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Podcasts, Newsletters, and More

For the first time in four decades, the SEC is rewriting the rules for transfer agents, the firms that keep the official record of who owns a company’s shares. The biggest change is that this record could live on a blockchain, as long as the agent keeps “exclusive control.” The proposal never defines that term. In Episode 106 of SEC Roundup, Nick Morgan talks with Rodrigo Seira of Cooley and Scott Walker, chief compliance officer at a16z, about what this means for advisors, broker-dealers and their clients. They cover whether onchain records could give investors back a direct line to issuers or just add a layer on top of street name. They also discuss what a first-ever compliance program mandate (Rule 17Ad-30) will cost small agents, and whether the new restrictive-legend rules (17Ad-31) help or hurt holders of restricted stock.

For the first time in four decades, the SEC is rewriting the rules for transfer agents, the firms that keep the official record of who owns a company’s shares. The biggest change is that this record could live on a blockchain, as long as the agent keeps “exclusive control.” The proposal never defines that term. In Episode 106 of SEC Roundup, Nick Morgan talks with Rodrigo Seira of Cooley and Scott Walker, chief compliance officer at a16z, about what this means for advisors, broker-dealers and their clients. They cover whether onchain records could give investors back a direct line to issuers or just add a layer on top of street name. They also discuss what a first-ever compliance program mandate (Rule 17Ad-30) will cost small agents, and whether the new restrictive-legend rules (17Ad-31) help or hurt holders of restricted stock.

SEC Roundup 106: Transfer Agent Rewrite Puts Blockchain Records on the Table

5 days ago0 min read

Ben & Jerry's Sold Stock in the Local Paper. Why Nobody Runs That Ad Anymore.

Ben & Jerry's Sold Stock in the Local Paper. Why Nobody Runs That Ad Anymore.

Ben & Jerry's Sold Stock in the Local Paper. Why Nobody Runs That Ad Anymore.

5 days ago7 min read

Hardy Callcott of Sidley Austin joins SEC Roundup to explain why the SEC's proposed repeal of the Rule 206(4)-5 pay-to-play rule will not free investment advisers to make political contributions.

Hardy Callcott of Sidley Austin joins SEC Roundup to explain why the SEC's proposed repeal of the Rule 206(4)-5 pay-to-play rule will not free investment advisers to make political contributions.

SEC Roundup Ep 105: Pay-to-Play Repealed, Why Advisers Still Can't Donate

Oct 230 min read

Can Sir Humphrey Be Fired?

Can Sir Humphrey Be Fired?

Can Sir Humphrey Be Fired?

Alexandros Kazimirov

Oct 206 min read

EB-5 immigration attorney Mona Shah, sued by the SEC over accredited investor verification, beside the text "Fixing the rule it's suing over" and "Accredited investor limits"

EB-5 immigration attorney Mona Shah, sued by the SEC over accredited investor verification, beside the text "Fixing the rule it's suing over" and "Accredited investor limits"

SEC Roundup Ep 104: Fix the Gate, Don't Shoot the Gatekeeper

Oct 70 min read

Rockefeller traces his journey from pioneering affinity-based Regulation A+ debt for veteran-owned businesses to building a modern "family operating system" designed to stop the natural breakdown of generational wealth. Along the way, he offers an insider's look at why regulatory barriers continue to push early-stage fintech away from everyday investors and into traditional Wall Street credit facilities.

Rockefeller traces his journey from pioneering affinity-based Regulation A+ debt for veteran-owned businesses to building a modern "family operating system" designed to stop the natural breakdown of generational wealth. Along the way, he offers an insider's look at why regulatory barriers continue to push early-stage fintech away from everyday investors and into traditional Wall Street credit facilities.

Capital Ideas 48: Reg A+ Pioneer Mark Rockefeller on Regulatory Overreach and the Future of Financial Advisors

Oct 50 min read

photo of courthouse

photo of courthouse

SEC Moves To Expand Credential-Based Accredited Investor Status—While Defending Arbitrary Wealth Requirement in Two Federal Courts

Sep 305 min read

SEC

SEC

So, SEC—which way is it?

Sep 237 min read

Our Law Clerk Believed the Casebook. A Year Later, He Doesn't.

Our Law Clerk Believed the Casebook. A Year Later, He Doesn't.

Our Law Clerk Believed the Casebook. A Year Later, He Doesn't.

Aug 317 min read

the SEC approved a new Nasdaq rule requiring listed companies to keep a market value of at least $5 million. Any company that stays below that line for 30 consecutive business days faces immediate suspension and delisting — with no cure period to fix the shortfall and no stay of trading while it appeals. It is the first automatic, no-cure, no-stay listing trigger the Commission has ever approved. One week later it was on hold: after the Small Public Company Coalition and Cemtrex moved to challenge the approval, it was automatically stayed, and on August 5 the Coalition petitioned the full Commission to throw it out.

the SEC approved a new Nasdaq rule requiring listed companies to keep a market value of at least $5 million. Any company that stays below that line for 30 consecutive business days faces immediate suspension and delisting — with no cure period to fix the shortfall and no stay of trading while it appeals. It is the first automatic, no-cure, no-stay listing trigger the Commission has ever approved. One week later it was on hold: after the Small Public Company Coalition and Cemtrex moved to challenge the approval, it was automatically stayed, and on August 5 the Coalition petitioned the full Commission to throw it out.

SEC Roundup Ep 103: The Delisting Cliff – How Nasdaq's $5M Rule Threatens Small Public Companies

Aug 270 min read

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