Securities Registration

We were recently reminded of how difficult it is to re-register for a position in the securities industry after being barred.  See https://www.sec.gov/litigation/admin/2021/ia-5682.pdf.

On February 9, 2021, the United States Securities and Exchange Commission refused to let a former investment adviser re-register, claiming that the barred adviser had not demonstrated “extraordinary circumstances” to merit re-entry

Last week, the Securities and Exchange Commission announced that effective October 1, 2015, filing fees that public companies and other issuers pay to register their securities with the Commission will be reduced to $100.70 per million dollars (from money and calculator$116.20 per million dollars).  The reduction applies to fees paid under Section 6(b) of the Securities Act

Business development company representatives petitioned the SEC to “modernize” its rules pertaining to such entities.  BDCs are a type of private company that invests in small and mid-sized businesses.

The SEC has long disfavored BDCs, but none of these representatives want the SEC to allow BDCs to operate under rules that apply to traditional public

Investors in certain condominium units asked the United States Supreme Court to review a federal appeals court’s conclusion that the sale of the units, when coupled with a separate rental-management agreement, were not securities under state or federal law.  See Salameh v. Tarsadia Hotel, U.S., No. 13-763, 12/24/13.  The plaintiffs believe this was an “investment

Brokers may finally see the light at the end of the expungement tunnel.  Over the last month, registered representatives have received some surprisingly good news relating to their CRD licensing records. 

In August 2012, the United States District Court for the Northern District of California granted a motion by E-Trade Securities LLC to expunge an

Yesterday, the SEC proposed rules to implement Section 201(a) of the JOBS Act, which mandates the elimination of the prohibition against general solicitation in Rule 506 and Rule 144A offerings.  The proposed rule answered the major questions securities professionals were asking about these reforms:  would the new Rule 506 replace the old (no), would “reasonable

In its never ending quest to find suitable ways to address capital formation issues in the United States, the SEC’s Division of Corporation Finance is looking to see if foreign jurisdictions handle some of these issues better and if it could be applied in the United States. 

For example, the SEC is looking to see if other

Recently, the SEC announced that it would take steps to bar felons and bad actors from any Regulation D offering. 

This rule was mandated by the Dodd-Frank Act, and the SEC issued the proposal last May 2011.  This new rule may be in place before the end of this year, but there is no certainty