Journal of Investment Compliance: Volume 19 Issue 1

Initial coin offerings: key US legal considerations for ICO investors and sponsors

Anthony R.G. Nolan, Edward T. Dartley, Mary Burke Baker, John ReVeal, Judith E. Rinearson

To describe several key legal and regulatory considerations for initial coin offering (ICO) issuers and investors seeking to navigate some of the regulatory waters in the rapidly…

SEC focuses on initial coin offerings: tokens may be securities under federal securities laws

Jeremy I. Senderowicz, K. Susan Grafton, Timothy Spangler, Kristopher D. Brown, Andrew J. Schaffer

To explain the recent determination by the US Securities and Exchange Commission (SEC) with respect to so-called “token sales” or “initial coin offerings” (ICOs) that some tokens…

SEC releases enforcement division FY 2017 annual report: shift in tone and likely approach

Matthew C. Solomon, Robin M. Bergen, Alexis Collins

To discuss and analyze the US Securities and Exchange Commission’s (SEC’s) FY 2017 Annual Report, which details its priorities for the coming year and evaluates enforcement…

SEC staff issues guidance on Rule 14a-8 calling for board involvement in evaluating shareholder proposals

Richard J. Parrino, Alan Dye, Alex Bahn

This paper examines a legal bulletin issued by the staff of the Securities and Exchange Commission (SEC) in November 2017 that provides significant new guidance to SEC-reporting…

SEC publishes alert describing most common advertising rule violations

Timothy M. Clark, Alicja Biskupska-Haas

This paper aims to summarize a new alert issued by the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”), highlighting the…

US Securities and Exchange Commission’s announcement of chief of Foreign Corrupt Practices Act unit signals possible anti-bribery enforcement focus on non-United States issuers

James L. Sanders, Kyle Bahr, Calvin Chan, Charles Hewetson

This paper explains how recent statements by the US Securities and Exchange Commission’s (SEC’s) leadership – including the new Chief of the SEC’s Foreign Corrupt Practices Act…

CFTC announces new self-reporting and cooperation program

Bradley J. Bondi, David Slovick, Michael Wheatley

To provide an overview of the Commodity Futures Trading Commission’s (CFTC’s) new self-reporting and cooperation program.

More of an SRO – FINRA unveils its priorities for 2018

Daniel Nathan, Betsy Popken

To explain FINRA’s priorities for 2018, as reflected in its Annual Regulatory and Examination Priorities Letter.

FINRA revises and restructures registration and exam requirements

Edward J. Johnsen, John H. Grady

To explain a new set of rules, detailed in FINRA Regulatory Notice 17-30, proposed by the Financial Industry Regulatory Authority (FINRA) and approved by the US Securities and…

MSRB publishes 2017 compliance advisory for broker-dealers

Scott R. Anderson, James Audette, Kate S. Poorbaugh

To summarize the Municipal Securities Rulemaking Board’s 2017 Compliance Advisory for brokers, dealers and municipal securities dealers.

U.S. Securities and Exchange Commission (SEC) Staff issues no-action relief to facilitate implementation of Markets in Financial Instruments Directive II (MiFID II) research provisions

Paul J. Delligatti, William P. Lane

The purpose of this paper is to summarize and discuss the implications of three related U.S. Securities and Exchange Commission (SEC) no-action letters dated October 26, 2017 that…

MiFID II: practical implications for high yield bond investors

Natalia Sokolova, Tamer Bahgat

The purpose of this paper is to alert the European high-yield market to several regulatory developments relating to the adoption of markets in financial instruments directive…

Hong Kong Securities and Futures Commission (SFC) highlights operating, control and compliance deficiencies in asset management industry

Anne-Marie Godfrey

To examine the nine common areas of non-compliance in managing investment funds and discretionary accounts, detailed in a Hong Kong Securities and Futures Commission (SFC…