March 28, 2017
On March 22, 2017, the Securities and Exchange Commission (“SEC”) adopted an amendment to Rule 15c6-1(a) under the Securities Exchange Act of 1934 (“Exchange Act”), shortening the standard settlement cycle (i.e., the length of time between trade execution and delivery of cash and securities to the seller and buyer) for…
June 17, 2013
SEC Grants No-Action Relief Permitting German-based Strategy Consulting Firm to Engage in M&A Activities with U.S. Targets without Registering as Broker-Dealer
The SEC has granted no-action relief to Roland Berger Strategy Consultants (“Roland Berger” or the “Firm”) stating that it would not recommend enforcement action under Section 15(a) of the Exchange Act if Roland Berger were to engage in certain activities without registering as a broker or dealer. Roland Berger is an independent strategy consultancy firm based in Germany that engages in a wide range of services on behalf of non-U.S. clients. The majority of services that Roland Berger provides do not qualify as “broker” activities, but the Firm is occasionally involved in international M&A activities that may require registration as a broker-dealer under the Exchange Act.
May 2, 2013
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?