Steffen Hemmerich

Subscribe to Steffen Hemmerich's Posts

On October 16, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission announced its examination priorities for 2024. While the Division typically announces its examination priorities near the start of the calendar year, this is the first time that the Division has published its examination priorities this early, to align…

On August 23, 2023, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments (the “Amendments”) to Rule 15b9-1 under the Securities Exchange Act of 1934 that generally eliminate the exemption from the requirement to become a member of a national securities association – effectively, the Financial Industry Regulatory Authority, Inc. (“FINRA”) – for SEC-registered broker-dealers…

Just weeks after the novel securities analysis in SEC v. Ripple Labs was handed down, a different court in the Southern District of New York has distinguished the approach taken in Ripple and argued against its policy outcomes in another, high-profile enforcement action by the SEC involving digital assets. In this Legal Update, we examine…

In a closely-watched ruling, on July 13, 2023, a US federal court granted summary judgment and made several key determinations on the question of whether digital tokens are “securities” for US securities law purposes. While the Court’s decision provides a number of meaningful rulings, it leaves many questions unanswered and will not be the final…

On May 9, 2023, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued Regulatory Notice 23-08 (the “Notice”), which provides supplemental and updated guidance for members conducting private placements pursuant to the Regulation D safe harbors under Sections 3 or 4 of the Securities Act of 1933, as amended.

The Notice does not change existing laws…

Although the New Federal Exemption Is Generally Aligned with the SEC’s 2014 No-Action Relief, There Are Some Notable Differences. Moreover, State Law Registration Requirements for M&A Brokers Are Not Preempted.

The U.S. Congress recently enacted a conditional exemption (the “Exemption”) from registration under Section 15(b) of the Securities Exchange Act of 1934 for qualifying brokers…

On February 15, 2023, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) issued Release No. 34-96930 (the “Adopting Release”), containing final rules (the “Final Rules”) that will shorten the standard settlement cycle for broker-dealer transactions in securities from the current two business days after the trade date (“T+2”) to one business day…

On February 7, 2023, the Division of Examinations of the US Securities and Exchange Commission (the “Division” and the “SEC,” respectively) announced its examination priorities for 2023. This year, the Division identified new and significant focus areas including: (i) recently adopted rules under the Investment Advisers Act of 1940 and Investment Company Act of 1940…

On January 10, 2023, the Financial Industry Regulatory Authority, Inc. (“FINRA”) published the 2023 Report on its Examination and Risk Monitoring Program (the “Report”). FINRA highlights several topics as key areas of risk for investors and the markets, including mobile apps, complex products and options, order handling/best execution, Regulation Best Interest and Form CRS, and…

Proposed Changes Would Require Reporting within One Minute of Execution

On August 2, 2022, FINRA proposed to amend FINRA Rule 6730(a)(1) to reduce the Trade Reporting and Compliance Engine (“TRACE”) reporting timeframe for transactions in “TRACE-Eligible Securities” currently subject to a 15-minute outer limit reporting timeframe to one minute. The one-minute outer limit reporting timeframe…