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SEC Increases Thresholds for “Smaller Reporting Company”

On June 28, the Securities and Exchange Commission increased the thresholds for “smaller reporting companies” (“SRCs”) and made certain other amendments designed to enlarge the category.  See here. “SRCs” are the lowest category of reporting companies (large accelerated filers, accelerated filers, non-accelerated filers and SRCs).  They need file only two years of audited financial statements,... Read more »

FINRA Seeks Notification of Broker-Dealer Digital Asset Activity

On July 6, 2018, the Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 18-20 encouraging broker-dealers regulated by it to notify it if the broker-dealer or an affiliate currently engages, or intends to engage, in any activities related to digital assets.  FINRA says that this will assist it in monitoring developments in the digital asset... Read more »

Fifth Circuit Vacates DOL Fiduciary Rule

On June 21, 2018, the U.S. Fifth Circuit Court of Appeals vacated the U.S. Department of Labor’s (the “DOL”) fiduciary rule.  The rule would have made an advisor to an employee benefit plan or IRA an ERISA fiduciary if it renders most “investment advice” for compensation.  That brings at least for now an end to... Read more »

Supreme Court Raises Many Issues With Ruling on SEC Administrative Law Judges

On June 21, 2018, the Supreme Court decided Lucia v. Securities and Exchange Commission, in which it said by a 6-3 majority that the Securities and Exchange Commission’s (the “SEC”) Administrative Law Judges (the “ALJs”) must be chosen under the Appointments Clause of the Constitution by “Heads of Departments”, i.e., the SEC Commissioners.  The court... Read more »

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