May 29, 2013
FINRA Will Have Surveillance Oversight of More than 90% of U.S. Equities Trading
Direct Edge announced that it has agreed to have FINRA provide market surveillance services to Direct Edge’s two licensed stock exchanges. It is believed the arrangement should go into operation in the fourth quarter of 2013.
May 29, 2013
New SEC Commissioners Nominated
On May 21, 2013 President Obama nominated two senior senate aides to the SEC. If approved, Kara M. Stein, an aide to Jack Reed (D-RI) will replace Elisse B. Walter and Troy A. Piwowar, chief Republican economist on the Senate Banking Committee will replace Troy A. Paredes.
May 3, 2013
Contact Us
If you have any questions regarding Broker-Dealings feel free to contact Marlon Q. Paz at paz@xlo3.wpengine.com.
May 3, 2013
Changes at the SEC
On May 1, the SEC announced that Carlo V. Di Florio, Director of the National Exam Program was stepping down and that Andrew Bowden was named as his successor. http://www.sec.gov/news/press/2013/2013-80.htm…
May 2, 2013
When is Crowdfunding Not Crowdfunding?
The answer to this question is when its done under §201 of the JOBS Act. On March 26, almost a full year after the JOBS Act was signed into law, the SEC issued a no-action letter FundersClub Inc. and FundersClub Management LLC . (“FundersClub”) FundersClub is a venture capital fund adviser. It manages venture capital funds and operates a website. Once FundersClub has identified start-up companies, it enters into an agreement with the company to raise a target amount. This is where the website comes into play. Once the agreement is reached with the start-up FundersClub post information provided by the company on its website. The information is available to FundersClub members all whom must be accredited investors. Does any of this sound familiar?
May 2, 2013
About Broker Dealings
Broker Dealings A Broker-Dealer Law Blog sm is a blog published by Seward & Kissel LLP that reviews regulatory and legal events of interest to attorneys, compliance officers, executives and other participants in the broker dealer industry. If you have any questions regarding Broker-Dealings feel free to contact…