Securities

Hinshaw & Culbertson LLP is pleased to announce it has bolstered its Commercial Litigation and Commercial Transactions practice groups with the addition of Jason E. Rosen as a partner in the firm’s Miami office.

Peter J. Kaiser has joined Hinshaw as a Business & Commercial Transactions Practice Group partner in the Minneapolis office.

Hinshaw attorneys Tim Sullivan, Kyle Fonjemie, and Anthony Zeoli contributed chapters in the new 2024 Edition of the Illinois Institute for Continuing Legal Education (IICLE) handbook “Business Law: Miscellaneous Operating Issues, 2024 Edition.” Founded in 1961, the IICLE publishes a comprehensive set of handbooks designed by and for Illinois attorneys.

The implementation date for FINRA’s new, more strict expungement rules has been set for October 16, 2023. The new rules make it much harder for registered representatives to expunge negative customer-related complaints, arbitrations, and litigation. Therefore, to be grandfathered into the more friendly, existing rules, arbitrations must be filed on or before October 15, 2023, approximately forty (40) days from now. For a complete breakdown of the new rules, see the Hinshaw Alert titled "SEC Approves FINRA Rule Changes That Make Expungement of Customer Complaints More Difficult," authored by partner Andrew May.

Recently, the Securities and Exchange Commission (SEC) approved the Financial Industry Regulatory Authority's (FINRA) latest attempt to make expungement of customer disputes harder. The latest changes will make successful expungement more difficult, but FINRA has not yet announced when the new expungement rules will go into effect.

The Financial Industry National Regulatory Authority (FINRA) announced its 2021 report on FINRA's examination and risk monitoring program on February 1, 2021. According to FINRA, the report combines and replaces two of their previously published annual reports: the report on examination findings and observations and the risk monitoring and examination program priorities letter. Below, we highlight what you need to know from this year's report.

In order to clarify various no action letters and court decisions, the Securities and Exchange Commission (SEC) has proposed an rule that would allow two classes of “finders” to avoid having to register as a broker-dealer or as an associated person in circumstances where they play a role in raising money by private companies issuing securities. This client update will briefly touch on existing law and more deeply delve into the SEC’s proposed finder exemption.

For the first time since 2011, the Securities and Exchange Commission (SEC) has amended the definition of "accredited investors" under Rule 501(a) of Regulation D, promulgated under the Securities Act of 1933, as amended. This is important for securities issuers, because it means their existing subscription documents are now out of date and must be amended if they are to continue to raise money!

The U.S. law firm of Hinshaw & Culbertson LLP is pleased to announce that Andrew May, a seasoned securities and commodities attorney, has joined the firm as a partner in the Chicago office. Formerly a principal at Chuhak & Tecson, May has two decades of futures and securities law experience and provides a powerful combination of industry-specific knowledge and personal investment in his clients' success.

On March 4, 2020, the SEC proposed a set of amendments designed to simplify and improve the exempt offering framework. The SEC's stated goal is to make it easier for issuers to access the capital markets and to provide additional investment opportunities for investors.

On September 17, 2019, the federal bank regulatory agencies (the "Agencies") adopted a new rule to provide for a simplified measure of capital adequacy for certain community banking organizations. The rule takes effect on January 1, 2020.

Hinshaw's Tim Sullivan and Mike Morehead authored an article titled "Federal Reserve Revises its Small Bank Holding Company Policy Statement." It was published by the Community Bankers Association of Illinois in the November issue of its Banknotes magazine.