Posts Tagged ‘securities exchange commission’
Decoding the SEC’s New Rules: Understanding the New Definition of a ‘Dealer’ in Securities Law
By: Cassy Sulzer On February 6, 2024, The Securities and Exchange Commission (“SEC”) implemented two new rules in the Securities Exchange Act of 1934 (“the Act”): Rule 3a5-4 and 3a44-2.[1] These rules introduce ambiguity regarding the classification of individuals as “dealers” or as “traders,” crucial for determining registration requirements with both the SEC and self-regulatory…
Read MoreHow Courts Are Navigating the Constitutional Debate Around FINRA’s Enforcement Authority
By: Hannah Lief Alpine Securities Corporation (“Alpine”), a broker-dealer, is challenging the delegation of authority by the Securities and Exchange Commission (“SEC”) to Financial Industry Regulatory Authority (“FINRA”) in Alpine Securities Corp. v. Financial Industry Regulatory Authority, Inc.[1] The lawsuit arises out of Alpine’s constitutional challenge to FINRA’s enforcement of securities regulations.[2] During district court…
Read MoreWhat the Shell? Understanding the SEC’s Latest Rule for SPACs
By: Liam Sullivan Last month, SEC Commissioners adopted new rules regarding special purpose acquisition companies (SPACs), concluding a years-long effort to increase transparency and protections around investments in SPACs and the acquisition (de-SPAC) and initial public offering (IPO) of existing companies using this investment vehicle. The SEC turned a critical eye towards SPACs during a…
Read MoreGrappling with the Implementation of the SEC’s New Cybersecurity Disclosure Requirements
By: Olivia Woodmansee In July 2023, the Securities and Exchange Commission (“SEC”) voted to adopt a final rule on cybersecurity disclosure for public companies.[1] The rule is predicted to fundamentally alter most, if not all, public companies’ incident response processes.[2] The SEC now requires companies to disclose material cybersecurity incidents via Form 8-K within four…
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