Blog
New Provisions of Delaware LLC Law
In July 2018, the Delaware Limited Liability Company (“LLC”) law was amended to allow registered series and division of LLCs. Delaware LLCs could be divided into series previously, but among other things the series were not considered “registered organizations” for purposes of Title 9 of the Uniform Commercial Code. LLC series can now be registered by... Read more »
FinCEN Extends and Expands Orders to Identify Beneficial Owners of All-Cash Real Estate Purchases
We reported previously that the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) had issued a Geographic Targeting Orders (GTOs”) originally in July 2016 ordering title insurance companies to identify the actual owners of limited liability companies used in all-cash purchases of high-end real estate ($3 million and greater) in certain cities. FinCEN has now announced an extension... Read more »
OCIE Issues Risk Alert on Cash Solicitation Rule
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (the “OCIE”) has issued, on October 31, 2018, a Risk Alert concerning compliance with the so-called Cash Solicitation Rule (Rule 206(4)-3 under the Investment Advisers Act of 1940 (the “Advisers Act”)). The rule requires investment advisers required to be registered under the Advisers Act... Read more »
SEC Cease and Desist Against Alleged Unlicensed Cryptocurrency Exchange
On November 8, 2018, the Securities and Exchange Commission (the “SEC”) published a press release announcing that it had settled its first cease and desist enforcement action concerning a cryptocurrency trading platform, against Zachary Coburn, the founder of EtherDelta. The SEC has alleged that EtherDelta was an unregistered national securities exchange in that it provided a... Read more »