Journal of Investment Compliance: Volume 20 Issue 4

SEC and FINRA broker-dealer exam priorities for 2019: how to prepare

Laura S. Pruitt, David P. Bergers, Eric A. Love

The purpose of this paper is to summarize and analyze the 2019 broker-dealer examination priorities of the Financial Industry Regulatory Authority (“FINRA”) and the US Securities…

Financial institutions and the new class action under Italian law: a compliance approach

Francesco Falco

To explain the impacts of the class action, as recently amended by the Italian Parliament, and help financial institutions to develop a compliance approach in order to avoid…

SEC announces results of share class selection disclosure initiative

Brenden Carroll, Mark Perlow, Christine Ayako Schleppegrell, Sam Scarritt-Selman

To explain the SEC’s Share Class Selection Disclosure Initiative (SCSD Initiative), the purpose it seeks to serve, the results it has generated, and its broader implications for…

Interval and tender offer closed-end funds: investment company alternatives to traditional funds

James Audette, Walter Draney, Jonathan Koff, Morrison Warren

To introduce the concepts of interval funds and tender offer funds and compare them to other pooled investment vehicles.

SEC adopts rules and interpretive guidance designed to enhance and clarify the obligations of financial professionals

Michael R. Rosella, Vadim Avdeychik, Justin R. Capozzi

This article provides an overview of the US Securities and Exchange Commission’s (SEC) recent approval of a package of rulemakings and interpretations designed to enhance the…

Hong Kong regulation of crypto-related investments

Michael Wong

To provide an overview of the Hong Kong regulatory regime for crypto-related investment products.

Bringing order to non-GAAP financial measures: SEC sues to enforce “equal-or-greater-prominence” requirement

Richard J. Parrino

This article examines the first action by the US Securities and Exchange Commission to enforce the “equal-or-greater-prominence” requirement of its rules governing the…

The SEC meditates on The DAO: tracing the initial arc of cryptosecurities regulation

Aegis Frumento, Stephanie Korenman

The purpose of this paper is to review the first two years of the US Securities and Exchange Commission (SEC) efforts to regulate cryptosecurities to assess the trends of that…

SEC framework and no-action letter provide guidance on analyzing whether a digital asset is a security

Kenneth J. Berman, Morgan J. Hayes, Matthew E. Kaplan, Byungkwon Lim, Gary E. Murphy, Yean Do, Jonathan R. Steinberg

To analyze and draw conclusions from the “Framework for ‘Investment Contract’ Analysis of Digital Assets” (the “Framework”), released by the US Securities and Exchange Commission…

Annuities are not securities: the regulatory Island in Illinois

Michele L. Schaff, Jeffery E. Schaff

Discusses the significance of the Illinois Supreme Court ruling in Van Dyke v. White, which clarified that annuities are not securities in the state of Illinois, with a particular…