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SEC Issues Concept Release on Private Placements

On June 18, 2019, the Securities and Exchange Commission (the “SEC”) issued a more than 200-page concept release about ways to simplify, improve and harmonize exempt offerings, including private placements, Regulation Crowdfunding and others.  The SEC raises numerous issues for comment, such as, for example, whether and how the “accredited investor” definition should be changed,... Read more »

UK High Court Finds That Parent Can Assume Liabilities of Subsidiary

In a decision dated April 10, 2019, Vedanta Resources PLC et al. v. Lungowe et al., the UK high court determined, in a decision on which the case did not depend, that a parent company can indeed assume liabilities of a subsidiary if the parent assumes a duty of care for the acts of the... Read more »

SEC Adopts New Broker-Dealer Rules on Standard of Behavior

On June 5, 2019, the Securities and Exchange Commission (the “SEC”) adopted new rules, including: (i) Regulation Best Interest, raising the requirement for broker-dealers recommending securities to retail clients from determining that the securities are suitable to acting in the best interests of clients, and requiring certain specified disclosure, care in carrying out transactions, written... Read more »

SEC Claims ICO Is Unregistered Securities Offering

On June 4, 2019, the Securities and Exchange Commission (the “SEC”) filed a claim in the District Court for the Southern District of New York alleging that the Initial Coin Offering (the “ICO”) of Kik Interactive Inc. (“Kik”) was an illegal unregistered securities offering.  From May 2017 to September 2017, Kik raised about $100 million through... Read more »

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