On July 13, the SEC announced charges against an array of participants in a de-SPAC transaction.[1] Among those charged are the SPAC, the SPAC’s sponsor, the SPAC’s CEO, the merger target, and the merger target’s CEO.[2]
Continue Reading SEC Brings Significant SPAC Enforcement Action
Securities Regulation
SEC Investment Advisers: Texas says “April Fools!” to Federal Preemption?
On April 1, 2021, the Texas State Securities Board (TSSB) announced the entry of a Consent Order against an SEC registered investment adviser named Independent Financial Group, LLC (“Independent”). The TSSB’s action may represent a large shift in investment adviser regulation and enforcement considerations for SEC-registered investment advisers. (Emphasis on “may.”)
Continue Reading SEC Investment Advisers: Texas says “April Fools!” to Federal Preemption?
RIAs & Advisors Consider CARES Act PPP Loan Participation: Getting the Application Right Takes Diligence
Management.com has a new article, found here, that points to the importance of an investment adviser or RIA firm borrower getting their SBA Paycheck Protection Program loan application right the first time: “What you don’t want is to submit an application that’s incomplete and you have to fix it … [because then] you [fall]…
The SEC Opts Not to Extend Reg BI and Form CRS Compliance Deadline
Securities and Exchange Commission (the Commission) Chairman Jay Clayton today addressed the much anticipated delay to the compliance deadline for Regulation Best Interest (Reg BI), Form CRS and the related transparency obligations in the new regulation by stating there will be NO DELAY of the June 30, 2020 deadline because of the Covid-19 pandemic.¹
Continue Reading The SEC Opts Not to Extend Reg BI and Form CRS Compliance Deadline