Tagged: sec

U.S. Law Firm Sued for Advising “Crypto Assets are Not Securities”

A Delaware-registered company called Digital Capital Management is suing law firm Faegre Baker Daniels for allegedly providing “erroneous” legal advice in 2017 that greenlit establishment of a cryptocurrency/digital token investment fund. The story was broken by Bloomberg Law. The fund, Crypto Asset Management LLC (CAM),… Read More

Philippine Securities Commission Revokes Robocash Finance License for Operating without Certificate of Authority

The Securities and Exchange Commission (SEC) of the Philippines has stripped Robocash Finance Corp.’s authority to operate as a financing company for running several branches without the necessary license. According to the SEC, the Corporate Governance and Finance Department (CGFD) issued the order of revocation… Read More

US-based Digital Asset Brokerage Firm BitOoda Acquires $7 Million via Seed Round Including Contributions from Former JPMorgan Exec

US-headquartered digital asset brokerage firm BitOoda has acquired $7 million in capital from several large investors including a former senior investment executive at JPMorgan, the world’s sixth-largest bank. Established in 2017, BitOoda is an established crypto-asset financial services provider that aims to leverage applied science… Read More

SEC Small Business Capital Formation Advisory Committee Tells Commission to Harmonize Rules, Just Don’t Touch Reg D

Last week, the Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee published several letters regarding recommendations to the Commission pertaining to the concept release on regulatory harmonization. A specific letter was posted regarding updates necessary for Reg CF as well as a… Read More

SEC Office of the Advocate for Small Business Capital Formation Issues First Report Reviewing Access to Funding for SMEs

The Securities and Exchange Commission (SEC), Office of the Advocate for Small Business Capital Formation, has published its inaugural report on the ability for small businesses in the US to access growth capital. The Advocate is a newly-formed sector of the SEC created by legislation… Read More

FCA CEO Andrew Bailey to Replace Mark Carney as New Governor of Bank of England

Earlier today, the UK government announced its selection Andrew Bailey to replace Mark Carney as Governor of the Bank of England. Carney’s departure has long been anticipated and, in fact, he extended his tenure at the Bank to help provide an element of stability in… Read More

The North American Securities Administrators Association Hammers SEC’s Move to Broaden the Definition of an Accredited Investor

The President of the North American Securities Administrators Association (NASAA), Christopher W. Gerold, has issued a statement regarding the Securities and Exchange Commission’s (SEC) proposal to modernize and improve the definition of an accredited investor. NASAA is the advocacy and lobbying group that represents state… Read More

SEC Proposes Update to Accredited Investor Definition, Includes Sophistication Amendments

Today, the Securities and Exchange Commission (SEC) held a public meeting to discuss, and vote on, various rules impacting the securities markets. Included in the meeting was an update to the definition of an accredited investor. Currently, the definition is determined by a wealth metric…. Read More

SEC to Review Accredited Investor Definition in Public Meeting of the Commission

Tomorrow (December 18, 2019), in a public meeting by the Securities and Exchange Commission (SEC), the Commissioners will review the definition of an accredited investor. In a revised agenda, the public meeting outlined the specific topics to be addressed by the Commission, with the definition… Read More

Here are the Recommendations by the SEC Small Business Capital Formation Advisory Committee on Fixing Reg CF

Last week, the Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC) met to review, and vote on, recommendations for the Commission as part of the concept release on regulatory harmonization. During a public call, a discussion was held on addressing the… Read More

SEC Small Business Capital Formation Advisory Committee Tells Commission to Update Accredited Investor Definition with a Sophistication Qualification

This week, the Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), submitted a recommendation to the Commission on the definition of an accredited investor. The SEC will look for guidance from the Committee as it values the feedback of front line… Read More

SEC Charges Shopin ICO Founder Eran Eyal with Selling $42.5 Million in Unregistered Securities

The US Securities and Exchange Commission (SEC) has charged Shopin founder Eran Eyal with violating antifraud and registration provisions of federal securities laws in an ICO (initial coin offering) sale. The SEC says Eyal raised $42.5 million USD selling Shopin cryptographic or “blockchain” tokens to… Read More

SEC Seeking Interview with UK Citizen They Believe Brokered Telegram’s Token Sale

The SEC is seeking to depose UK citizen John Hyman, whom Telegram CEO Pavel Durov has identified as “Telegram’s chief investment advisor.” The SEC believes Hyman brokered many of the private deals that helped Telegram raise $1.7 billion USD from 171 investors in two sales of GRAM… Read More

SEC Small Business Capital Formation Advisory Committee Schedules Meeting to Further Discuss Regulatory Harmonization

The Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee has scheduled an additional meeting to discuss regulatory harmonization along the lines the Commission’s Concept Release published earlier this year. The SEC officially closed comments on its Concept Release in September but feedback… Read More

SEC Director of Investment Management Dalia Blass: Bitcoin Futures Interval Fund “Close to Launch”

Dalia Blass, director of the Security and Exchange Commission’s (SEC’s) Division of Investment Management told an audience at the 2019 ICI Securities Law Developments Conference this week, “that a registered closed-end interval fund with a bitcoin futures strategy is preparing to launch.” According to Investopedia: “An interval fund is… Read More

SEC’s Associate Director of Enforcement Appearing at NYU Women in Cybersecurity Event

Carolyn Welshhans, the SEC’s Associate Director of Enforcement, will be speaking on a panel at New York University’s (NYU’s) Women Leaders in Cybersecurity event December 5th. According to a tweet from the SEC, Welshhans will be discussing the SEC Enforcement Division’s, “approach to cybersecurity issues,… Read More

SEC Conference: The State of Our Securities Markets – Washington, DC

The conference will bring together current and former government officials and experts from different areas of the private sector to explore and discuss the ever-changing economic, risk and market environment and what those changes mean for the structure and function of the securities markets. Areas… Read More

SEC Selects Kristina Littman as New Cyber Unit Chief

The Securities and Exchange Commission (SEC) has appointed Kristina Littman as Chief of the Division of Enforcement’s Cyber Unit, a specialized unit that focuses on protecting investors and markets from cyber-related misconduct. Littman succeeds Robert Cohen, who left the Commission in August 2019.  Cohen was… Read More

Doug Ellenoff Comments on SEC Concept Release on Regulatory Harmonization: “The SEC has considerable rule making authority to make the changes it believes necessary”

The Securities and Exchange Commission (SEC) announced a significant review of the securities exemption ecosystem in June of this year. During the past few decades, the Commission, with some help from Congress, has updated and added to the many rules that regulate private securities offerings…. Read More

Distributed Cybersecurity Firm Gladius Dissolves Operations without Complying with SEC Order to Reimburse Investors

Gladius, a “distributed” cybersecurity firm, has reportedly dissolved its operations without complying with the orders from the US Securities and Exchange Commission (SEC) to reimburse the project’s investors. Alex Godwin, the company’s co-founder and CTO, confirmed the dissolution of the firm through a message sent… Read More

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