FINLAW: Asking your customer to move their brokerage account MAY violate Regulation Best Interest (“Regulation BI”)
FINRA member Firms are required by June 30, 2020, to comply with Regulation BI. Regulation BI is a rulemaking package that one regulator described as a “once-every-several decades” rule.[1] Regulation BI mandates four essential obligations which will transform the way retail broker-dealers (“BDs”) do business in the United States. These include the Disclosure obligation, Care…
Read MoreSpeaker, Bootstrap Legal interview of Scott Andersen on Real Estate Syndication, October 10, 2019
Read MoreFINLAW: Initial Exchange Offerings, April 26, 2019
I was interviewed by a Chinese newspaper ChainDD concerning Initial Exchange Offerings (IEOs). Just like Initial Coin Offerings, if we are discussing a security, IEO Offerings need to either be registered with the U.S. Securities Exchange Commission or meet an exemption from registration or they are illegal under United States law. See the ChainDD interview…
Read MoreFINLAW: NY Attorney General obtains NY GBL Section 354 order against Bitfinex and Tether, April 25, 2019
See my comments to breaking story and how this action is different from the norm at https://www.crowdfundinsider.com/2019/04/146826-new-york-attorney-general-issues-court-order-alleging-fraud-pertaining-to-bitfinex-and-tether-cover-up-of-850-million-loss-is-claimed/ and https://blockonomi.com/ny-ag-says-bitfinex-engaged-in-fraud-cover-up-but-exchange-denies/ and https://bitcoinmagazine.com/articles/bitfinex-faces-legal-action-from-ny-attorney-general-heres-what-this-means/ and https://www.coindesk.com/bitfinex-nyags-order-is-hurting-our-customers-and-the-crypto-market
Read MoreFINLAW: SEC Issues First No Action Letter Regarding Tokenization of Digital Asset by TurnKey Jet that is NOT a Security, April 3, 2019
See my comments to CROWDFUND INSIDER article relating to the SEC's Turnkey no action letter. https://www.crowdfundinsider.com/2019/04/146005-sec-issues-first-no-action-letter-regarding-tokenization-of-digital-asset-by-turnkey-jet-that-is-not-a-security/ SEC Issues First No Action Letter Regarding Tokenization of Digital Asset by TurnKey Jet that is NOT a Security April 3, 2019 @ 11:05 am By JD Alois The Securities and Exchange Commission (SEC), Division of Corporate Finance, has issued its…
Read MoreFINLAW: No action letter issued by SEC as to when a digital asset is not a security, April 3, 2019
The SEC today issued no action relief to Turnkey Jet, Inc. (Turnkey) providing for the first time an analysis of when a digital asset is not a security. Unsurprising, the SEC relied on the opinion of legal counsel that set forth factual representations alleviating the concern that the digital asset issuance was for the purpose…
Read MoreSpeaker, Oppenheimer Blockchain Institutional Summit, February 20, 2019, Lotte NY Palace Hotel, New York City
Participated on the compliance for digital securities panel at the Oppenheimer Blockchain Summit at the Lotte NY Palace Hotel in NYC. This may very well be the first institutional blockchain conference. Patrick Byrne of tZero gave the keynote. The afternoon panel with Carlos Domingo, Trevor Koverko, Josh Stein, Andrew Keys and Tom Shaughnessy was excellent.…
Read MoreFINLAW: Online Funding Platforms Will Encounter More Regulatory Scrutiny in 2019
See my article appearing in Crowdfundinsider.com at https://www.crowdfundinsider.com/2019/01/143962-caution-online-funding-platforms-will-encounter-more-regulatory-scrutiny-in-2019/ On January 22, 2019, the Financial Industry Regulatory Authority (FINRA) released its examination priorities for 2019. At the top of the list was online funding platform compliance with the securities laws. With an uptick in the offer and sale of securities offerings online with Rule 506(c) of Regulation…
Read MoreFinLaw: Scott Andersen of finlawyer.com Named One of the Top 5 Litigation Attorneys in EB5 Space, January 16, 2018
Scott Andersen of finlawyer.com Named Top 5 Litigation Attorney in the EB-5 Space, January 16, 2018 by EB5 Investors Magazine.
Read MoreSpeaker, 51 percent Crypto Research Podcast, November 20, 2018
The legality of ICOs Etherdelta, Paragon and Airfox enforcement actions The legality of security tokens and exchanges Will all ICOs have to return investor money How the SEC is positioning in the space The BAKKT Delay ETF timing and impact Much, much more. Listen to podcast at the link below. https://fiftyonepercent.podbean.com/e/scott-andersen-a-former-prosecutors-take-on-the-legality-of-crypto-icos-returning-funds-and-sec-enforcement-actions/
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