A few weeks ago as this crisis began to take shape, we indicated it would be a good idea to dust off the old business interruption policies. In response to some queries, we wanted to add to our discussion.
Regardless
With the chaos of the past week– and it is going to get worse before better– firms should check on their insurance coverage.
Most firms should check to see if there business interruption coverage is up to date. This is
Let’s be honest, the only people usually concerned about business continuity plans (“BCP”) are compliance folks and the lawyers. In fact, many probably have not looked at their BCP since Hurricane Sandy. Well, you better dust it off (or dry
Alas, the market crashes (nearly, 8% of its value today) and your 401k plan is devastated, but could it get worse? Of course, it could. Brokers and investment advisers as well as their employers should expect to see numerous arbitrations
Recently, a REIT sought to avoid using a broker-dealer in a distribution. Woe, onto those who seek to avoid the broker-dealer, especially when it leads to a SEC investigation and enforcement action.
The REIT charged a 3% commission as part of its
Ernie Badway was quoted in FundFire regarding a recent lawsuit brought against the SEC concerning a FOIA request. https://www.fundfire.com/c/2532863/301753. The FOIA request had sought emails from the former SEC Enforcement Director and his correspondence with various news organizations.
FINRA has distributed a recording from a neutral workshop on expungement. It was enlightening and only reinforced the fact that it is very difficult for anyone to obtain an expungement. You can find the workshop at https://www.finra.org/arbitration-mediation/neutral-workshop-audio-and-video-files.
Ernie Badway, the Chair of Fox Rothschild’s Securities Industry Group, will be speaking at the National Conference of the National Society of Compliance Professionals. Registration information may be found at: https://www.foxrothschild.com/ernest-e-badway/events/the-secs-challenging-new-guidance-on-the-solely-incidental-broker-exemption/
Recently, the SEC issued a concept release to obtain input on possible changes to the offering rules. The SEC may change Regulation D private placements, Regulation Crowdfunding, secondary trading rules, the accredited investor definition and the use of private funds to
Fox Partner Kristen Howell was, recently, quoted in a Law360 article on security tokens following the ICO collapse. https://www.law360.com/assetmanagement/articles/1162154/-security-tokens-slow-to-take-off-following-ico-collapse?nl_pk=5882ca7d-b76e-42a1-a1fe-eb96fcbcf60f&utm_source=newsletter&utm_medium=email&utm_campaign=assetmanagement.
