Securities Law

SEC Small Business Advisory Committee to Discuss the Accredited Investor Definition and the State of the IPO Market

February 16, 2024

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Tuesday, Feb. 27, which will include a discussion of the accredited investor definition and initial public offerings… Full report at: Read More

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SEC Proposes Rule to Update Definition of Qualifying Venture Capital Funds

February 14, 2024

The Securities and Exchange Commission today proposed a rule that would update the dollar threshold for a fund to qualify as a “qualifying venture capital fund” for purposes of the Investment Company Act of 1940 (Act). The rule would update the dollar… Full report at: Read More

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Sixteen Firms to Pay More Than $81 Million Combined to Settle Charges for Widespread Recordkeeping Failures

February 9, 2024

The Securities and Exchange Commission today announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for widespread and longstanding failures by the firms and… Full report at: Read More

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SEC Adopts Amendments to Enhance Private Fund Reporting

February 8, 2024

The Securities and Exchange Commission today adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the Commodity Futures Trading… Full report at: Read More

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SEC Charges TradeStation Crypto for Unregistered Offer and Sale of Crypto Asset Lending Product

February 7, 2024

The Securities and Exchange Commission today announced charges against TradeStation Crypto, Inc., based in Plantation, Florida, for failing to register the offer and sale of a crypto lending product that allowed U.S. investors to deposit or purchase… Full report at: Read More

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SEC Charges China-Based Tech Company Cloopen Group with Accounting Fraud

February 6, 2024

The Securities and Exchange Commission today announced settled accounting fraud charges against Cloopen Group Holding Limited, a China-based provider of cloud communications products and services whose American depositary shares formerly traded on the… Full report at: Read More

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SEC Adopts Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”

February 6, 2024

The Securities and Exchange Commission today adopted two rules that require market participants who engage in certain dealer roles, in particular those who take on significant liquidity-providing roles in the markets, to register with the SEC, become… Full report at: Read More

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SEC Charges Founder of American Bitcoin Academy Online Crypto Course with Fraud Targeting Students

February 2, 2024

The Securities and Exchange Commission today announced that Brian Sewell and his company, Rockwell Capital Management, agreed to settle fraud charges in connection with a scheme that targeted students taking Sewell’s online crypto trading course known as… Full report at: Read More

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SEC to Host Law School Summit Highlighting Need for Investor Access to Legal Counsel

February 2, 2024

The U.S. Securities and Exchange Commission today announced the date of its 2024 Investor Advocacy Clinic Summit, where law students and their professors will engage with SEC staff and invited guests about issues addressed and lessons learned while… Full report at: Read More

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SEC Charges Founder of $1.7 Billion “HyperFund” Crypto Pyramid Scheme and Top Promoter with Fraud

January 29, 2024
SEC Charges Founder of $1.7 Billion “HyperFund” Crypto Pyramid Scheme and Top Promoter with Fraud

The Securities and Exchange Commission today charged Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) for their involvement in a fraudulent crypto asset pyramid scheme known as HyperFund that raised more than $1.7 billion from investors… Full report at: Read More

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