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AMF France: Crowdfunding Platforms Reminded of Complaint Handling Rules

The AMF France has issued a reminder to crowdfunding service providers (CSPs) regarding their obligations for handling investor complaints. This guidance clarifies requirements under EU and AMF regulations for establishing and maintaining effective complaint handling systems.

SEC Director Clarifies Howey Test for Crypto Assets

SEC Director James Moloney provided a statement clarifying the application of the Howey test to crypto assets. The statement explains how the 80-year-old legal standard for identifying investment contracts remains relevant in the context of modern digital assets.

SEC Chairman Atkins on Crypto Asset Token Safe Harbor

SEC Chairman Atkins announced new guidance on crypto assets, establishing four categories not deemed securities. This interpretation aims to provide clarity on when crypto assets implicate federal securities laws, focusing on digital securities and investment contracts.

SEC Clarifies Securities Laws for Crypto Assets

The SEC, joined by the CFTC, issued an interpretation clarifying the application of federal securities laws to crypto assets. The guidance provides a token taxonomy and addresses how crypto assets may become subject to or cease to be subject to investment contracts, impacting various crypto transactions.

IOSCO Publishes Recommendations for Neo-Brokers

IOSCO has published a final report with recommendations for securities regulators and neo-brokers. The report addresses challenges posed by neo-broker business models and aims to foster a more transparent and accountable environment, enhancing investor protection measures.

IOSCO Updates Statement on Non-GAAP Financial Measures

IOSCO has published an updated Statement on Non-GAAP Financial Measures, revising its 2016 and 2002 statements. The update aims to help issuers provide clearer and more useful disclosures to investors, reducing the risk of misleading information.

IOSCO Publishes Final Report on Financial Asset Tokenization

IOSCO has published its Final Report on the Tokenization of Financial Assets, examining its adoption, risks, and regulatory implications. The report aims to build a shared understanding among global securities regulators on how to address emerging challenges in this area.

SEC Staff Guidance on Corporation Finance Interpretations

The SEC's Division of Corporation Finance has updated its landing page for Corporation Finance Interpretations (CFIs). These interpretations provide staff guidance on federal securities laws and are not binding rules. The division is actively refreshing and reorganizing these positions.

SEC No-Action Relief for Multi-Class ETFs on Disclosure Rules

The SEC's Division of Trading and Markets has granted no-action relief to broker-dealers regarding disclosure requirements under Rules 15c1-5 and 15c1-6 for multi-class ETFs. This relief allows broker-dealers to effect in-kind creation or redemption transactions without specific disclosures under certain conditions related to multi-class ETF orders and compliance with existing terms.

Montana Securities Act Overview

The Montana Securities Division provides an overview of the Montana Securities Act, emphasizing its role in investor protection, capital formation, and promoting uniformity among states. The page highlights key statistics for broker-dealer firms, capital approved, and issuer filings in Montana.