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Suspicious Activity Reports, FCMs and IBs, Is That A Marriage Made In Heaven

Posted in CFTC Compliance, Compliance and Supervision, Money Laundering, Uncategorized

Suspicious Activity Reports (SARs) have been a useful tool for financial institutions to report financial fraud while, at the same time, prohibiting the reporting institution from disclosing the existence of a SARs in response to a third-party request.  In 2010, the Financial Crimes Enforcement Network (FinCEN), amended this regulation to extend the prohibition against disclosure… Continue Reading

Trading and Markets Focus on Broker Registration

Posted in Uncategorized

The Securities and Exchange Commission Division of Trading and Markets is continuing to focus on broker-dealer registration issues in the private fund area. For example, the Staff is focusing on private fund advisers receiving transaction-based compensation for purported investment banking or other broker activities relating to one or more of the funds’ portfolio companies.  The… Continue Reading

FINRA’s Private Placement Concerns

Posted in FINRA Compliance, FINRA Enforcement, Private Placements, Uncategorized

FINRA is beginning investigations into private placements.  New FINRA Rule 5123 requires member firms involved in a private stock offerings to provide investors with detailed information on the transaction prior to the sale, and to file that information with FIRNA within 15 days after the first sale. The rule went into effect in December 2012…. Continue Reading

Guess Who Is Watching Your Private Placements

Posted in Uncategorized

The dog-days of summer certainly did not apply to FINRA when it initiated eight disciplinary proceedings against member firms and registered representatives over private placements.  This heightened interest should serve as a warning to all broker-dealers to ensure that their house is in order before permitting private placements through the firm.  Unfortunately, the regulatory scheme… Continue Reading

Apply To Showcase Your Company at This Year’s IMPACT Venture Summit

Posted in Uncategorized

As the host of IMPACT 2013 Venture Summit, Fox invites you or your clients in the technology, healthcare or early stage sectors to be a featured company during the Mid-Atlantic’s premiere venture capital conference. Featured companies receive the exclusive opportunity to deliver a 10-minute presentation to prominent investors. Past featured companies include The Neat Company,… Continue Reading

Investors, Entrepreneurs and Business Leaders: Save the Date for Fox’s Own, Michael Harrington, at IMPACT 2013 Venture Summit!

Posted in Uncategorized

Fox Rothschild is proud to be the host sponsor of IMPACT 2013 Venture Summit – the most established venture summit in the Northeast. This year’s conference will be held October 22 and 23 at the Ritz-Carlton, Philadelphia and Crystal Tea Room.  As the premiere event of the Philadelphia Alliance for Capital and Technologies (PACT), IMPACT… Continue Reading

Guess Who Was Late To The Party; The SEC.

Posted in Uncategorized

The SEC found out what it means to sit on its rights when the United State Supreme Court recently concluded that the SEC was untimely in its effort to seek civil penalties. The Supreme Court in Gabelli v. Securities and Exchange Commission ruled that the five year clock in which the SEC had to bring… Continue Reading

Here Are Some Ways To Investigate A Potential Fraud?

Posted in Uncategorized

So the initial shock of uncovering a fraud has subsided.  What do you do now?  Here are some steps to consider.  First, preserve all relevant records in both hard and soft form.  You may want one to hire an outside vendor that specializes in electronic discovery.  These technicians possess special skills and resources that will… Continue Reading

Jeffrey M. Pollock Elected to The American Law Institute

Posted in Uncategorized

Please join us in congratulating partner Jeffrey M. Pollock who was recently elected to The American Law Institute (ALI) – a nonprofit, independent organization dedicated to producing scholarly work that clarifies, modernizes and improves the law. New members are elected by current members and selected on a number of criteria, including high character and ability… Continue Reading

Fox’s Gerry Norton Quoted in NJBiz

Posted in Arbitration, Uncategorized

Our partner, Gerry Norton, Chair of Fox Rothschild’s IP department, was recently quoted in NJBiz.  Gerry’s comments on this critical IP legal development are most insightful. See http://www.njbiz.com/article/20120816/NJBIZ01/120819888/-1/enews_dailyT2.

A Very Comical Legal Brief

Posted in Uncategorized

As regular readers know, we deal with some pretty wonky securities law issues here at the Securities Compliance Sentinel.  It’s some serious stuff – sentinels are rarely irreverent fellows.  Speaking of sentinels, attorney Bob Kohn filed a rather novel amicus brief in the Justice Department’s lawsuit against Apple and some book publishes which alleges price fixing… Continue Reading

Federal Court Declares Delaware’s (Unused) Secret Arbitration Law Unconstitutional

Posted in Uncategorized

Last week, a federal judge declared that Delaware’s lawallowing Chancery judges to preside over secret arbitrations was unconstitutional.  The Delaware Coalition for Open Government challenged the law on the grounds that a judge-presided arbitration functioned essentially like a non-jury trial before a Chancery Court judge, and Judge McLaughlin agreed, noting, “Because it is a civil… Continue Reading

We Need Your Help

Posted in Uncategorized

To our loyal followers, The ABA is compiling its list of top blogs.  We wanted to make you aware of the link, and hope you will consider us when responding.  Here is the link:  http://www.abajournal.com/blawgs/blawg100_submit/.  The deadline for submission is September 7, 2012. Thanks so much. Securities Compliance Sentinel

SEC Pushes Reg D/Rule 144A Changes Back a Week

Posted in Uncategorized

In an unshocking move, the SEC decided to delay its Open Meeting on the changes to Rule 506 of Regulation D and Rule 144A required under the JOBS Act (which will allow for general solicitation of securities sold pursuant to those rules) until next week.  Notably, in the notice announcing next week’s meeting, they changed… Continue Reading

Cockroaches, the NFL and Presidential Statistics. . . Another Silly Friday Prediction

Posted in Uncategorized

Yes, this blog is quite different than what you are used to reading, but it is a Friday in August so please take it in that vein.  Here goes. Undoubtedly, many know the securities industry loves to use statistics.  Statistics are used for everything, including, among other things, to make predictions.  However, the securities industry is not alone in using statistics to predict… Continue Reading

IMPACT 2012 Venture Summit Mid-Atlantic: Proof That Good Things Can Have Really Long Names

Posted in Uncategorized

If you look around Philadelphia, you can see signs of a vibrant, growing city.  Neighborhoods long lost to urban decay and lost manufacturing jobs are finding new life as homes to the growing creative class of artists and entrepreneurs.  Philadelphia is in the nascent stages of a renaissance.  New businesses are created every day, and growing… Continue Reading