Securities

Expert Analysis

• Chief Innovation Officer — The New Star On Legal Teams

  

  Over the past few years, forward-thinking law firms have expanded their talent pools to include a chief innovation officer, whose responsibilities include spearheading the implementation of technology. It is a smart move, says ​​​​​​​Mark Williamson, co-founder and chief technology officer at Hanzo Archives Ltd.

• The First SEC Action Following Option-Grants Probe

  

  The U.S. Securities and Exchange Commission’s recent action against Credit Karma — the first enforcement action to result from a sweeping investigation that began in 2016 — reinforces comments from various SEC leaders that the agency is concerned about option-granting practices of late-stage private companies. It also demonstrates the SEC’s continued interest in Silicon Valley companies' governance procedures, say Michael Dicke and... (continued)

• Opinion

  National Lawyers Need National Licensing For National Courts

  

  Just last month, a number of legal groups asked the Northern District of California to strike its rule requiring that, before seeking federal court admission, attorneys first be licensed by the state of California. It is irrational to exclude seasoned federal practitioners from general admission due to state bar approval while allowing raw state lawyers who have never been inside a federal courtroom, says attorney EJ Hurst.

• SEC, CFTC Display United Front On Cryptocurrency

  

  In a recent Senate committee hearing on virtual currencies, both Jay Clayton and Christopher Giancarlo confirmed that the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission are working together to ensure effective oversight. However, regulation and oversight need to be fashioned in a way that properly addresses the new technology, says Laura Anthony of Legal & Compliance LLC.

• Can The SEC Enforce Securities Laws Abroad?

  

  This week, the Tenth Circuit will hear a case with far-reaching consequences, literally, for the U.S. Securities and Exchange Commission's enforcement activity. If the commission has its way in its case against Traffic Monsoon, more aggressive overseas enforcement activity could be in store, say attorneys with Murphy & McGonigle PC.

• Changes To Rule 23 Are Coming, Are You Prepared?

  

  Proposed amendments to the Federal Rules of Civil Procedure Rule 23, which governs class actions, are set to take effect on Dec. 1, 2018, pending approval. The amendments would significantly alter class action litigation procedure from notice to settlement, says Niki Mendoza of Garden City Group LLC.

• Virtual Currency As Commodity: From Coinflip To McDonnell

  

  Through a series of public statements and judicial opinions beginning with the 2015 Coinflip action and progressing to a New York federal court’s decision in McDonnell this month, the U.S. Commodity Futures Trading Commission has established itself as the primary regulator of virtual currencies, notwithstanding the absence of clear statutory authority, say Douglas Arend and Jeffry Henderson of Greenberg Traurig LLP.

• An Update On Spoofing And Its Challenges

  

  Regulators have recently increased their efforts in cracking down on spoofing, yielding an increasing number of criminal indictments and civil settlements. However, an important challenge in identifying spoofing is separating legitimate calculations from those that were intended to manipulate the market, say Ilan Guedj and An Wang of Bates White LLC.

• Are ICOs In The Crosshairs Of New York’s Martin Act?

  

  Although much attention has been paid to the U.S. Securities and Exchange Commission’s actions in the initial coin offering space, little thought has been given to the applicability of New York’s own securities fraud statute. That could be a serious oversight, says Daniel Alter of Murphy & McGonigle PC.

• Choice-Of-Law Takeaways From Dole Insurance Dispute

  

  The insurance coverage litigation arising from the settlement of the shareholder claims filed in connection with Dole Food’s 2013 going-private transaction continues to grind on, and the latest ruling could be helpful for companies seeking to argue that Delaware law should govern the interpretation of their insurance policies, says Kevin LaCroix of RT ProExec.