MSBA Business Law Section Securities Law Committee

Description

MSBA BUSINESS LAW SECTION

SECURITIES LAW COMMITTEE

AGENDA

May 16, 2019 meeting

12:30 P.M.

Conti Fenn & Lawrence LLC

36 South Charles Street

Suite 2501

Baltimore, MD  21201

Dial in:

667-260-2000

Meeting Code:

012514

 

If you are planning on attending the meeting please RSVP directly to Greg Lawrence’s paralegal Tanya Metz (tanya@lawcfl.com) and indicate whether you will be attending in person or via conference call.  If you will be attending in person, please email Tanya (tanya@lawcfl.com) and let her know what you would like for lunch – (1) wrap or sandwich (including type of bread, any condiments you’d like on the sandwich, etc.), (2) turkey, ham, tuna salad, other, (3) beverage, and (4) any food allergies you may have.  She will need your order no later than noon on Wednesday, May 15.

Course Level
TBD
CLE Field of Study
TBD
Location
Conti Fenn & Lawrence LLC
Register Now
When
May 16, 2019
12:30 pm
Location
Conti Fenn & Lawrence LLC
Format
In-Person

Agenda

Day 1

05/16/2019
12:30 pm
Agenda

I.                    Introductions

 

a.       Please remember that if you are attending via conference call, email Michelle Walsh atmwalsh@gfrlaw.com so we can have an accurate record of attendance for the meeting.

 

II.                  Approval of Minutes of January 24, 2019 and October 25, 2018 Securities Law Committee Meetings.  Please email me if you would like copies of the minutes, which will also be available at the meeting.

 

III.               New Business

 

a.                    Token/Initial Coin Offerings Developments

i.            SEC v. Blockvest – California Judge reverses earlier preliminary ruling and holds the Blockvest tokens in question were securities under the Howey investment contract test: https://www.sec.gov/litigation/litreleases/2019/order24400.pdf

ii.            SEC No-Action letter finding that certain tokens are not securities:https://www.sec.gov/divisions/corpfin/cf-noaction/2019/turnkey-jet-040219-2a1.htm (SEC response); https://www.sec.gov/divisions/corpfin/cf-noaction/2019/turnkey-jet-040219-2a1-incoming.pdf (incoming letter)

iii.            SEC’s Division of Corporation Finance issues “Framework for ‘Investment Contract’ Analysis of Digital Tokens: https://www.sec.gov/files/dlt-framework.pdf

 

b.                   SEC Adopts additional amendments to “modernize and simplify” Regulation S-K:https://www.govinfo.gov/content/pkg/FR-2019-04-02/pdf/2019-05695.pdf

 

c.                    SEC proposed expansion of permissible “test the waters” communications:https://www.govinfo.gov/content/pkg/FR-2019-02-28/pdf/2019-03098.pdf

 

d.                   Enforcement developments

 

i.            Rule 10b-5 liability – SEC prevails at the U.S. Supreme Court in Lorenzo v. Securities and Exchange Commission: https://www.supremecourt.gov/opinions/18pdf/17-1077_21o3.pdf

 

e.                   NASAA/State law developments

 

f.             SEC Speaks roundup (time permitting)

 

IV.                Next meeting

 

V.                  Adjourn

 

Register for this Event

MSBA Business Law Section Securities Law Committee