In January, the five regulatory agencies responsible for carrying out the Volcker Rule—the Federal Reserve, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Securities and Exchange Commission—issued an interim final rule modifying portions of the initial version of the final rule released in December.1 The modifications…
Tag: Securities and Exchange Commission
Dilemma for Big Four Auditors in China in the Midst of Conflicting Laws
On January 22, 2014, U.S. Securities and Exchange Commission (SEC) Administrative Law Judge Cameron Elliot censured Chinese affiliates of the “Big Four” accounting firms (Ernst & Young LLP, KPMG LLP, PricewaterhouseCoopers LLP, and Deloitte LLP) along with BDO China Dahua CPA Co., Ltd. for willful violation of Section 106(e) of the Sarbanes-Oxley Act of 2002…
Aeropostale’s PIPE Dream
Men and women of my generation, and likely their parents, will be very familiar with the clothing company Aeropostale, as it was a fashion staple in the 90s and early 2000’s. However, since its heyday the clothing company has been in steady decline. Things have gotten much, much worse for Aeropostale in the last few…
Forthcoming MJPVL Article Submitted as Comment to SEC
An article from the upcoming third volume of MJPVL has been submitted to the SEC as a comment to its proposed crowdfunding rules, specifically Title III of the JOBS Act. The article is entitled “From Revolutionary to Palace Guard: The Role and Requirements of Intermediaries Under Proposed Regulation Crowdfunding.” Take a look: http://www.sec.gov/comments/s7-09-13/s70913-204.htm
Volcker Rule Revised in Response to Concerns of Smaller Banks
On December 10, 2013, five agencies, the Board of Governors of the Federal Reserve Board (“Federal Reserve”), the Commodity Futures Trading Commission (“CFTC”), the Federal Deposit Insurance Corporation (“FDIC”), the Office of the Comptroller of the Currency (“OCC”), and the Securities and Exchange Commission (“SEC”), promulgated a 71-page Final Rule to implement the Volcker Rule…
Touchdown or Fumble? The Risks and Returns of Investment Opportunities in Professional Athletics
The start-up company Fantex Holdings and its newly created trading exchange for investors to buy and sell interests in professional athletes have recently shed light upon the intersection of venture capital and professional athletics1 Fantex Holdings has created stocks tied directly to an athlete’s financial performance; a progressive venture that is backed by executives from…
The Volcker Rule: Implementation Imminent or Unlikely?
Paul Volcker, former United States Federal Reserve Chairman and originator of the Volcker Rule, was appointed to the President’s Economic Recovery Advisory Board in early 20091 The board was created with the intent to advise the Obama Administration on economic recovery matters. The creation of the board also gave Volcker the platform to lay the…
The JOBS Act Seen Through the Twitter Lens
In February of last year, Facebook issued a press release announcing that it had filed the required paperwork for its upcoming initial public offering (IPO) with the Securities and Exchange Commission.1 Shortly thereafter, the SEC published Facebook’s 150-page filing, making it immediately available for public scrutiny.2 Just a few weeks ago, Twitter published a similar…
Should Private Equity Middlemen be Worried? New Rule Could Lead to Emergence of Online Fundraising Platforms
Traditionally, most private equity funds use placement agencies to market, provide access to investors, and sell securities in their funds.1 The resulting relationship between the placement agencies and private equity funds essentially allows powerful agencies to control investor entrance to attractive funds.2 However, several start-up technology platforms have emerged in an effort to provide an…
Twitter’s Bumpy Flight from the Nest: Twitter’s IPO and the JOBS Act
Twitter: An “Emerging Growth Company” On September 12, 2013, Twitter announced its initial public offering (IPO) filing through its own Twitter feed: “We’ve confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale.”1 At the time, this tweet was the “only public…