The Securities and Exchange Commission recently announced that the fees that registrants pay to register their securities with the SEC will increase from $147.60 per million dollars to $153.10 per million dollars, effective October 1. The new fee rate will be applicable to the registration of securities under Section 6(b) of the Securities Act of 1933,
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FINRA Update on Crypto Asset Activities
On August 14, 2024, FINRA published an update (the “Update”) on its ongoing efforts to engage with its members related to crypto asset activities. The Update describes “crypto assets” as assets that are issued or transferred using distributed ledger or blockchain technology. They include, but are not limited to, so-called virtual currencies, coins, and tokens.
SDNY Issues Final Ruling on SEC v. Ripple
Earlier this month, the Southern District of New York issued its final ruling and remedies order in Securities and Exchange Commission v. Ripple Labs, Inc. Judge Analisa Torres found that the SEC failed to show that any investor was harmed by Ripple’s sales of the crypto asset XRP, rejecting the SEC’s disgorgement theory.
The court
Qualifying Venture Capital Funds Inflation Adjustment
The Securities and Exchange Commission adopted Rule 3c-7, which adjusts for inflation the dollar threshold used in defining a “qualifying venture capital fund” under the Investment Company Act, as required pursuant to Section 504 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (“EGRRCPA”). The final rule allows the SEC to adjust
10th Annual Alternative Finance Summit: Fintech, Blockchain, and Crowdfunding
September 4, 20249:00am – 5:00pm ET
Practising Law Insitutue (PLI) will host the 10th Annual Alternative Finance Summit: Fintech, Blockchain, and Crowdfunding program.
Mayer Brown partner Anna Pinedo will participate in a discussion on the “Securities Offering and Private Placement Developments” panel.
See the event webpage for information on the program and the session.
SEC Settles Reg BI Case Against California Broker-Dealer
On July 31, 2024, the Securities and Exchange Commission (“SEC”) announced that it agreed to settle allegations that a California-based broker-dealer sold in excess of $13 million in “L bonds,” a speculative, unrated debt security, to retail customers with lower risk profiles. The settlement of this case is notable because it was the SEC’s first
The State of Disclosure Review
The Director of the SEC’s Division of Corporation Finance (the “Division”), Erik Gerding, shared his views on the state of public company disclosures during 2023 and the SEC Staff’s review priorities for 2024. The statements were made in April 2024 at the Practicing Law Institute’s 2024 The SEC Speaks Conference and were recently published in
Founder Friendly Funding: The State of the Venture Markets
Based on data in Carta’s recently published State of the Markets report, the venture markets have experienced a slight uptick in number of deals and in dollars raised quarter-over-quarter. Companies on Carta’s platform completed 4% more deals and raised 12% more capital during the second quarter of 2024 compared to the first quarter. During the
Fintech Capital Raising Trends in 2024
Fintech Capital Raising Trends in 2024
Global capital raising in the fintech sector rose 19% quarter over quarter, while deal volume declined 16%, signaling that investors remain cautious, according to CB Insights’ State of Fintech quarterly report. U.S. fintech deals raised $4.8 billion in 324 deals. CB Insights’ report discusses financing, exit, and other trends
Podcast: Regulatory Redux: FDIC Proposes Brokered Deposit Revisions
On July 30, 2024, the FDIC proposed revisions to the restrictions on brokered deposits. The revisions would undo many of the key elements of the 2020 revisions and would dramatically expand the number of deposit brokers and the amount of deposits that are brokered. Listen to our podcast to understand what this rollback will mean