FINLAW: No action letter issued by SEC as to when a digital asset is not a security, April 3, 2019
- By: admin
- Apr 3
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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 MoreFINLAW: Online Funding Platforms Will Encounter More Regulatory Scrutiny in 2019
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- Jan 31
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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: Helicopter Regulators and the Right to Choose Your Own Investments
- By: admin
- Sep 29
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Compliments to Hester Pierce, who is asking the right questions and stated the following at a recent speech: “It puzzles me that it is so difficult for those of us who regulate the securities markets to understand this concept; after all, capital markets are all about taking risk, and queasiness around risk-taking is particularly inapt.
Read MoreFinLaw: Broker-Dealer and Investment Adviser inadequate cyber security procedure and control cases will be SEC and FINRA priority for many years to come
- By: admin
- Sep 29
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A new SEC enforcement case a against dully registered broker-dealer and investment adviser for deficient cyber security procedures under Reg S-P and Reg S-ID resulting in sanctions and a $1 million civil money penalty. Expect to see many, many more, and similar FINRA cases coming soon. https://www.sec.gov/litigation/admin/2018/34-84288.pdf
Read MoreFINLAW: CAN A SECURITY TOKEN LATER CHANGE INTO A NON-SECURITY? (PART II)
- By: admin
- Jun 14
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Is it possible that a security token can later become a utility token? According to a speech today by the SEC’s Director of Corporate Finance William Hinman, the answer is yes. This is big news for the cryptocurrency market. As I blogged about six weeks ago, if the SEC decides that a security token can later
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