Way back in 2017, the SEC obtained an emergency asset freeze against an internet-based ICO involving certain Canadian residents, who had raised over $15 million on a variety of social
Continue Reading Cryptocurrency Fraud Is an International Issue
The U.S. Attorney’s Office for the Southern District of New York has announced that its prosecutors will not be significantly impacted by a recent appellate court decision concluding that Morrison’s
Continue Reading Vilar Will Not Hinder U.S. Attorney From Pursuing Global Fraud
Usually, we spend a fair amount of time advising our American broker-dealer clients, who do business overseas, that they have to follow the rules of those countries as well. However,
Continue Reading When in Rome Do as the Romans or At Least Play by the Rules
A German company sought the Staff’s assurance that it does not have to register as a broker-dealer if it is retained outside the U.S. by non-U.S. clients in connection with
Continue Reading Offshore M&A Transaction Agent Need Not Register as BD
The Staff of the Securities and Exchange Commission Division of Trading and Markets issued advice on Securities Exchange Act of 1934 Rule 15a-6, involving registration exemptions for foreign broker-dealers. See
Continue Reading FOREIGN BROKER-DEALERS AND REGISTRATION EXEMPTION
Alas, the Dodd-Frank whistleblower protections cover informants overseas.
The United States Court of Appeals for the Fifth Circuit, recently, held that the Dodd-Frank whistleblower protections cover informants that report to the
Continue Reading There is No Escape from Whistleblowers Overseas
Companies that acquire or invest in offshore entities or in entities that conduct business overseas may inherit FCPA risks.
Clearly, the DOJ and the SEC are viewing these transactions and the
Continue Reading Acquiring Companies of Foreign Interests Risk FCPA Liability
In light of the Urban decision, the SEC has indicated it intends on expounding on its views of failure to supervise for legal and securities personnel.
Although several of the federal
Continue Reading Gallagher Hopes SEC Soon Will Provide Clarity on Failure-to-Supervise Liability
Over the course of many years, I have been questioned by American BDs as to their responsibilities for sales to people outside the United States. My response has always been that they
Continue Reading Foreign Fund Issuers selling in the United States May Require Registration
Although it has been somewhat circumspect, the SEC seems to be stalling on a move towards adopting the international accounting standards of International Financial Reporting Standards (“IFRS”). Such an approach has