Corporate > AG Deal Diary
15 Jun '18

On Thursday, U.S. Securities and Exchange Commission (SEC) Director of Corporate Finance William Hinman provided some long-desired clarity on the SEC’s approach to cryptocurrency regulation, announcing during Yahoo Finance’s All Market Summit: Crypto that the SEC would not be classifying Ether (ETH) or Bitcoin (BTC) as securities. Director Hinman’s remarks ended long-standing speculation over whether the SEC would assert jurisdiction over these distributed ledger coins, a move that would likely require a change in the definition of “security.” His comments suggest that the Commodity Futures Trading Commission will continue to focus on fraud in the BTC and so-called “alt coin” markets, with the SEC concentrating on initial coin offerings and other digital rights offerings that behave like securities (whether backed by cryptocurrencies or otherwise).

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23 May '18

On May 11, 2018, the U.S. Securities and Exchange Commission’s (SEC) Division of Corporation Finance (the Division) consolidated and updated its interpretations of the proxy rules and Schedules 14A and 14C. The interpretations, still grouped by Rule or Schedule section, but now in the question-and-answer format of the Division’s other Compliance & Disclosure Interpretations (C&DI), replace the interpretations published in the Proxy Rules and Schedule 14A Manual of Publicly Available Telephone Interpretations and the March 1999 Supplement to the Manual of Publicly Available Telephone Interpretations (collectively, the Telephone Interpretations). In particular, C&DIs 124.01, 124.07, 126.02, 151.01, 161.03 and 163.01 reflect substantive changes to the Telephone Interpretations, while C&DIs 126.04, 126.05, 158.01 and 158.03 reflect technical revisions. The remaining C&DIs reflect only nonsubstantive changes to the Telephone Interpretations.

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07 May '18

Akin Gump has issued an alert detailing the Securities and Exchange Commission’s (SEC’s) proposed new interpretation of fiduciary duties of investment advisers under the Investment Advisers Act of 1940, as amended. The alert discusses how the SEC interprets the duty of care, the duty of loyalty, the ability to “disclose away” as well as potential additional requirements.

Click here to read the full alert.

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23 Mar '18

Akin Gump has issued a securities litigation alert on a recent U.S. Supreme Court’s unanimous decision, holding that certain securities class actions affecting issuer defendants may be brought in state court and may not be removed to federal court. This decision will likely have a plaintiff-friendly effect on class actions brought under the Securities Act of 1933 and issuer defendants should be aware that such class actions are now likely to be brought and fully litigated in state court.

Click here to read the full alert.

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19 Mar '18

Bloomberg Law's Securities Regulation & Law Report has published the article “Big Data and the Risks of Insider Trading,” written by Peter Altman and Kelly Handschumacher, litigation partner and associate, respectively, at Akin Gump, and Jennifer Hustwitt, a vice president in the financial institutions group at Marsh & McLennan. The article looks at how investment advisors can prevent, or even mitigate, liability for insider trading in connection with the use of alternative data.

To read the full article, please click here.

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16 Mar '18

This week we highlight a report by BDO’s Center for Corporate Governance and Financial Reporting on a variety of topics that corporate management and boards of directors should be prepared to address in connection with their 2018 annual meetings. The main issues include the impact of efforts by the current administration regarding taxes and deregulation, as well as corporate accountability and compliance concerns.

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28 Feb '18

Akin Gump has issued an alert on SEC guidance regarding disclosure of material cybersecurity risks and incidents to investors, comprehensive policies and procedures related to cybersecurity risks and insider trading policies of public companies that should address and protect against misuse of nonpublic information related to cybersecurity risks.

Click here to read the full alert.

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26 Feb '18

Akin Gump has issued an alert detailing the protections for whistleblowers for securities violations in Dodd-Frank that expand only to employees who report violations to the SEC. Whistleblowers that report internally are still protected under the Sarbanes-Oxley Act of 2002, provided that the employee files a complaint with the Department of Labor.

Click here to read the full alert.

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