Entries tagged “sec”
SEC Chairman Calls Out ICO Lawyers in January 22 Remarks
insights January 24, 2018
“If You Can’t Hear Me, I’ll Speak a Little Louder!” – SEC Chairman Clayton followed up critical remarks on ICO market advisors in December with new, blunt criticisms of many ICO attorneys. Read the full story and insights here. Mr. Futter has more than 20 years of high tech and business experience. He represents emerging companies and their…
It’s Not Just the SEC – Massachusetts Regulators Sue Resident Who Launched ICO
insights January 23, 2018
ICO legal risks may begin but do not end with the SEC, as a Massachusetts-based ICO issuer learned when state regulators sued him for his role in an unregistered ICO. Read the full article here Mr. Futter has more than 20 years of high tech and business experience. He represents emerging companies and their investors, as well…
SEC’s Latest on ICOs: If it Walks Like a Duck and Squawks Like a Duck, It’s a Security
insights December 11, 2017
In a powerful one-two punch on Monday, the SEC published a cease and desist order shutting down an ICO for the MUN utility token and a highly critical statement by SEC’s Chairman, Jay Clayton, entitled “Statement on Cryptocurrencies and Initial Coin Offerings”. Rimon partner Dror Futter analyzes the impact of these communications by the SEC and their impact on…
“We Never Thought of That” — When Venture-Backed Companies Undertake Reverse ICOs. Rimon’s Dror Futter writes in BitcoinMagazine
insights November 27, 2017
ICOs are not limited to new companies. Companies that have previously raised venture funding can do them as well — a phenomenon some have termed “Reverse ICOs.” The standard deal documents of the venture industry (SAFEs, Convertible Notes, Series Seed and NVCA Series A) never contemplated Reverse ICOs. Rimon partner, Dror Futter, has written about the…
Spoiler Alert: ICOs – The “Good Times” May Be Ending
insights November 16, 2017
Two recent events suggest that the “Wild West Period” for ICOs may be drawing to a close. Recent statements by SEC Chairman, Jay Clayton, strongly suggest more SEC action to come and the first class-action suit related to an ICO has been filed. Click here to read Dror Futter’s analysis. Mr. Futter has more than 20 years…
ICOs, Cryptocurrencies and Tokens – the SEC Speaks
insights August 4, 2017
The SEC has issued its first, much anticipated statement on the regulatory status of ICOs (Initial Coin Offerings). Click here to read our analysis of the questions the SEC answered and, perhaps more importantly, the questions that remain unresolved. Mr. Futter has more than 20 years of high tech and business experience. He represents emerging companies and their…
Client Alert: Confidentiality Clauses Can Cost You: SEC Issuing Fines for Inconsistency with Dodd-Frank Whistle Blower Protection Rules
insights November 14, 2016
Recent SEC enforcements mean it’s time to reconsider the risks of including overbroad confidentiality clauses in employment agreements and other business documents of registrants (e.g., public companies, mutual funds, investment advisors, transfer agencies and broker dealers). The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act sought to increase the identification of wrongdoing by providing…
Private Funds Face Increasing Scrutiny on Expense Disclosure and Practices
insights Benjamin Douglas · March 16, 2015
Regulators, news media and investors continue to sharpen their focus on the types of expenses borne directly and indirectly by private funds. While much of the attention has fallen on private equity funds, managers of hedge and venture funds should also cast a self-critical eye on the expenses they charge to their investment vehicles. We…
Adviser’s Principal Banned for False Statements of Eligibility, Failure to Maintain Records and Compliance Manual
insights Benjamin Douglas · March 2, 2015
A February SEC enforcement case provided a reminder to investment advisers of the importance of meticulous compliance with requirements regarding record retention and compliance manuals. In the order*, the SEC settled an administrative proceeding for various alleged offenses by a small investment adviser and its owner. Notably brazen were the adviser’s false representations regarding its…
Dodd-Frank 30 Day Countdown: Day 30
insights Robin Powers · June 16, 2011
A Dodd-Frank Overview According to the U.S. Securities and Exchange Commission (SEC), “Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) addresses the gap in U.S. financial regulation of OTC swaps by providing a comprehensive framework for the regulation of the OTC swaps markets.” Dodd-Frank goes into effect July 16, 2011 (360 days after it…