whistleblowing
On March 8, 2017, in Somers v. Digital Realty Trust Inc., No.15-cv-17352 (9th Cir., March 8, 2017), the Ninth Circuit Court of Appeals affirmed the district court’s denial of…
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