Compliance Newsflash – May 8, 2019

May 8, 2019

SEC Issues Guidance On Issuance of Digital Assets

On April 8, 2019, Reed Smith reported that the U.S. Securities and Exchange Commission (SEC) took a first step toward providing greater clarity on the key question of how to evaluate whether transactions involving issuance or sales of digital tokens are sales of securities subject to U.S. securities laws and regulations. 

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Everything You Need to Know About the DOL Fiduciary Rule

On May 3, 2019, Investopedia reported that the Department of Labor (DOL) fiduciary rule, was originally scheduled to be phased in from April 10, 2017, to January 1, 2018. As of June 21, 2018, The U.S. Fifth Circuit Court of Appeals officially vacated the rule, effectively killing it. However, language from the Department of Labor Secretary, Alexander Acosta, stated in early May of 2019 that the DOL is working with the SEC to resurrect the fiduciary rule.

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