Archives

March 30, 2022 @ 5:02 pm By JD Alois  |  

  SEC Commissioner Hester Peirce has posted a dissenting opinion regarding the rule proposal addressing SPACs. As was previously reported, the Securities and Exchange Commission has issued a 372-page proposal for new rules pertaining to Special Purpose Acquisition companies [SPACs]. SEC Chairman Gary Gensler described… Read More

March 30, 2022 @ 3:30 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has issued a statement proposing new rules impacting Special Purpose Acquisition companies or SPACs. The recent rise in the number of SPACs being utilized to bring a company public with less disclosure than a traditional initial public offering has… Read More

March 24, 2022 @ 12:53 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced that Martha Legg Miller, Director of the Office of the Advocate for Small Business Capital Formation (OASB), is leaving the agency at the end of April. The SEC added that Sebastian Gomez Abero will serve as Acting… Read More

March 21, 2022 @ 5:00 pm By JD Alois  |  

Today the Securities and Exchange Commission (SEC) proposed new rules to compel publicly traded firms to disclose climate-related information. The policy shift has long been anticipated and messaged by the Commission under the leadership of Chairman Gary Gensler. According to the SEC, new rules would… Read More

March 15, 2022 @ 11:56 am By JD Alois  |  

SEC Commissioner Allison Herren Lee has announced her pending departure from the Commission. According to a statement, Lee’s term expires this June and she has decided to exit the top US securities regulator at that time. Commissioner Lee issued the following statement: “My term as… Read More

February 14, 2022 @ 5:27 pm By JD Alois  |  

Commissioner Hester Peirce has once again come to the defense of a Fintech innovator pertaining to the settlement announced today in regards to BlockFi –  a large crypto platform. As was reported earlier, BlockFi must pay $100 million in penalties to both the SEC and… Read More

February 12, 2022 @ 11:40 am By JD Alois  |  

Last week, the SEC Small Business Capital Formation Advisory Committee (SBCFAC) held a meeting to discuss the definition of an accredited investor. As CI has frequently covered in the past, this definition determines who may, or who may not, participate in Reg D securities offerings…. Read More

January 26, 2022 @ 4:47 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has settled actions against two Arizona-based Fintechs ZipRemit and Lendaily. The SEC that final judgments have been entered against the two firms along with CEO Gary Prior. Without admitting or denying the allegations of the amended complaint, Pryor, ZipRemit,… Read More

December 21, 2021 @ 11:02 am By JD Alois  |  

Earlier this week, the Securities and Exchange Commission hit JPMorgan (NYSE:JPM) with a $125 million penalty. JP Morgan Securities, a subsidiary of JP Morgan, was fined for “widespread and longstanding failures by the firm and its employees to maintain and preserve written communications,” said the… Read More

December 20, 2021 @ 10:47 am By JD Alois  |  

SEC Commissioner Elad Roisman has submitted his resignation to President Joe Biden indicating he will exit the Commission next month. Commissioner Roisman issued the following statement: “Today, I sent a letter to President Biden, informing him that I intend to resign my position by the… Read More

December 13, 2021 @ 8:16 pm By JD Alois  |  

SEC Commissioners Hester Peirce and Elad Roisman have once again voiced their concern regarding SEC Chairman Gary Gensler’s regulator agenda – a list that was recently updated. Last summer, Gensler published his regulatory agenda and now an update is available. When Gensler posted his initial… Read More

December 12, 2021 @ 12:33 pm By JD Alois  |  

Empower Oversight Whistleblowers & Research (EMPOWR) is a nonprofit, nonpartisan organization dedicated to enhancing independent oversight of government and corporate wrongdoing, has filed a lawsuit challenging the Securities and Exchange Commission (SEC) to disclose conflicts of interest regarding the regulation of crypto. EMPOWR has filed… Read More

December 10, 2021 @ 9:35 am By JD Alois  |  

SPACS, or special purpose acquisition companies, have had a gangbuster year boosting the number of initial public offerings that have taken place. While SPACs have been around for many years, in recent times the vehicles have surged in popularity as a shortened path to take… Read More

December 2, 2021 @ 11:59 am By JD Alois  |  

During the opening comments at the Securities and Exchange Commission’s meeting of the Investor Advisory Committee, SEC Chair Gary Gensler once again rang the warning bell on the need for greater oversight of the fast-growing digital asset/crypto sector. Gensler stated in prepared remarks: “… with… Read More

November 24, 2021 @ 5:08 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) Investor Advisory Committee will be discussing digital assets or crypto on December 2nd. According to the agenda, a panel discussion will be hosted  entitled “Helping to Ensure Investor Protection and Market Integrity in the Face of New Technologies.” This… Read More

November 19, 2021 @ 11:18 am By Tony Zerucha  |  

A review of the Securities and Exchange Commission’s (SEC) enforcement actions in this fiscal year show a growing threat posed by cryptocurrency and decentralized finance (DeFi) scammers. The year ended Sept. 30. The SEC filed 434 new enforcement actions in FY2021, and that is a… Read More

November 18, 2021 @ 6:13 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) today announced it has charged Ryan Ginster of Corona, Cal. with conducting two unregistered and fraudulent securities offerings which collectively raised more than $3.6 million in cryptocurrency from retail investors. The complaint alleges that, from 2018 up to 2021,… Read More

October 26, 2021 @ 9:58 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has posted the agendas for two upcoming Asset Management Advisory Committee (AMAC)  meetings. The first is on October 28 and the second on November 3. According to the SEC, the two meetings will include a discussion of matters in… Read More

October 13, 2021 @ 12:47 pm By JD Alois  |  

The Securities and Exchange Commission (SEC), Office of the Advocate for Small Business Capital Formation, has announced the creation of a capital raising navigator tool for firms seeking growth capital. A part of the SEC’s website, the tool covers the spectrum of options for entrepreneurs… Read More

October 6, 2021 @ 9:03 pm By JD Alois  |  

Yesterday, SEC Chairman Gary Gensler testified in front of the House Committee on Financial Services sharing his perspective on the goals of the SEC and why it needs more money to fulfill its mission. As anticipated, much of the testimony swirled around digital assets and… Read More