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SEC Rejects NYSE Listing of Bitcoin Trust

On February 26, 2020, the Securities and Exchange Commission (the “SEC”) published a notice of its disapproval of the application by the New York Stock Exchange (NYSE Arca, Inc. or “NYSE Arca”) to amend its rules to allow it to list and trade shares of the United States Bitcoin and Treasury Investment Trust.   Among... Read more »

Caymans Placed on EU Blacklist As Non-Cooperative Country

As of February 18, 2020, the European Union has placed the Cayman Island on its “Blacklist” of counties deemed non-cooperative for tax purposes.  Depending on what agreements each of the EU countries has with the Cayman Islands and what tax consequences each has with the islands, there may be tax consequences of this Blacklisting.  As... Read more »

FINRA Proposes to Expand “Capital Acquisition Broker” Rules

On January 30, 2020, the Financial Industry Regulatory Authority (“FINRA”) proposed amendments to its “capital acquisition broker” rules (the “CAB Rules”) to broaden the coverage of the rules.  The CAB Rules were adopted in 2016 to allow a broker-dealer to comply with a lesser set of requirements if it is engaged in a limited set... Read more »

FINRA Exam Priorities For Regulation Best Interest

On January 9, 2020, the Financial Industry Regulator Authority (“FINRA”) published its 2020 Risk Monitoring and Examination Priorities Letter (the “Letter”).  The Letter made clear that the new Reg BI (also known as the “Best Interest” regulation), adopted by the Securities and Exchange Commission on June 5, 2019, would be its top priority in 2020. ... Read more »

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