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Renewal of Paycheck Protection Program

On December 27, 2020, the Economic Aid Act (the “EAA”) was signed into law.  In addition to providing for small checks to Americans and other things, the EAA renewed the Paycheck Protection Program (the “PPP”) but under different terms. The prior program ran out in August with money left over.  The new law allocates $284.5... Read more »

Holding Foreign Companies Accountable Act Becomes Law

On December 18, 2020, the Holding Foreign Companies Accountable Act (the “HFCAA”) was signed into law and the Securities and Exchange Commission (the “SEC”) was advised to adjust its rule proposal to take into account the new legislation. Under the legislation, a reporting company that uses an auditor in a jurisdiction that restricts or controls... Read more »

FINRA Proposes Expanded Filing Requirements for Private Placements

On October 28, 2020, the Financial Industry Regulatory Authority (“FINRA”) submitted to the Securities and Exchange Commission (the “SEC”) a proposal for expanding the filing requirements with respect to private placements.  Currently, under Rule 5122 FINRA requires a member or one of its affiliates to provide to prospective investors, unless an exemption is available such... Read more »

UK FCA Bans Retail Sale of Cryptoderivatives

On the grounds that among others they cannot be reliably valued, the U.K. Financial Conduct Authority (the “FCA”) has banned the sale, distribution and marketing to retail customers of derivatives and exchange traded notes based on unregulated cryptoassets as of January 6, 2021.  The FCA has said that this does not include security tokens as... Read more »

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