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SEC Proposal Labels Certain Securities as Covered Securities

The Securities and Exchange Commission (“SEC”) recently issued the Proposed Rule, Covered Securities Pursuant to Section 18 of the Securities Act of 1933. The proposal would impact Rule 146 under Section 18 of the Securities Act of 1933, by designating certain securities on Investors Exchange LLC as covered securities under Section 18(b) of the Securities Act. According to Rule 146(b), covered securities are national securities exchanges, or segments of such exchanges, that are considered having listing standards that are “substantially similar” to the Named Markets. Covered securities under Section 18(b) are excluded from state law registration requirements. Comments on the. Read More.

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Civil Monetary Penalties Adjusted for Inflation

A final rule has been introduced to carry out the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The final rule implements the first annual inflation adjustment of Securities and Exchange Commission-issued (“SEC”) civil monetary penalties under the following: Securities Act of 1933 Securities Exchange Act of 1934 Investment Company Act of 1940 Investment Advisers Act of 1940 Certain penalties under the Sarbanes-Oxley Act of 2002 Violations that occurred after November 2, 2015, will be impacted upon the final rule’s effective date. For violations on or before that date, the SEC will reinstate penalty amounts in its previous adjustments as. Read More.

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