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On November 24, the Securities and Exchange Commission voted to propose amendments (the Proposal) to (1) Rule 701 under the Securities Act of 1933, as amended (Securities Act), which exempts certain compensatory equity offerings by non-reporting issuers from registration under the Securities Act, and (2) Form S-8, which is a registration statement form available for compensatory securities offerings by reporting issuers. …
Continue Reading SEC Announces Proposed Amendments to Rule 701 and Form S-8

On July 2, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-22 (the Notice) announcing updates to its interpretations regarding (1) FINRA Rule 4210(e)(8), which specifies margin requirements for control and restricted securities, and (2) FINRA Rule 4210(f)(5), which specifies conditions for the consolidation of two or more accounts carried for the same customer.…
Continue Reading FINRA Announces Updates to Interpretations of Margin Rule Regarding Control and Restricted Securities and Consolidation of Accounts

According to the Financial Industry Regulatory Authority (FINRA), financial institutions are allocating significant resources to developing applications that use artificial intelligence (AI) to offer innovative products, increase revenues, cut costs and improve customer service. …
Continue Reading FINRA Releases White Paper on Artificial Intelligence

On May, 27, the Alternate Reference Rate Committee (ARRC) that works under the auspices of the Federal Reserve Bank of New York issued a set of “Best Practices for Completing Transition Away from LIBOR.” The Best Practices reinforce the ARRC’s position that markets should cease using the London Inter-bank Offered Rate (LIBOR) as a reference rate in financial transactions well before the December 31, 2021 end date identified by UK regulators by providing specific dates by which specific products should be LIBOR-free.…
Continue Reading LIBOR Transition Best Practices Statement Issued by ARRC

On March 31, the European Securities Markets Authority (ESMA) published a consultation paper on draft implementing technical standards (ITS) under the Regulation on the cross-border distribution of funds (the Consultation Paper).…
Continue Reading ESMA Publishes Consultation Paper on Draft ITS under Regulation on Cross-Border Distribution of Funds

On December 23, 2019, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority’s (FINRA) proposed amendments to Rule 5110, as modified by Partial Amendments No. 1 and No. 2 (Amended Rule 5110), on an accelerated basis in an effort to modernize, simplify and streamline the rule. …
Continue Reading SEC Approves Amended Rule Change to FINRA Rule 5110

On December 30, 2019, the Securities and Exchange Commission voted to propose amendments (the Proposal) to its auditor independence rules, many of which have not been updated since their initial adoption in 2000 and amendments in 2003. …
Continue Reading SEC Announces Proposed Amendments to Modernize Auditor Independence Rules