Tagged: securities and exchange commission

SEC Schedules Investor Advisory Committee Meeting for December 7th

The Securities and Exchange Commission (SEC) has scheduled a meeting of the Investor Advisory Committee (IAC) for December 7th. The creation of the IAC was mandated by Dodd-Frank to advise the Commission on regulatory priorities for individual investors. In the past, the focus by the Committee… Read More

SEC Halts Ad Packs Ponzi Scam that Raised Over $38 Million

The Securities and Exchange Commission has posted a complaint, filed in September, against Miami-based Pedro Fort Berbel and his company Fort Marketing Group. The SEC says that Berbel and his company operated  a Ponzi scheme that used a fraudulent internet advertising scam under such names… Read More

First Regulated Initial Coin Offering Conference ICO 2.0 Summit Dives Deep into ICO Legal, Regulatory & Economic Implications

On Friday, November 10, 2017, StartEngine, a Regulation Crowdfunding platform based in Los Angeles, California organized ICO 2.0 Summit, the first regulated ICO conference – or at least the first that I’ve seen. While there seem to be an explosion of ICO and Blockchain-related conferences… Read More

The SEC and Regulated ICOs: Be Careful What You Wish For

Man Proposes and God Disposes On November 8, at an Annual  New York City gathering of securities professionals, SEC Chair Jay Clayton went off script – and in doing so provided what is likely to be the clearest guidance we can expect to receive from… Read More

The SEC, the ICO and Avoiding the ICU: A Call for Leadership and Action

As a securities lawyer and a sometimes advocate for smart regulation of capital formation, I must confess: When it comes to addressing the current state of the Initial Coin Offering (ICO) marketplace, I believe that market participants face a crisis of growing proportions. No Hype… Read More

Unlawful: SEC Warns Celebrities Against Pumping ICOs & Other Investment Opportunities

The Securities and Exchange Commission (SEC) is out with a note, and an investor alert, warning celebrities against the “unlawful” promotion of Initial Coin Offerings (ICOs) and other investment opportunities. The SEC is referencing the multiple, prominent endorsements of ICOs by high profile celebrities such… Read More

ICOs are Securities: Token Based Offerings Poised for a Rude Awakening as US Regulators May Soon Act

The US Securities and Exchange Commission (SEC) pumped their regulatory brakes on Initial Coin Offerings (ICOs) earlier this year. Pointing to the DAO debacle, the Feds said if a tokenized offering is a security it will be regulated, end of story. This  statement was a long… Read More

Pitfalls for Funding Platforms Continuing to Raise Capital over the Internet under Rule 506(b)

Even with the flexibility provided to Regulation D private placement offerings by Title II of the JumpStart Our Business Startups (JOBS) Act, U.S. Securities and Exchange Commission (SEC) data has consistently shown that most Regulation D offerings continue to raise capital under traditional Rule 506(b). … Read More

SEC Moves Government-Business Forum to Austin, Texas – Date of Event is November 30th

The annual Securities and Exchange Commission’s Government-Business Forum on Small Business Capital Formation has been scheduled for November 30th.  In a shift from years past where the Forum was held in the SEC’s headquarters in Washington, DC, the event will take place in Austin, Texas…. Read More

Is FINRA Broken? Does FINRA Need to be Fixed?

The Financial Industry Regulatory Authority or FINRA is currently in the midst of a comprehensive review of its rules and practices. The internal project has been labeled FINRA 360 and is said to ensure that FINRA is operating as the most effective self-regulatory organization it can be…. Read More

SEC Chairman Jay Clayton to Testify Before House Financial Services Committee

SEC Chairman Jay Clayton is scheduled to visit with the House Financial Services Committee tomorrow (October 4) beginning at 10AM ET. Clayton already testified before the Senate Banking Committee a few days back. The hearing is entitled “Examining the SEC’s Agenda, Operations, and Budget.” The… Read More

SEC Updates on EDGAR Hack that Allowed Intruders to Trade on Non-Public Info

SEC Chairman Jay Clayton has provided an updated on the intrusion into EDGAR that occurred back in 2016. Additionally, the SEC Chair said the Commission would be strengthening its defenses agains future attempts to hack the SECs systems. The investigation has now determined that an… Read More

NYSE Arca Yanks Application to List Bitcoin Investment Trust

NYSE Arca has withdrawn the application that was pending before the Securities and Exchange Commission seeking approval to list shares of the Bitcoin Investment Trust. Grayscale Investments, LLC, is the sponsor of the Trust that currently trades on OTC Markets (OTCQX:GBTC). Grayscale said that earlier this… Read More

SEC IAC Publishes Agenda for Next Meeting Including Blockchain Panel

The Securities and Exchange Commission (SEC) has published the agenda for the upcoming Investor Advisory Committee (IAC) meeting scheduled for October 12th. The meeting may be a bit more interesting as there is a panel scheduled to discuss Blockchain utilization or Distributed Ledger Technology (DLT)… Read More

SEC Investor Advisory Committee to Meet in October, Blockchain on the Agenda

The Securities and Exchange Commission (SEC) Investor Advisory Committee (IAC) has scheduled its next meeting at SEC HQ for October 12th. The meeting is open to the public but the SEC always live streams the proceedings on the SEC web site. According to the announcement… Read More

Securities and Exchange Commission Commences Search for “Advocate for Small Business Capital Formation”

The Securities and Exchange Commission (SEC) has announced the launch of a nationwide search to fill the position of the Advocate for Small Business Capital Formation. The new post was created by legislation signed into law at the end of 2016. The mission of the Advocate… Read More

SEC Chairman Names Executive Staff

Securities and Exchange Chairman Jay Clayton has published the name is his executive staff. The SEC announced that John Cook, Jeffrey Dinwoodie, Raquel Fox, Kristina Littman, Alan Cohen, Christopher Carofine, and Shelby Begany Telle have been named to the executive staff of Chairman Jay Clayton…. Read More

SEC Office of Investor Education & Advocacy Warns of Potential ICO Scams as it Suspends Trading in Several Companies

The Securities and Exchange Commission (SEC), office of Investor Education and Advocacy, is out with a note on the booming Initial Coin Offering market telling investors to beware. The ICO market has grown rapidly with estimates topping $2 billion in token sales this year alone…. Read More

Don’t Panic! US Securities Exemptions for Initial Coin Offerings

So you were ready to do an initial coin offering (ICO), and then the Securities Exchange Commission released an investigative report concluding that DAO tokens were securities.  Seasoned securities attorneys have always known that token sales could implicate securities laws if the tokens were treated… Read More

When is an ICO a Security? Law Firm Morrison Foerster Responds

In the aftermath of the SEC statement on Initial Coin Offerings and their intent to crack down on issuers in breach of securities law we reached out to Morrison Foerster for commentary on the question as to when an ICO is in fact a security…. Read More