Blog
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 »
UK FCA Bans Retail Sale of Cryptoderivatives
On the grounds that among others they cannot be reliably valued, the U.K. Financial Conduct Authority (the “FCA”) has banned the sale, distribution and marketing to retail customers of derivatives and exchange traded notes based on unregulated cryptoassets as of January 6, 2021. The FCA has said that this does not include security tokens as... Read more »
SEC Proposes New Rules on “Finders”
On October 7, 2020, the Securities and Exchange Commission proposed rules to exempt for the first time “finders” from the need to register as broker-dealers. For a number of years, attorneys have advised that issuers could use “finders” not registered as broker-dealers to find potential investors on capital raises if the finders kept their activities very... Read more »