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Biz Law Blog

Business Law Blog

A business law blog focused on commercial law and business transactions.

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Aug 30, 2019

SEC Stresses Attention to LIBOR Transition in Joint Statement

On July 12, 2019, the Securities and Exchange Commission (“SEC”) Staff published a major and unusual joint statement on “LIBOR Transition.”

The Divisions of Corporation Finance, Investment Management, and Trading and Markets, together with the Office of the Chief Accountant, issued a seven-page, single-space statement.» Read More

Aug 14, 2019

IRS Targets Crypto with Thousands of Letters to Virtual Currency Users

In perhaps a historic action, the IRS announced that by the end of this month it will contact more than 10,000 taxpayers with reminders of the federal income tax consequences of transactions involving virtual currencies.  Taxpayers who the IRS believes have engaged in virtual currency transactions that may have given rise to unreported or improperly reported income tax liabilities are urged to review past tax filings, file amended, or delinquent returns if necessary, and pay any required back taxes, interest, and penalties due to prior failures to fully or accurately report income from transactions involving virtual currency. » Read More

Aug 01, 2019

Elder Financial Abuse: The Senior Safe Act

Government agencies and regulators are being forced to address the financial exploitation of older adults, as recent studies estimate that between $2.9-$36.5 billion in wealth is lost annually.[1] While older adults are not the only victims of financial fraud[2], they possess a number of characteristics that make them particularly vulnerable. » Read More

Jul 23, 2019

Oh How Will We Measure When the Ruler is Uncertain: More Observations on the LIBOR Saga

At the end of May, I wrote a piece titled “‘Measure for Measure’ LIBOR, SOFR, and the U.S. DOLLAR.  ICE BANK YIELD INDEX”.  As noted there, the U.S. Board of Governors of the Federal Reserve System (“FRB”) in 2014 created the Alternative Rates Reference Committee (“ARRC”) to develop alternatives to LIBOR. » Read More

Jul 16, 2019

Research Reports by Broker/Dealers – FINRA Catches Up

As described in my February 28, 2019, article, “Broker/Dealer Research Reports – Mutual Funds, ETFs, and Business Development Companies,” the U.S. Securities and Exchange Commission (“SEC”) adopted new Rule 139b on November 30, 2018, to allow broker/dealers to issue “covered investment fund research reports” with respect to mutual funds, exchange-traded funds (“ETFs”), business development funds, and certain other pooled investment vehicles (such as unit investment trusts, commodity funds, and currency funds).» Read More

Jul 01, 2019

Facebook Enters Epicenter of Blockchain Technology with Libra

The questions of exactly what money is and who will control it have become much more interesting, as Facebook unveils plans for a frictionless cryptocurrency called Libra. Facebook describes it as “a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets.”

Federal and local regulators in the U.S.» Read More

Jun 27, 2019

General Partnership Interests Are Securities – Sometimes: The 5th Circuit Revisits Williamson

In 2016, the United States Securities and Exchange Commission (“SEC”) brought a civil suit in the United States District Court for the Northern District of Texas, Dallas Division, against Arcturus Corporation, a Texas corporation (“Arcturus”); Aschene Energy LLC (“Aschene”), a Texas limited liability company; and Leon Ali Parvizian, a U.K.» Read More

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