Regulators and industry groups continue their efforts to understand blockchain technology and its implications for the securities, futures and related financial sectors. Importantly, regulators and industry groups have not yet advocated for or against any particular type of blockchain technology. Rather, efforts have largely centered on defining what, in the view of those regulators and industry groups, blockchain technology is, how it may be used in the financial services industry, and what the regulatory implications are for its use.
Steve Crimmins comments in Law360 article. - The U.S. Securities and Exchange Commission filed charges Monday against a whopping 27 respondents for disguising promotions as independent research in a move experts said is calculated to send a message the market can't ignore and could be a sign of more cases to come.
The Supreme Court has long held that “[s]ilence, absent a duty to disclose, is not misleading under Rule 10b-5.” And such a duty to disclose only arises where necessary to make a statement already made not misleading, thus allowing companies to “control what they have to disclose … by controlling what they say to the market.” On March 27, 2017, in Leidos, Inc. v. Indiana Public Retirement System, the court granted certiorari to determine whether, in the absence of any need to correct a prior statement, there exists a separate disclosure duty under Item 303 of SEC Regulation S-K that is actionable under Section 10(b) of the Securities Exchange Act and Rule 10b-5. In Leidos, the U.S. Court of Appeals for the Second Circuit held, contrary to two other circuits, that Item 303, which pertains to disclosure of so-called “soft” information like trends or uncertainties, does create such a disclosure duty.
Recognizing and celebrating the importance of women in business, the legal profession, and our communities.
If you are a Commodity Pool Operator (“CPO”) or Commodity Trading Advisor (“CTA”) and you have not made strides to put an effective Information Systems Security Program (“ISSP”) in place, doing so should be blinking red on your dashboard.