On September 16, 2020, the Securities and Exchange Commission (“SEC”) adopted extensive amendments to Rule 15c2-11 (“Rule”)  under the Securities Exchange Act of 1934 (“Exchange Act”).   The Rule governs the publication of quotations for securities in the over-the-counter (“OTC”) market, which consists largely of smaller companies and retail investors.   Although the amended Rule becomes effective 60 days after publication in the Federal Register, compliance with the new provisions is not required until 9 months after the publication date to allow market participants and investors to adjust to the new OTC world.

Murphy & McGonigle has been honored by the Interfaith Action for Human Rights (IAHR) for the pro bono legal services of Shareholder Lionel Andre, a member of White Collar Defense, Investigations & Compliance Counseling Practice on behalf of at-risk, incarcerated prisoners.

Members of Murphy & McGonigle’s Commodities, Futures & Derivatives Practice will have prominent speaking roles at the upcoming FIA Law & Compliance Division virtual conference.

This article addresses the question of how the Supreme Court’s recent decision in Liu v. SEC may affect the ability of the Securities and Exchange Commission to obtain disgorgement in enforcement actions alleging violations of Rule 105 of Regulation M.

In response to a request from the Securities Industry and Financial Markets Association (“SIFMA”), on August 25, 2020, the Securities and Exchange Commission (“SEC”) granted conditional and temporary exemptions from the “locate” and “close-out” requirements of Rule 203(b)(2)(ii) and Rule 204(a) and (b), respectively, of Regulation SHO.   SIFMA’s request relates to intermittent suspensions of physical delivery securities processing services at the Depository Trust Company (“DTC”) that are resulting from the effects of COVID-19.  SIFMA stated that, as a result of such processing interruptions, there are likely to be delays in settlement of sales of equity securities that the seller was “deemed to own” and for which settlement is dependent on the delivery of physical certificates (referred to as “owned physical securities”). 

In its 10th anniversary year, Murphy & McGonigle has earned a ‘Lawyer of the Year’ honor in one of its key practices – Securities Regulation, along with nine individual honorees and two lawyers on the ‘Ones to Watch’ list in the Best Lawyers in America 2021 Edition, announced today.

The economic impact precipitated by COVID-19 is dealing a severe blow to the commercial real estate market. Will the COVID-19 fallout result in a wave of CMBS litigation?