The Securities and Exchange Commission today announced that it has voted to propose amendments to Securities Act Rule 701, which provides an exemption from registration for the issuance of compensatory securities by non-reporting issuers, and Form S-8,… Read the Full Press Release Have a securities law question? Call Sallah Astarita […]
Other News
SEC Proposes Temporary Rules to Facilitate Measured Participation by Certain “Platform Workers” in Compensatory Offerings Under Rule 701 and Form S-8
The Securities and Exchange Commission today voted to propose rules that, on a temporary basis and subject to percentage limits (no more than 15% of annual compensation), dollar limits (no more than $75,000 in three years) and other conditions, would… Read the Full Press Release Have a securities law question? […]
SEC Claims Wells Fargo Executives Misled Investors
The SEC filed a complaint in federal court charging former Wells Fargo & Co. CEO and Chairman John G. Stumpf and former head of Wells Fargo’s Community Bank Carrie L. Tolstedt for their roles in allegedly misleading investors about the success of the Community Bank, Wells Fargo’s core business. Prior […]
Firm Fined For Lax Text Message Storage
Broker-dealers are required to store and preserve all communications sent and received by their brokers for a period of three years pursuant to Section 17(a) and Rule 17a4 of the Exchange Act. That requirement includes text messages, as one firm recently learned the hard way. The SEC instituted administrative proceedings […]
Whistleblower Award for New Analysis, Not New Information
Whistleblower awards are typically given to individuals who provide new information or leads to the SEC which results in significant sanctions. In November, the SEC has announced an award of over $1.1 million to a whistleblower who did not provide new information for an investigation, but rather provided independent analysis […]
SEC Charges Firms in Connection with Sales of Complex Exchange-Traded Products
The Securities and Exchange Commission today filed settled actions against three investment advisory firms and two dually-registered broker-dealer and advisory firms for violations that related to unsuitable sales of complex exchange-traded products to… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544. […]
Mike Willis Named Associate Director in Division of Economic and Risk Analysis
The Securities and Exchange Commission today announced that it has named Mike Willis as an Associate Director in the Division of Economic and Risk Analysis (DERA). Mr. Willis will lead DERA’s newly created Office of Data Science and Innovation, which… Read the Full Press Release Have a securities law question? […]
SEC Publishes Notice of German Substituted Compliance Application and Proposed Order
The Securities and Exchange Commission today voted to publish a notice of a substituted compliance application by Germany’s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) as well as a proposed order that would conditionally provide substituted… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544. […]
SEC Awards More Than $3.6 Million and $750,000 in Separate Whistleblower Awards
The Securities and Exchange Commission today announced two separate whistleblower awards for total payments of over $4.3 million. In the first order, the Commission awarded a whistleblower over $3.6 million for providing important information that… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox […]
SEC Issues Warning to Broker-Dealers on Borrowing from Fully Paid Lending Programs
The SEC Division of Trading and Markets issued a warning letter to broker-dealers operating programs in which they borrow fully paid margin securities from their customers. https://www.findknowdo.com/news/10/23/2020/sec-issues-warning-broker-dealers-borrowing-fully-paid-lending-programs
