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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 »

Financial Stability Board Suggests New Asset Class for Crypto-Assets

On July 16, 2018, the international Financial Stability Board published a report in which it proposed that a new asset class be established under Basel III for crypto assets. The report was done for the G20, and made clear that the FSB does not see crypto-assets as posing a material risk to global financial stability at... Read more »

SEC Reinforces Ban on Testimonial Marketing for Investment Advisers

In March 2014 the Securities and Exchange Commission (the “SEC”) issued guidance on the use by investment advisers and investment advisory representatives (together, “IAs”) in their marketing of testimonials (but not objective third-party articles) posted on social media.  Under Section 206(4) of the Investment Advisers Act (prohibiting fraudulent, deceptive or manipulative acts) and Rule 206(4)-1(a)(1) (finding testimonials... Read more »

U.K. Exit from E.U. Taking Shape Amid Political Confusion

On June 26, 2018, the United Kingdom adopted the European Union (Withdrawal) Act 2018 providing for a framework for “Brexit” under which E.U. law adopted in the U.K. would continue to apply during an implementation period and government minsters would have the power to adopt implementing rules.  The United Kingdom is currently to leave the European... Read more »

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