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Regulation Best Interest a ‘key priority’ for 2019, says Chairman Clayton

Completing Regulation Best Interest and related rules will be a key priority for the SEC in 2019, Chairman Jay Clayton said in remarks at Columbia University. In giving a sneak peek at the agency’s to-do list, the chairman also reviewed accomplishments over t

Senate committee weighs proxy reforms

With the U.S. proxy system under increased scrutiny, the Senate Banking Committee held a hearing on how to improve the way the proxy voting system operates, including if and how proxy advisory firms should be regulated and whether the current procedure for submitting shareho

Appellate panel affirms securities fraud findings in the sale of oil and gas joint venture agreements

The investment contracts sold by defendant Sameer P. Sethi, interests in an oil and gas joint venture, were securities, the United States Court of Appeals for the Fifth Circuit held, affirming the district court’s decision. Moreover, the district court correctly found

Adviser improperly made clients pay its rent and overhead

An investment adviser has been sanctioned for improperly allocating expenses to former business development company clients, and failures relating to those clients' valuation models. According to the Commission, the adviser allocated its own rent, overhead, and compensat

SCOTUS ponders scheme liability for transmitting false statements

The Supreme Court heard oral argument in a case that could define the contours of the SEC’s key antifraud rule. An investment banker who sent false statements to clients at the direction of his boss did not "make" the statements under Exchange Act Rule 10b-5(

SEC Chairman Clayton speaks plainly and revisits familiar themes in TimesTalks interview

SEC Chairman Jay Clayton told Andrew Ross Sorkin that he was not asked a single question about Bitcoin, blockchain, digital ledger technologies, or Ethereum during his Senate confirmation hearings in early 2017 in a recent TimesTalks interview. During the interim, virtu

Giancarlo advocates ‘agile and iterative’ approach to market reform

With a nod to MIT Professor Andrew Lo’s hypothesis that markets are inherently dynamic and adapt in fits and starts over time, CFTC Chairman J. Christopher Giancarlo offered the view that market reform is not a "one and done" event. Accordingly, the CFTC curr

Plaintiffs fail to show Blockvest’s tokens qualify as ‘securities,’ preliminary injunction denied

The Southern District of California has declined to issue a preliminary injunction against a cryptocurrency issuer following an emergency court order halting a planned initial coin offering (ICO) and freezing assets of the issuer and its founder. According to the court, the

CFTC publishes primer on smart contracts, hints at regulatory and compliance use cases and risks

The CFTC has published another blockchain primer, this time focusing on how smart contracts may spur business and regulatory innovations but with some attendant risks. The concept of a smart contract has been around since the 1990s and yet the term still means many things to

Company’s delisting, award timing bolster breach-of-duty case

A Tangoe, Inc. stockholder adequately pleaded that he and similarly situated class members were not fully informed when they tendered their shares at a steep discount in the face of the stock’s impending SEC deregistration. Corwin cleansing therefore did not

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