Posts Categorized: Uncategorized

Renewal of Paycheck Protection Program

On December 27, 2020, the Economic Aid Act (the “EAA”) was signed into law.  In addition to providing for small checks to Americans and other things, the EAA renewed the Paycheck Protection Program (the “PPP”) but under different terms. The prior program ran out in August with money left over.  The new law allocates $284.5… Read more »

Holding Foreign Companies Accountable Act Becomes Law

On December 18, 2020, the Holding Foreign Companies Accountable Act (the “HFCAA”) was signed into law and the Securities and Exchange Commission (the “SEC”) was advised to adjust its rule proposal to take into account the new legislation. Under the legislation, a reporting company that uses an auditor in a jurisdiction that restricts or controls… Read more »

FINRA Proposes Expanded Filing Requirements for Private Placements

On October 28, 2020, the Financial Industry Regulatory Authority (“FINRA”) submitted to the Securities and Exchange Commission (the “SEC”) a proposal for expanding the filing requirements with respect to private placements.  Currently, under Rule 5122 FINRA requires a member or one of its affiliates to provide to prospective investors, unless an exemption is available such… Read more »

Cryptocurrency Rules Significantly Broadened in Japan

On April 3, 2020, the Japanese Financial Services Agency issued amended regulations to carry out changes made last year to the Japanese Payment Services Act and Financial Instruments Exchange Act. The new regulations go into effect on May 1, 2020, and reflect major changes in the regulations. While the changes are extensive and beyond the… Read more »

SEC Proposes Revisions to Exempt Offering Rules

On March 4, 2020, the Securities and Exchange Commission (the “SEC”) issued a proposal to revise the exempt offering rules under Regulation D (exempt offerings) and Regulation S (offshore offerings) of the Securities Act of 1933 largely to make it easier to conduct such offerings.  The proposals include, among other things: While Rule 506(c) under… Read more »

UK Financial Conduct Authority to Act as AML and Counter-Terrorist Supervisor for Cryptoasset Businesses

The UK Financial Conduct Authority has announced on a website that it has been appointed to be the anti-money laundering and counter terrorist financing supervisor for UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 from January 10, 2020.  Although the definition of cryptoasset businesses has… 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 »

FinCEN Extends Program to Identify Beneficial Owners of Real Estate Entities to November

The Financial Crimes Enforcement Enforcement Network (“FinCEN”) of the U.S. Treasury has extended to November its program to require title insurance agencies in certain cities to collect and report to it the beneficial owners of legal entities used to purchase real estate.  The “Geographic Targeting Order” applies to acquisitions of residential real estate in certain… Read more »

FINRA Establishes Office of Financial Innovation

In a press release dated April 24, 2019, the Financial Industry Regulatory Authority (“FINRA”) announced that it had established the Office of Financial Innovation.  The office is focused on financial technology, otherwise known as FinTech.  Haimera Workie, originally a graduate of MIT and Harvard and now a Senior Director at FINRA,  has been named it… Read more »