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
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
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
In contrast to the vast majority of tech companies that go public using an Initial Public Offering (IPO), Slack recently used a Direct Public Offering (“DPO”). Before that, Spotify went the DPO way. Could this be the beginning of a tech trend?» Read More
Artificial intelligence is a set of code designed to perform specific tasks, including capabilities to rapidly understand and analyze patterns to make judgment calls, predict the future, and draw conclusions. Artificial intelligence can analyze large data sets in a way beyond human capability at a rapid pace.» Read More
According to the financial press municipal bonds are selling like the proverbial “hot cakes.” Investors seeking yield are disappointed by the Federal Reserve Board’s decision to delay for some time any further interest rate increases, generally depressing yields.» Read More
Until the 1980s, banks and especially banks located outside the United States (and even more, those in Europe) had to deal with ever-growing U.S. dollar deposits, known as Eurodollars. These Eurodollars arose from both the Marshall Plan expenditures after World War II and the climbing amount of imports into the U.S.» Read More
Although the American banking system is hardly a model of straightforward simplicity at best (at least five primary federal regulators, depending upon the type of bank or whether a savings institution is involved, and not forgetting credit unions, let alone the 50 state bank chartering and regulating authorities), one area of almost impenetrable opaqueness has been the issue of when one company “controls” another company under the Bank Holding Company Act or the Home Owners’ Loan Act (sometimes called the Savings and Loan Holding Company Act).» Read More
Norris McLaughlin, P.A., is pleased to present an educational seminar for business owners addressing the legal issues related to expanding your business beyond New Jersey. Now that your company is ready to expand into other territories, it is essential that you focus on legal issues that can impact your business.» Read More
On June 16, 2016, the Financial Accounting Standards Board (“FASB,” the private, non-profit body which sets and revises Generally Accepted Accounting Principles), adopted a new accounting standard applicable to lenders, primarily banks. The new standard, “Current Expected Credit Losses” (CECL), is to take effect at the beginning of 2020.» Read More
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