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https://riacomptech.com/With $2.6 billion in recent fines, unarchived text messages create major compliance risks for RIAs, and even simple scheduling texts require proper archiving under SEC Rule 204-2, yet 95% of advisors use personal devices for client communications. RIA Compliance Technology City: Scottsdale Address: 10031 E Dynamite Blvd Suite 240 Website: https://riacomptech.com/
Hour 2 of JJ & Alex with Jeremiah Jensen and Alex Kirry. When do people reaching a tipping point with the direction of college football? NFL Blitz: Aaron Rodgers hints that he will be signing soon with the Steelers The Top 10: Holidays with the highest calorie consumption
Ana's game of the week doesn't leave us with much time. Learn more about your ad choices. Visit megaphone.fm/adchoices
Feel Good Friday, 5 Sec Rule, And Too Many Hot Guys Learn more about your ad choices. Visit megaphone.fm/adchoices
In the latest episode in our split the difference podcast series, which explores divergence in the regulatory regimes in the markets space, Mark Highman and Hannah McAslan-Schaaf consider the US and UK regimes for short selling. On the US side we focus in particular on the SEC's short position and activity reporting requirements under SEC Rule 13f-2.
Mauricio Rauld discusses the intricacies of real estate syndication, focusing on common legal mistakes, the role of capital raisers, and the importance of proper entity structures for asset protection. He emphasizes the need for syndicators to understand securities laws and the implications of using third-party capital raisers. The discussion also covers the evolving landscape of accreditation rules, the future of capital raising strategies, and predictions for the real estate market amidst economic changes. Mauricio Rauld | Real Estate Background Founder/CEO of Premier Law Group Based in: San Clemente, CA Contact Information: LinkedIn Sponsors: Altra Running Learn more about your ad choices. Visit megaphone.fm/adchoices
Welcome to Supreme Court Opinions. In this episode, you'll hear the Court's opinion in Macquarie Infrastructure Corp. v Moab Partners, L. P. In this case, the court considered this issue: May a failure to make a disclosure required under Item 303 of SEC Regulation S-K support a private claim under Section 10(b) of the Securities Exchange Act of 1934, even in the absence of an otherwise misleading statement? The case was decided on April 12, 2024. The Supreme Court held that pure omissions are not actionable under SEC Rule 10b–5(b), which makes it unlawful to omit material facts in connection with buying or selling securities when that omission renders “statements made” misleading. Justice Sonia Sotomayor authored the unanimous opinion of the Court. The plain text of Rule 10b-5(b) bars only half-truths, not pure omissions. Specifically, it prohibits omitting facts necessary to make “statements made” not misleading. There must first be an affirmative statement before determining whether additional facts are needed for clarity and completeness. The Securities Act of 1933 lends further support for this understanding because it expressly creates liability for pure omissions in registration statements, while the Exchange Act and Rule 10b-5(b) lack similar language. This difference suggests Congress and the SEC intentionally chose not to create liability for pure omissions under Rule 10b-5(b). The Court rejected the argument that pure omissions are inherently misleading because investors expect full disclosure under Item 303, explaining that this interpretation would improperly shift Rule 10b-5(b)'s focus from fraud to disclosure requirements. It also dismissed concerns about creating “broad immunity” for fraudulent omissions, noting that plaintiffs can still bring claims for half-truths and the SEC retains authority to enforce disclosure rules. Rule 10b-5(b) only targets fraudulent misrepresentations and misleading statements, not the mere failure to disclose required information absent any related statements. The opinion is presented here in its entirety, but with citations omitted. If you appreciate this episode, please subscribe. Thank you. --- Support this podcast: https://podcasters.spotify.com/pod/show/scotus-opinions/support
John is joined by Christopher G. Michel, Partner in Quinn Emanuel's Washington, D.C. office and John Bash, Partner in Quinn Emanuel's Austin Office, the two Co-Chairs of the firm's National Appellate Practice. They discuss several far-reaching decisions handed down by the U.S. Supreme Court at the end of its most recent term that significantly affect how the federal government will be able to regulate businesses. First, John Bash explains the decision in Loper Bright Enterprises v. Raimondo, in which the Court over-turned the 40-year-old Chevron doctrine, which required courts to defer to the interpretation of ambiguous statutes adopted by the administrative agencies that implement those statutes. He also explains the decision in Corner Post, Inc. v. Board of Governors, in which the Court ruled that the six-year statute of limitations for a plaintiff to challenge federal regulations runs from when the regulation first affects the plaintiff, not from when the regulation is promulgated. They then discuss how Corner Post and Loper Bright together will potentially allow businesses to overturn agency interpretations of statutes that were established decades ago. Chris explains the decision in SEC v. Jarkesy that when an agency brings a case that would typically require a jury at common law, the defendant is entitled to a jury trial in a federal court rather than a trial before one of the agency's administrative law judges. Chris also explains the Court's decision in Harrington v. Purdue Pharma L.P., which held that a bankruptcy court may not grant a release of claims against non-parties to a bankruptcy unless the alleged victims consent to the release, and how the decision will affect large bankruptcy proceedings going forward. They then discuss Moody v. NetChoice, LLC, in which the Court expressed skepticism about state laws in Texas and Florida that prohibited social media companies from engaging in certain forms of content moderation, but remanded the case for further proceedings. Finally, they discuss Macquarie Infrastructure Corp. v. Moab Partners, in which the Court ruled that “pure omissions” are not actionable under SEC Rule 10b-5 and a Rule 10b-5 claim must always be based on a statement that is either false or misleading on its own or rendered misleading by a material omission.Podcast Link: Law-disrupted.fmHost: John B. Quinn Producer: Alexis HydeMusic and Editing by: Alexander Rossi
Grady Block, an attorney for Mountain States Legal Foundation, discusses the new SEC rule on climate change disclosure and its impact on small businesses. The rule requires SEC registrants to disclose any climate-related information that could have a material impact on their business. Grady explains the challenges and costs associated with compliance and how it will affect not only large companies but also small businesses in their supply chains. He also discusses the main arguments in the legal challenge against the rule, including the major questions doctrine and the arbitrary and capricious action of the SEC. Grady highlights the importance of considering the real-life impact on small business owners in the legal arguments. Main Street Matters is part of the Salem Podcast Network. For more visit JobCreatorsNetwork.comSee omnystudio.com/listener for privacy information.
In today's episode, we check in with the Supreme Court that still has six cases left to decide, including the key decision on Presidential immunity. We break down Moyle v. US, in which the Supreme Court punted (for now) on the seemingly straightforward question of whether state abortion laws can supersede the federal EMTALA law protecting women in emergency rooms. Then, we discuss SEC v. Jarkesy, in which the Roberts Court continues to gut the administrative state, this time by restricting how the Securities and Exchange Commission can go after securities fraud. And in between, we update you on all things Aileen Cannon, who's even worse than you imagined. Links: Moyle v. US https://www.supremecourt.gov/opinions/23pdf/23-726_6jgm.pdf Trump Motion to Dismiss for AC Privilege (Doc. 566) https://storage.courtlistener.com/recap/gov.uscourts.flsd.648652/gov.uscourts.flsd.648652.566.0.pdf Cannon Ruling (Doc. 655) https://storage.courtlistener.com/recap/gov.uscourts.flsd.648652/gov.uscourts.flsd.648652.655.0_1.pdf SEC v. Jarkesy https://www.supremecourt.gov/opinions/23pdf/22-859_1924.pdf SEC Rule 10b-5 https://www.law.cornell.edu/cfr/text/17/240.10b-5 Show Links: https://www.lawandchaospod.com/ BlueSky: @LawAndChaosPod Threads: @LawAndChaosPod Twitter: @LawAndChaosPod Patreon: patreon.com/LawAndChaosPod
We awarded Drs. Azadeh Khatibi, Tracy Høeg, Ram Duriseti, Aaron Kheriaty, and Pete Mazolewski NCLA's Award for Client Bravery. NCLA represented these courageous doctors in the successful Høeg v. Newsom suit challenging a California state law that would have subjected them to discipline for sharing information with patients that departed from the “contemporary scientific consensus” on Covid-19. Gov. Newsom signed a bill to repeal the law, marking a major victory for our clients, free speech, and medical liberty. NCLA also presented a “Georgie” award (a bust of George Washington) to Latham & Watkins partner Roman Martinez for outstanding service to NCLA and our clients. He delivered oral argument to the Supreme Court in January in our Relentless Inc. v. Dept. of Commerce case against the unconstitutional Chevron doctrine. The Buckeye Institute Director of Litigation David Tryon and Legal Fellow Alex Certo took home the Georgie for Best Amicus Brief, while A. Gregory Grimsal received the Best Local Counsel Award. NCLA recognized the winner of its Student Note Competition, Matthew Lambertson of the University of Florida's Levin Law School, who earned a $10,000 prize to be split with the Florida Law Review for his illuminating publication entitled: “The Common Law and SEC Rule 10b-5(b): Narrowing the Securities ‘Fraud' Exception to the First Amendment.” Finally, NCLA honored newly retired former Senior Litigation Counsel Richard Samp with the Cincinnatus Award, celebrating his illustrious 30-plus-year career defending justice in our Republic.See omnystudio.com/listener for privacy information.
5 - 14 - 24 5 SEC RULE FOR BLUEY TIX by Maine's Coast 93.1
The multi-trillion-dollar ESG fund industry faces a regulatory problem. By the end of 2025, funds with net assets of $1 billion or more must comply with the amendments to SEC Rule 35d-1, better known as the “names rule.” It requires funds with names that include ESG terms have at least 80% of the fund invested in assets that aligned with those terms. The amendments strengthen prospectus disclosure requirements, and mandate that terms used in the fund's name suggesting an investment focus be consistent with their plain-English meaning or established industry use.My guest today will explain how ESG has become a meaningless term to investors. The result has been massive flows to ESG funds that have large holdings in oil companies, agricultural chemical manufacturers and similar companies that many investors are not aware of. Fund managers are struggling to explain what is going on, as they must to comply with the names rule.Show ResourcesHere are some links to learn more about Jason and Reflection Asset Management:Reflection Analytics Launches Digital Platform for Comprehensive ESG Audit and AnalysisSEC Adopts Rule Enhancements to Prevent Misleading or Deceptive Investment Fund NamesReflection AMReflect website
In light of the SEC's new climate-related disclosure rule, the ESG Talk and Off the Books podcast crews huddled to make sense of it all.In this episode, Steve Soter asks Mandi McReynolds, head of ESG at Workiva, and Andie Wood, Vice President of Regulatory Strategy at Workiva, for their thoughts.Then Jonathan Gregory, North America Controller at The Hershey Co., and Alan Wilson, Partner at WilmerHale, share their initial reactions, what surprised them in the rule, and some of their questions about the rule in the weeks and months to come.Subscribe to ESG Talk and Off the Books as we continue the conversation in the year ahead.
Oyster Stew - A Broth of Financial Services Commentary and Insights
Our experts and special guest Susan Light, Partner and Co-chair of Broker Dealer Regulation at Katten Muchin Rosenman LLP, explore the new SEC rules expanding the number of firms required to register with a self-regulatory organization. They share their experience and insights into the rule changes, including what it means for the firms who must comply, the FINRA registration application process, challenges non-broker dealer entities may experience adapting to FINRA membership, and how FINRA has historically handled rule changes involving new membership. Oyster Consulting has the expertise, experience and licensed professionals you need, all under one roof. Follow us on LinkedIn to take advantage of our industry insights or subscribe to our monthly newsletter. Does your firm need help now? Contact us today!
According to Windows Central, new SEC rules went into effect late last year, forcing public companies to disclose a cybersecurity incident within 4 days. In this episode, host Paul John Spaulding is joined by Steve Morgan, Founder of Cybersecurity Ventures and Editor-in-Chief at Cybercrime Magazine, to discuss. The Cybercrime Magazine Update airs weekly and covers the latest news, interviews, podcasts, reports, videos, and special productions from Cybercrime Magazine, published by Cybersecurity Ventures. For more on cybersecurity, visit us at https://cybersecurityventures.com
However, the rule only applies to publicly traded companies, and ultimately the onus of protecting one's data falls to the individual.
Episode SummaryIn this episode, Special Advisor for Cyber Risk at the NACD, Christopher Hetner, returns to the show to discuss the new SEC cybersecurity rules. Chris has over 25 years of experience in cybersecurity, helping protect industries, infrastructures, and economies, serving in roles including as SVP of Information Security at Citi, Senior Cybersecurity Advisor to the Chairman of the US SEC, Executive Member of IANS, the National Board Director of the Society of Hispanic Professional Engineers, Senior Advisor for the Chertoff Group, Senior Advisor to the CEO of Stuart Levine & Associates, and Co-Chair of Nasdaq Cybersecurity and Privacy.Today, Chris talks about the developments since January 2023, the timeframe requirements in practice, and normalizing cybersecurity incidents as business-as-usual. What is Inline XBRL? Learn how startups could prepare themselves for these changes, the scope of disclosure, and how risk management strategies might evolve to address Cloud-specific threats. Timestamp Segments· [02:36] What has changed since January?· [06:49] Why things changed.· [08:51] Was it a good move?· [12:27] Determining the materiality of cybersecurity incidents “without unreasonable delay.”· [17:49] Is 4 days enough?· [22:19] The scope of disclosure.· [24:09] Normalizing cybersecurity incidents.· [26:24] Moving toward real-time monitoring.· [28:52] Is insurance becoming a forcing function?· [32:18] Evolving risk management strategies.· [36:05] Third-party disclosure requirements· [39:51] How do startups prepare?· [41:52] What is Inline XBRL?· [42:54] Inline XBRL to 8-k.· [43:30] How the tagging requirement impact the disclosure process. Notable Quotes· “The magnitude of these events is the percentage of the event relative to revenue.”· “We're going to see market forces drive these safety standards within our enterprises.” Relevant LinksLinkedIn: Christopher Hetner Resources:https://www.sec.gov/news/press-release/2023-139.Secure applications from code to cloud. Prisma Cloud, the most complete cloud-native application protection platform (CNAPP).Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.
Apple will offer RCS support in 2024, Amazon will start selling cars online, and Hackers used a new SEC rule to snitch on the company they infiltrated. It's Friday, Nov. 17th and this is Engadget Today
Nation-states exploit the WinRAR vulnerability. Criminals leak more stolen 23andMe data. QR codes as a risk. NSA and partners offer anti-phishing guidance. A Ukrainian hacktivist auxiliary takes down Trigona privateers. Hacktivism and influence operations remain the major cyber features of the Hamas-Israeli war. On today's Threat Vector, David Moulton speaks with Kate Naunheim, Cyber Risk Management Director at Unit 42, about the new cybersecurity regulations introduced by the SEC. Our own Rick Howard talks with Jen Miller Osborn about the 10th anniversary of ATT&CKcon. And the epistemology of open source intelligence: tweets, TikToks, Instagrams–they're not necessarily ground truth. Threat Vector To delve further into this topic, check out this upcoming webinar by Palo Alto's Unit 42 team on November 9, 2023, "The Ransomware Landscape: Threats Driving the SEC Rule and Other Regulations." Please share your thoughts with us for future Threat Vector segments by taking our brief survey. To learn what is top of mind each month from the experts at Unit 42 sign up for their Threat Intel Bulletin. For links to all of today's stories check out our CyberWire daily news briefing: https://thecyberwire.com/newsletters/daily-briefing/12/200 Selected reading. Government-backed actors exploiting WinRAR vulnerability (Google) The forgotten malvertising campaign (Malwarebytes) Hacker leaks millions of new 23andMe genetic data profiles (BleepingComputer) Exploring The Malicious Usage of QR Codes (SlashNext |) How to Protect Against Evolving Phishing Attacks (National Security Agency/Central Security Service) GuidePoint Research and Intelligence Team's (GRIT) 2023 Q3 Ransomware Report Examines the Continued Surge of Ransomware Activity (GuidePoint) Ukrainian activists hack Trigona ransomware gang, wipe servers (BleepingComputer) Navigating the Mis- and Disinformation Minefield in the Current Israel-Hamas War (ZeroFox) War Tests Israeli Cyber Defenses as Hack Attempts Soar (Bloomberg) U.S. says Israel ‘not responsible' for Gaza hospital blast; Biden announces ‘unprecedented' aid package in speech (Washington Post) Three clues the Ahli Arab Hospital strike came from Gaza (The Telegraph) Who's Responsible for the Gaza Hospital Explosion? Here's Why It's Hard to Know What's Real (WIRED) ‘Verified' OSINT Accounts Are Destroying the Israel-Palestine Information Ecosystem (404 Media) Learn more about your ad choices. Visit megaphone.fm/adchoices
Michelle Atlas-Quinn, J.D. is the Vice President of RIA Operations for Advisor Law. She is an Attorney licensed by the Colorado Supreme Court to practice law (active registration). She earned her Juris Doctorate from University of Denver Sturm College of Law. Michelle formerly held FINRA licenses Series 7, 63, and 24 and former Colorado life and health insurance license. She earned her Bachelor of Arts in Philosophy from the University of Colorado. David and Michelle discuss the transition from working with a broker-dealer to becoming an independent registered investment advisor (RIA). Michelle shared her career journey which led her to founding the RIA division at Advisor Law. She discussed some of the benefits of being an RIA like lower fees, less regulatory oversight, and more freedom in marketing. However, she cautioned that as an independent advisor there is more responsibility to ensure compliance. Michelle provided tips on complying with regulations and working with a compliance partner like Advisor Law. Overall, the discussion focused on helping advisors understand the opportunities and responsibilities involved in making the shift to the RIA space. "The SEC Rule is, am I doing what's in the client's best interest? Am I being careful with their money and making decisions that I think are careful." - Michelle Atlas This week on The Model FA Podcast: Career journey and RIA services with Michelle Atlas. Transitioning from broker-dealer to RIA. Regulatory changes and compliance in the RIA space. Marketing in the financial industry with a focus on compliance. SEC compliance for financial advisors transitioning from broker-dealers to registered investment advisors. Our Favorite Quotes: "Anything that you collect a fee on, is Ria, anything you could collect a commission on, is a broker-dealer. And so you look at your book and you say, well, what else am I still collecting commissions on?" - Michelle Atlas “From a marketing standpoint, in the RIA space, it's just nice that you can market your business more in alignment with the way that businesses are marketed today.” - David DeCelle "So there are some challenges, but I think 85-90% of most people's books these days, if you look at them, are fee based, because they are using managed money." - Michelle Atlas "FINRA derives their jurisdiction from the SEC. So instead of having three regulators, and if you're doing insurance, maybe four, you're down to three." - Michelle Atlas Connect with Michelle: LinkedIn: https://www.linkedin.com/in/michelleatlas/ Website: https://advisorlawllc.com/ Email: matlas@advisorlawyer.com About the Model FA Podcast The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams. Did you like this conversation? Then leave us a rating and a review in whatever podcast player you use. We would love your feedback, and your ratings help us reach more advisors with ideas for growing their practices, attracting great clients, and achieving a better quality of life. While you are there, feel free to share your ideas about future podcast guests or topics you'd love to see covered. Our Team: President of Model FA, David DeCelle If you like this podcast, you will love our community! Join the Model FA Community on Facebook to connect with like-minded advisors and share the day-to-day challenges and wins of running a growing financial services firm.
Kurt Wolfe, securities attorney with Troutman Pepper, discusses the final updated rules from the SEC on adviser marketing. The rule hasn't changed in nearly 40 years, so Jeff, Bruce and Kurt have plenty to discuss, including what is allowed under the new guidelines and differences for brokers vs. advisers.
STYLE// ROUTINES// PASSIONS// VOICE// HOME// & YOUR SENSE OF SELFall things that I've come to learn a huge sense of individuality in— today I'm sharing one of the BIGGEST tips I can give “the 7 second rule” & how it's changed my lifeKATELYNN'S IG: https://www.instagram.com/katelynnnolann/KATELYNN'S YOUTUBE: https://youtube.com/c/katelynnnolan KATELYNN'S TIKTOK: https://tiktok.com/@katelynnnolannNYT PODCAST IG: https://www.instagram.com/notyourtypicalwithknSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This week, we discuss the state of the market as OneTrust announces a round, one year after they laid off nearly 1000 employees. We also note that we continue to see more and more non-US cybersecurity vendor activity - France and India specifically this week. An IBM report tries to tie security spending to breach costs, but we disagree. We discuss the impact of InfoSec leaving Twitter, and the odds of whether or not the Las Vegas Sphere will get hacked during DEF CON. Visit https://www.securityweekly.com/esw for all the latest episodes! Show Notes: https://securityweekly.com/esw-325
This week, we discuss the state of the market as OneTrust announces a round, one year after they laid off nearly 1000 employees. We also note that we continue to see more and more non-US cybersecurity vendor activity - France and India specifically this week. An IBM report tries to tie security spending to breach costs, but we disagree. We discuss the impact of InfoSec leaving Twitter, and the odds of whether or not the Las Vegas Sphere will get hacked during DEF CON. Visit https://www.securityweekly.com/esw for all the latest episodes! Show Notes: https://securityweekly.com/esw-325
While the board of directors is generally conferred the power to manage the day-to-day affairs of a corporation, either by the statute, or by the articles of incorporation, this is always subject to limits, including the rights that shareholders have. For example, the Delaware General Corporation Law §141(a) says the "business and affairs of every corporation ... shall be managed by or under the direction of a board of directors, except as may be otherwise provided in this chapter or in its certificate of incorporation." However, directors themselves are ultimately accountable to the general meeting through the vote. Invariably, shareholders hold the voting rights, though the extent to which these are useful can be conditioned by the constitution. The DGCL §141(k) gives an option to corporations to have a unitary board that can be removed by a majority of members "without cause" (for example a reason determined by the general meeting and not by a court), which reflects the old default common law position. However, Delaware corporations may also opt for a classified board of directors (for example where only a third of directors come up for election each year) where directors can only be removed "with cause" scrutinized by the courts. More corporations have classified boards after initial public offerings than a few years after going public, because institutional investors typically seek to change the corporation's rules to make directors more accountable. In principle, shareholders in Delaware corporations can make appointments to the board through a majority vote, and can also act to expand the size of the board and elect new directors with a majority. However, directors themselves will often control which candidates can be nominated to be appointed to the board. Under the Dodd-Frank Act of 2010, §971 empowered the Securities and Exchange Commission to write a new SEC Rule 14a-11 that would allow shareholders to propose nominations for board candidates. The Act required the SEC to evaluate the economic effects of any rules it wrote, however when it did, the Business Roundtable challenged this in court. In Business Roundtable v SEC, Ginsburg J in the DC Circuit Court of Appeals went as far to say that the SEC had "acted arbitrarily and capriciously" in its rulemaking. After this, the Securities and Exchange Commission failed to challenge the decision, and abandoned drafting new rules. This means that in many corporations, directors continue to have a monopoly on nominating future directors. Apart from elections of directors, shareholders' entitlements to vote have been significantly protected by federal regulation, either through stock exchanges or the Securities and Exchange Commission. Beginning in 1927, the New York Stock Exchange maintained a "one share, one vote" policy, which was backed by the Securities and Exchange Commission from 1940. This was thought to be necessary to halt corporations issuing non-voting shares, except to banks and other influential corporate insiders. However, in 1986, under competitive pressure from NASDAQ and AMEX, the NYSE sought to abandon the rule, and the SEC quickly drafted a new Rule 19c-4, requiring the one share, one vote principle. In Business Roundtable v SEC the DC Circuit Court of Appeals struck the rule down, through the exchanges and the SEC subsequently made an agreement to regulate shareholder voting rights "proportionately". Today, many corporations have unequal shareholder voting rights, up to a limit of ten votes per share. Stronger rights exist regarding shareholders' ability to delegate their votes to nominees, or doing "proxy voting" under the Securities and Exchange Act of 1934. Its provisions were introduced to combat the accumulation of power by directors or management friendly voting trusts after the Wall Street Crash. --- Send in a voice message: https://podcasters.spotify.com/pod/show/law-school/message Support this podcast: https://podcasters.spotify.com/pod/show/law-school/support
So it turns out, the SEC is stuck in the 2010s with its post-spring transfer portal rule. The guys dig into that and why it needs changing. Tennessee great Hendon Hooker joined the show on half of SixStar Pro Nutrition to discuss the Draft criticism he received, the throw that beat Bama, cigars (or lack there of) and much more. Connor and Will close with an "Ask Us Anything."
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A shelf offering is a Securities and Exchange Commission provision that allows an equity issuer to register a new issue of securities without having to sell the entire issue at once. The issuer can instead sell portions of the issue over a three-year period without re-registering the security or incurring penalties. A shelf offering is also known as a shelf registration; it is formally known as SEC Rule 415.1 A shelf offering allows a company to register a new issue with e SEC but allows for a three-year period to sell the offering instead of all at once. This lets a company adjust the timing of the sales of a new issue to take advantage of more favourable market conditions should they arise in the future. The company maintains any unissued shares as treasury stock, where they remain "on the shelf" until offered for public sale.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4432332/advertisement
At the onset of the new year, the WSJ reported the SEC is “considering a softening of planned rules” while also highlighting the proposed 1% threshold, otherwise known as a bright-line test. On this episode of the Financial Executives Podcast, we sit down with Maura Hodge, KPMG's ESG Audit Leader, to get a better understanding of what the 1% disclosure threshold could mean for companies and their auditors as they prepare for the SEC's final climate disclosure rule. Download the Financial Education & Research Foundation Report on "How Corporate Finance is Preparing for Climate Disclosure & Best Practices" here (https://www.financialexecutives.org/Research/Publications/2023/How-Corporate-Finance-is-Preparing-for-Climate-Dis.aspx) Special Guest: Maura Hodge.
Oyster Stew - A Broth of Financial Services Commentary and Insights
Oyster's Capital Markets experts were recently featured on the Bond Dealer Association's podcast, "Bonding Time," discussing issues affecting the US fixed income markets. Topics include SEC Rule 15c-211, TRACE and MSRB reporting, the FINRA Margin Rule (42-10), Best Execution, T+1 and Clearing Options. Enjoy a short sample of the original podcast. You can listen to the entire podcast here. ________________________________________________________________________________________We have the expertise, experience and licensed professionals you need, all under one roof. Our seasoned industry leaders provide consulting, outsourcing and software to help you plan, manage risk, achieve compliance and optimize operations so you can focus on running and growing your business.Follow us on LinkedIn to take advantage of our industry insights or subscribe to our monthly newsletter. Does your firm need help now? Contact us today!
Are you familiar with the SEC's 206(4) proposal? Will you be compliant? In this episode, Laura Gregg and David Partain are joined by Paul Binnion of Hanlon Investment Management to consider the intent and potential impact of the proposal. If you outsource certain investment functions or have been evaluating third-party service providers, join us to … Continue reading Ep 88: How SEC rule 206(4) could change your business model — With Paul Binnion →
As the demand for personalization at scale increases, direct indexing and separately managed accounts are also becoming more popular. Tune into the latest episode of Big Picture in Practice to hear Syl Flood and Julie Willoughby discuss these strategies with guests Kaitlin Hendrix and Shawn Jaberzadeh.
Securitization Insight Ep 25: SEC's Rule 15c2-11 and its Impact on SecuritizationsKristi Leo, President of the Structured Finance Association, returns to join host Patrick Dolan on Securitization Insight to discuss the requirements of the amended SEC Rule 15c2-11 and its impact on the fixed income market. We explore the issues for securitizations related to the Rule's requirement of publicly available information for Rule 144A securities, and what it means for broker-dealers, legacy securitizations and market liquidity.Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify, or your preferred podcast app.
This podcast Part VI discusses SEC Rule 14a-8's ordinary business exclusion, with emphasis on shareholder proposals related to employment discrimination.
This podcast Part V furnishes background history of SEC Rule 14a-8's ordinary business exclusion.
This podcast Part IV analyzes the evolving role of SEC Rule 14a-8's substantially-implemented exclusion for shareholder proposals.
This podcast Part III discusses how shareholder proponents may prove ownership under SEC Rule 14a-8.
This podcast Part II discusses the basic requirements for submission of shareholder proposals under SEC Rule 14a-8.
This week on Understanding Crypto with Paul Abercrombie and James Burtt they discuss the Securities and Exchange Commission (SEC) allegations of insider trading in the world of crypto and its subsequent reclassification of nine cryptocurrencies as securities. Though the Howey test has traditionally measured investment viability, Paul believes that the FCA task force laid the groundwork for future SEC regulation of digital assets. He predicts additional sanctions from the organization. SEC Announcement The Securities and Exchange Commission (SEC) announced nine cryptocurrency securities in response to insider trading charges. Paul explains that in order for a cryptocurrency to fall within the category of a security it has to be a financial asset with monetary value. He claims that it is now common for developers to sell tokens—which are intended to be a digital representation of shares—without really delivering the promised rewards. Although the SEC often disapproves of this approach, it frequently goes unnoticed because cryptocurrency currently operates outside the regulatory framework. The Howey test was developed to ensure investment viability by ensuring that assets fit into the following criteria: Is there an Investment of money? Is there a common enterprise? Are you investing with an expectation of profit? Are efforts derived from others? “This whole regulation, the SEC, the Howey test, almost sets the trends in crypto over the last couple of years,” Paul remarks. Interestingly, crypto creators have developed procedures to protect them from the bureaucracy associated with this class of investments in order to lower the likelihood that their digital assets would be classified as securities. However, the ongoing court dispute has shed light on these evasive tactics. [Listen from 1:35] Commonalities Insider trading is now illegal in the cryptocurrency industry as a result of the SEC's retroactive classification of nine cryptocurrencies as securities. Paul explains, “The person who's told his mate or his brother that this token is going to be launched, get involved because it's a good project, is actually insider trading because it's a security.” However, he believes the SEC's odds of winning this legal battle against the defendant is low, given that the investment was not a security at the time the offense was committed. A detailed examination of the websites of the re-classified crypto projects revealed commonalities, including the frequent use of terms such as community, DeFi institutions and escrow. “So a lot of what's come out of crypto is a circumvention of the Howey test through language. They're not calling profit profit, they're calling profit rewards,” observes Paul. As the SEC looks into other semantic loopholes that many Web3 creators have used to circumvent the stringent rules and processes, he predicts additional sanctions. Paul believes that the Financial Conduct Authority (FCA) task force, which began before Boris Johnson's retirement, laid the groundwork for future SEC regulation of digital assets. He continues, “What will come out of this is a change to the SEC's approach of how they view certain assets because [crypto] is here to stay now.” James' major concern is this: “If the S.E.C. can pin this onto nine cryptocurrencies, then how many of those projects that are existing out there right now sit in that gray area?” [Listen from 12:44] Key Takeaways Insider trading is now illegal in the cryptocurrency industry as a result of the SEC's retroactive classification of nine cryptocurrencies as securities.
7 - 25 - 22 PT2 5 SEC RULE RULES (KELLYKAST) by Maine's Coast 93.1
7 - 25 - 22 PT1 5 SEC RULE RULES (CARCIFEROUS) KELLYKAST by Maine's Coast 93.1
7 - 25 - 22 PT1 5 SEC RULE RULES (CARCIFEROUS) KELLYKAST by Maine's Coast 93.1
7 - 25 - 22 PT2 5 SEC RULE RULES (KELLYKAST) by Maine's Coast 93.1
Dairy policy has been a hot topic in recent farm bills and saw some big changes in the 2014 and 2018 legislation. The House Ag Committee held a hearing this week on dairy policy, and California Democrat Jim Costa shares his thoughts on what the provisions of the bill might ultimately look like.There's also a panel discussion from Aubrey Bettencourt of the Almond Alliance of California, Paul Bleiberg with the National Milk Producers Federation, and Ethan Lane with the National Cattlemen's Beef Association focusing on the news of the week and the proposed climate reporting rule from the Securities and Exchange Commission. Want to receive Newsmakers in your inbox every week? Sign up! http://eepurl.com/hTgSAD
6-21-22 AJ DailyMarket Closeout: the Summer of UncertaintyAdapted from an article by Troy Marshall, American Angus Association Beltway Beef Podcast: Fighting Back Against Overreaching SEC Rule Adapted from a release by the National Cattlemen's Beef Association Apply by Aug. 13 to the 44 Farms International Beef Cattle Academy Adapted from a release by Texas A&M University Compiled by Paige Nelson, field editor, Angus Journal. For more Angus news, visit angusjournal.net.
6-20-22 AJ DailyWhere Does Beef Go When it Leaves the Packer?Adapted from a release by Certified Angus Beef LLC NCBA Fights Controversial SEC Climate Rule Adapted from a release by the National Cattlemen's Beef Association Proposed SEC Rule Requirements Nearly Impossible for Family Farms Adapted from a release by the American Farm Bureau Federation Compiled by Paige Nelson, field editor, Angus Journal. For more Angus news, visit angusjournal.net.
On this episode, NCBA Environmental Counsel Mary-Thomas Hart joins to discuss NCBA's fight against the U.S. Securities and Exchange Commission's overreaching greenhouse gas disclosure rule. Hart details the origins of the rule and the harm it could cause to cattle producers. Hart also highlights NCBA's grassroots campaign against the rule, which resulted in over 6,000 cattle producers sharing their perspective with the SEC, and key arguments from technical comments submitted to the agency by an NCBA-led coalition of agricultural groups.
A proposed rule by the Securities and Exchange Commission seeks climate-related disclosures for investors. Micheal Clements shares how the proposal may impact agriculture. The post Extension Given to Review Proposed SEC Rule appeared first on Tennessee Farm Bureau.
5-10-22 AJ DailyTracking Fuel Price Trends Allows for Savings Adapted from an article by Shelby Varner, K-State Research and Extension News NFU Expresses Support for White House's Affordable Connectivity Program Adapted from a release by Lyndsey Medsker, National Farmers Union AFBF Welcomes Comment Deadline Extension for Concerning SEC Rule Adapted from a release by the American Farm Bureau Federation Corn Plantings and Situation Adapted from a report by Len Steiner, Steiner Consulting Group Compiled by Paige Nelson, field editor, Angus Journal. For more Angus news, visit angusjournal.net.
Tom Fox is back for a new episode of The ESG Report. He's joined by Professor Karen Woody, and they go inside the SEC to take a look at the process and procedure, as well as the arguments made against the recently proposed rule around ESG. The Proposal Process “These rules aren't just picked from the sky,” Karen explains. There are a number of people at the SEC who come together to devise these rules, with a lot of time being spent working through the proposal process. After the rule is written, the public has 60 days to comment on it, and once this period ends, the SEC takes these comments under advisement to promulgate a final rule. Challenging the Dissent Karen points out that in the past, there has always been dissent whenever a rule was proposed in the SEC. However, the recent presence of dissent at almost every turn in the commission has created what feels like a very political space that - according to Karen - isn't doing anyone any favors. A major argument that was raised is that promoting rules about climate does not lie within the SEC's scope of authority. Karen disagrees; she states, “It would be hard to find an industry that won't be touched by a climate event,” citing the many corporate sectors that would be negatively affected should a climate emergency occur. Another big point of issue was that investors don't care about ESG. To rebut this, Karen brings up the Conflict Minerals Regulation, and how it is the perfect counterpoint to ESG. ESG is an investor-led movement, because people do want to know how green companies are. Challenging a Final Rule The procedure of challenging an SEC rule once it becomes final differs depending on where the challenge comes from. “The SEC is its own mini country,” says Karen, because they write and enforce their own rules, and the commission has its own court with an appointed administrative law judge. She explains the legal process that is involved with filing a lawsuit against the Securities and Exchange Commission should one wish to challenge a final rule, which involves answering to their administrative law judge, and eventually to an Article III court. RESOURCES Tom Fox's email Karen Woody | LinkedIn | Twitter
4-28-22 AJ DailyEnter the Certified Angus Beef® Cook-Off Contest by May 15Adapted from a release by Briley Richard, Angus Communications NCBA President Urges Congress to Adopt Broadly Supported Cattle Market Policies Adapted from a release by the National Cattlemen's Beef Association Proposed SEC Rule Could Reach Nearly Every Farmer and Rancher Adapted from a release by the American Farm Bureau Federation CAB Insider: Market Update Adapted from an article by Paul Dykstra, Certified Angus Beef LLC Compiled by Paige Nelson, field editor, Angus Journal. For more Angus news, visit angusjournal.net.
Here is a lawsuit in which a guy (the plaintiff, Timothy McKimmy) is suing a non-fungible token exchange (the defendant, OpenSea) for allegedly neglig... a lawsuitcan decide who owns an NFTstealing of NFTs inflation trading at big banks talked last year talked last year There was an explanationhere’s thisapparently ownsI mean fine, fair wrote some imaginary dialogueyour “500,000 cars” tweetlegal realismapparently tried often sayan articledefinitely a scamSOFRFederal Funds Market Porsche IPOnew sanctions on Russiamurky pastBond Fundsexecutive bonusesGet a Big Raise Boosts Bonuses 31% Mortgage Businesses Fires Fund ManagersChicken Industry Laundering Moneyhacker Lamborghinis Lost at SeaZugzwangsort of launchedsubscribe at this linkhereSEC Rule 14a-8
Cromwell Coulson, President and CEO of OTC Markets Group, speaks with GlobalTrading Editor Terry Flanagan about current topics in the trading of over-the-counter securities, including the focus on investor protection, the evolution of SEC Rule 2-11, and retail investors' interest in digital assets.
In this episode, Chris speaks with Joanne Driscoll, CFA, Head of Short Term Liquid Markets in the Fixed Income group at Putnam Investments. In this position, she is responsible for the oversight of the investment strategies and management of short duration products along with SEC Rule 2a-7 mandated portfolios and other cash assets. Joanne is a Portfolio Manager of Putnam Government Money Market Fund, Putnam Money Market Fund, Putnam Short Duration Bond Fund, and Putnam Ultra Short Duration Income Fund. During the conversation, they touch on many topics, including: The current landscape on the front-end of the curveThe Fed and QEInflationThe challenges involved with managing through the pandemicRising rates and the impact on the short end of the curveThe difficulties in '08 and '09 compared to 2020Fixed income spreadsHow Joanne manages risk in Putnam's Ultrashort and Short Duration fundsThis material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. All investments involve risk, including the loss of principal. You can lose money by investing. To view additional information including performance and holdings, please visit the Putnam Ultra Short Duration Income Fund page found on putnam.com. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing. Putnam Retail Management AD1931413 11/21
While the board of directors is generally conferred the power to manage the day-to-day affairs of a corporation, either by the statute, or by the articles of incorporation, this is always subject to limits, including the rights that shareholders have. For example, the Delaware General Corporation Law §141(a) says the "business and affairs of every corporation ... shall be managed by or under the direction of a board of directors, except as may be otherwise provided in this chapter or in its certificate of incorporation." However, directors themselves are ultimately accountable to the general meeting through the vote. Invariably, shareholders hold the voting rights, though the extent to which these are useful can be conditioned by the constitution. The DGCL §141(k) gives an option to corporations to have a unitary board that can be removed by a majority of members "without cause" (for example, a reason determined by the general meeting and not by a court), which reflects the old default common law position. However, Delaware corporations may also opt for a classified board of directors (for example, where only a third of directors come up for election each year) where directors can only be removed "with cause" scrutinized by the courts. More corporations have classified boards after initial public offerings than a few years after going public, because institutional investors typically seek to change the corporation's rules to make directors more accountable. In principle, shareholders in Delaware corporations can make appointments to the board through a majority vote, and can also act to expand the size of the board and elect new directors with a majority. However, directors themselves will often control which candidates can be nominated to be appointed to the board. Under the Dodd-Frank Act of 2010, §971 empowered the Securities and Exchange Commission to write a new SEC Rule 14a-11 that would allow shareholders to propose nominations for board candidates. The Act required the SEC to evaluate the economic effects of any rules it wrote, however when it did, the Business Roundtable challenged this in court. In Business Roundtable v SEC, Ginsburg J in the DC Circuit Court of Appeals went as far to say that the SEC had "acted arbitrarily and capriciously" in its rulemaking. After this, the Securities and Exchange Commission failed to challenge the decision, and abandoned drafting new rules. This means that in many corporations, directors continue to have a monopoly on nominating future directors. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support
This super easy manifesting tool is how I manifested my dream car! Listen to this week's episode to find out how. Here is how to connect with me:Manifesting Straight Talk Facebook Group. https://www.facebook.com/groups/manifestingstraighttalkFrustrated to Zen 4 week programme: https://rachelchamley.kartra.com/page/Frustratedtozenin4weeksMembership: https://rachelchamley.kartra.com/page/1hi164Facebook Page: https://www.facebook.com/rachelchamleycoachYouTube:https://www.youtube.com/channel/UCVNo7FnV06PfNgGs1IZDqrwInstagram:https://www.instagram.com/rachelchamley/Website:https://www.yourtimenow.co.uk
5-sec rule! Stop right now and think with me. In 5 sec what would you say is your best quality. Chances are you CAN"T say it in 5 seconds. Our brains go blank. That is because your BRAIN repeats the NEGATIVE things about yourself constantly. SOO.. the 5 Sec Rule. Take 5 Sec often today, say things that you LOVE about yourself, that you are grateful for, and that you do for others. Let's practice appreciating ourselves more often. It feels weird but I promise it will change your attitude to JOY! https://tinyurl.com/y4kropz2 I love you I'm Dan Clark --- Send in a voice message: https://anchor.fm/daniel-c-clark/message Support this podcast: https://anchor.fm/daniel-c-clark/support
These are speculations based on interviews with market participants and an internal investigation. Nothing is proven in a court of law. We do not in any way make claim that the information presented in this video is material fact. Alternate interpretations fall on the shoulders of viewers. I very much appreciate what Vanguard did for the industry at its origins, and the visions of its original founder are tremendous bar none. May he rest well. --- Send in a voice message: https://anchor.fm/john-wooten/message
In today's show, you will learn why the Federal Reserve is being forced to bail out money markets due to a 2016 SEC rule in an attempt to prevent money market rates from going negative, how the global services sector is showing signs of peaking, and how Treasury yields are telling the labor market the number of available jobs is about to decrease. #BondBullish #DollarBullish #RRP #MoneyMarkets #NegativeRates Have a question for the show? From time to time I answer your questions. E-mail Steve or, send him a message on Facebook, LinkedIn or Twitter. http://stevenvanmetre.com/about/contact/ https://www.facebook.com/svmfin/ https://www.linkedin.com/in/steven-van-metre-b4a08b182/ https://twitter.com/MetreSteven https://stevenvanmetre.com/portfolio-shield/ Portfolio Shield™, and The Macro Show™, and Momentum Timer Pro™ are unregistered trademarks of Steven Van Metre Financial. Watermark Artwork by Jasmine Miller Twitter: @jazcreative The content of this video is provided as educational information only and is not intended to provide investment or other advice. This material is not to be construed as a recommendation or solicitation to buy or sell any security, financial product, instrument, or to participate in any particular trading strategy. This video was prepared by Steven Van Metre in my own personal capacity. The opinions expressed in this video are my own and do not reflect the view of Atlas Financial Advisors, Inc. or Steven Van Metre Financial.
Today, we have a guest who's democratizing access to private investing. Ken Nguyen is the co-founder and CEO of Republic, a multi-asset investment platform for private markets. Ken is a pioneer in the private markets investing world and a serial operator who knows how to build businesses. He's helped grow Republic to hundreds of millions of dollars in gross transaction volume over the past three years after Republic spun out of AngelList. After Ken was an instrumental part of building the investment and regulatory infrastructure at AngelList, as their General Counsel, Ken founded Republic to create a leading equity crowdfunding platform for both nonaccredited and accredited investors. While their incredible progress on the retail crowdfunding side is remarkable, Republic's platform and vision is so much more than simply a retail crowdfunding platform. They also have an accredited investor platform and they enable investors to invest into everything from real estate to e-sports and gaming financing to small businesses. Republic has done the hard things first. They built the investment infrastructure for private markets. And they combine that with a Robinhood-like investing experience for private markets, for both retail and high net worth investors alike. They've also been innovative in how they engage consumers by creating a Republic Note, a security token that has created network effects on their platform for users.It's been really fun to watch this team execute at a blistering pace from the time that they started out with the idea of enabling investors to invest in startups at twenty dollar minimums, to building out a comprehensive private markets investment platform. Ken has been instrumental in that success with his infectious energy tireless work ethic and drive to create democratized access to investing for people around the world.This was such a fascinating conversation. We talked about Ken's drive for starting an investment platform that could enable everyone to participate in wealth creation in private markets, how investing and owning equity is part of the American Dream, how Republic has unlocked access to private markets for all investors, “Lean back vs lean forward” framework applied to investing (h/t Rishi Garg of Mayfield Fund for the “lean back vs lean forward” framework), and how community is such a big driver of Republic's growth and success as a business.I hope you enjoy.TranscriptNote: This Transcript was created by an AI software package. It is not an exact translation of every word in the podcast.Michael: [00:02:30] Ken, welcome to the Alt Goes Mainstream podcast. Ken: Michael, thank you so much for having me. It's such a pleasure to be here. Michael: Oh, it's great to see you. I love that background of New York. Ken: I am in New York. So, art mimics real life or the other way around. THE FOUNDERS STORYMichael: [00:02:46] Well, you've had a busy year, so congrats on everything. But before getting into Republic and all the things that you're doing, I'd love to hear your story. I mean, you've had such an incredible story of how you've gotten to Republic. So what is that story? Ken: [00:03:01] Yeah. Thank you, Michael. I definitely have a bit of an unusual founder story.My family immigrated from Vietnam to the Bay Area in California. And so growing up in the late nineties, early 2000's, you hear these stories of companies going IPO and tech and Google and Facebook. But just because you were smack in the middle of Silicon Valley, it doesn't mean that I or my family had anything to do with it.We definitely weren't accredited, but that fascination early on, I think, ended up, staying with me. I ended up going to law school. Started out as a litigation attorney in New York and went into finance. And along the way, I think the story, the headline news that caught my attention the most was always tech companies. You know, you hear more and more of Facebook and then Airbnb. I had the opportunity to go back to the Bay Area and academia. I spent two years as a Teaching Fellow at Stanford and studying corporate governance. But Stanford happens to be also a tech hub. And so more and more, the different stages in my life just inserted me more and closer into the tech ecosystem and then I had an opportunity to join AngelList when they first launched their first syndication product. So I joined. I think the first non-engineer hired as the General Counsel back in 2013, 2014. Part of that work led to a change in the law, which is regulation crowdfunding in 2016. And I'm sure we're going to go into it. But in short, between the Great Depression in the 1930s, all the way to 2016, you had to be a millionaire to invest privately. In 2016, all of that changed. It's like opening up the flood gates. And that's when the team and I set out to found and launch Republic. DEMOCRATIZING ACCESS TO INVESTINGMichael: [00:05:04] That's fascinating. And it seems like you really have a variety of experiences. Everything from the kind of legal and regulatory side to working in startups, to working in private companies. Was there really a specific moment in your life that has driven you to make it your mission to democratize access to investing? Ken: [00:05:25] I think there were three moments. Thinking back, probably the first moment was when my oldest brother who was 15 years older than I am and was already very established by the time I graduated college and he was an accredited investor – the first one in the family to be accredited.And he was like, Hey Ken, do you know how I can invest in this company called Facebook. And I was probably one of the earlier users, one of the earliest users of Facebook. And I'm like, great question. I'm an Associate at a law firm and I have no idea how you can do that. I asked around - no one knew how. Right in the middle of New York City, every law firm partner is a multi-millionaire and they're like, yeah, this is Silicon Valley stuff.So I think that piqued my curiosity, but also I had a desire to be like, Hey, I want to be in. I use this product. I really like it. And wanting me as a stakeholder to be a shareholder. So, I would say that that was the first moment.The second one was when, after two years of spending my time at AngelList, I realized that the accredited only model could only go so far. AngelList did open up the venture ecosystem to a lot more people, but you still have to be in the know, have to be accredited. And, I think that moment when AngelList shifted their attention to focus more on upstream institutional family offices, that's when I was like, wait, there is this law that's going to be effective very soon. And this is exactly what I, as a teenager growing up in Silicon Valley, wish that it was the case that I could get in. So, I think those two moments, rather than three in combination, probably culminated in the idea and the passion for retail investing. Michael: [00:07:31] Well, you're bringing up a really interesting point, right. And it's been during a time where value creation in private markets has far outpaced value creation in public markets. And yet, so many people really up until the past few years with what you're doing with Republic and others have done opening up access to private companies, is enabling people to access some of this value creation. How do you think about that and why is it important for people to be equity owners in things. Ken: [00:08:00] Well, investing has traditionally been dominated by large financial institutions and ultra-wealthy investors at the earlier stages. Right? And so, when a company matures from inception to raising more and more capital to the point of going IPO, much of the wealth generation, much of the upside is captured during those private stages.And that world - private investing - traditionally has been dominated, if not exclusively, the purview of the ultra-wealthy leaving the vast majority of everyone else on the outside, looking in, and really limiting the diversity of ideas and founders that I think can shape our future generations.So, being able to invest or allowing and encouraging and enabling people to invest earlier, I think that aligns passion with profit. It aligns power with profit. And I think particularly the next generations – Millennials and Gen Z - that's what they're looking for. By the time a company is listed on the NASDAQ, your ten dollars, your hundred dollars, your thousand dollars matter almost nothing to the company. But, when a company is still growing with 10,000 investors or customers, and not a million or a billion, that thousand dollars of investment, of purchases that you make, matters a great deal. So, I think enabling people to align their passion with the desire to generate profit is at the heart of the retail revolution that we see.Michael: [00:09:49] Passion and profit, power and profit. I love that. I love that way of describing this and I think we are seeing this groundswell of interest into private assets or investments where people feel they have some level of kind of interest or passion for them to your point. THE WHAT AND WHY OF REPUBLIC?Michael: [00:10:00] What you're really getting at is equity, right? People are now able to have a share in something that they might not have had a share in before. And that's kind of the underpinnings of Republic and it's really open to everybody. So, what is Republic and what's the vision for the business?Ken: [00:10:24] It's funny that you mentioned, or that you pick up on, how we describe what we do in between power and profit and passion. Our tagline is profits to the people. And what we are is that we are hopefully the leading, or one day the leading, investment platform that empowers people to invest in the future that they believe in. Invest in startups, in real estate, in crypto, in music, in sports, and yes, one day, even public companies. If you are very passionate about Apple and Nike, we want you to be able to do that on Republic one day, as well. Right now, we are focusing on the more rarefied, the more difficult ones, which is early-stage private investing. But yes, our goal is enabling, powering people and catalyzing profits to the people. Michael: [00:11:26] And why offer this comprehensive platform across private markets, across various assets, rather than just a single asset and private markets.Ken: [00:11:36] That's a great question. When the decision of building a business ultimately, a founder or a team has to ask, what is the ultimate goal? Why are we doing what we are doing rather than just the profit or how we are generating revenue? So, if the goal is just to generate revenue and build the easiest business model, focus is easier than distraction from a diversified suite of products.But Michael, our goal is, as I mentioned, to be the go-to investment platform where people can go and invest in whatever they're passionate about. So, how can you roll out any platform with that mission and interest. Enabling healthcare or sustainable companies, they're powerful missions to love, but many people are more passionate about blockchain technology.I'm certain that many of the older generations, in particular, are more passionate about real estate. So, we want to make sure that people can come to Republic and find and match their passion with potentially profitable investment opportunities that speak to them. Because of that, we have no choice. Our mission requires a multi-asset, diversified suite of products so that we can, hopefully, one day have billions and billions of people coming to cast their votes with their investment and their dollars. Michael: [00:13:16] So, you talk about something which is really interesting and a strategic decision to some extent, which is, you want all sorts of people to be able to access different assets based on what they're interested in and passionate about wanting to invest in, and see returns potentially in.When you think about that, how have you thought about constructing the platform in the context of, should this be completely self-directed where investors get to really choose what they want? Or should it be more structured? Because there's a real question, a philosophical question, in the Alt Space of whether or not investors should just access structured products. So, products that are manufactured by these platforms and diversified in and of themselves. And then investors just get exposure to a broad space or completely self-directed where somebody goes onto Republic and can invest in any startup they want to. So how do you think about that balance of self-directed, kind of choose your own adventure, versus a more structured or curated way of building investment products in the platform?Ken: [00:14:19] Mike, when it comes to structuring investment product, rather than types of products or types of industries to offer, we also want to provide a range of options for people, because I think investing, the new world of investing, has three main elements. So, passion is one and experience has to be another one and the third one is convenience. Now everyone's time and attention span is so limited. So those three things are taken into consideration. We all know that hardly anyone is passionate about mutual funds. If you put ten dollars into a mutual fund, you're not thrilled about it. You know that it's going to generate consistent returns over time. So, for those whose interest is low on passion and want upside exposure to a certain asset class, we definitely, we currently, and will build products that enable them to do so in a simple, maybe in a diversified basis. But for some people like myself, getting to know a company, getting to know a technology, getting to know a founder, is much of the value and the fun of private investing. And so, that ability to invest directly and have a conversation with that company, with that team, I think that probably still is going to be the dominant part of Republic as an investment platform for the foreseeable future. But we also will have structured products as you describe, as we continue to grow. LEANING BACK, LEANING FORWARD, AND LEANING DOWNMichael: [00:16:25] What you're getting at is something so fascinating, which I'm going to give credit to Rishi Garg, who's a partner at Mayfield, who was talking about this with me in the context of consumer social apps, like Clubhouse and things like that.He made the contrast between lean back and lean forward apps. Where lean back is totally passive, totally unengaged, but you can do it and maybe benefit from it. But lean forward is like an app where you actually have to spend time engaging on maybe it's Twitter, maybe it's even in-person.I think there's actually a real interesting analogy there in the context of what you just said in investing. So how do you think about that kind of lean back versus lean forward mentality when it comes to private market investing? Ken: [00:17:07] I love it, Mike, with that analogy. I have not heard that before except for I think Sheryl Sandberg's book called Lean In but in an entirely different context. One is about being more proactive, more intentional. And I think obviously intention and proactivity - another way of describing it is passion, right? So, when people want to do something that they really care about, it's leaning forward and caring about maybe, you know, social issues. It may have nothing to do with the core reason why you invest, which is always return on capital. But if you can add on other things that speak to you, that makes you more intentional and proactive, that's leaning forward. Leaning backward is for, you know, let's say you are a retired lawyer or that you're a Goldman MD. And you're like, hey, I just want to have exposure to this asset class known as crypto. I don't understand it yet. I think it's a little crazy. So, I want to have some exposure into it. So, can I just basically invest in some major pieces with a small amount and lean back? I would add a new category which is lean down. There again, you don't have to do anything. And, you know, we are thinking, not thinking, we have already integrated, but we'll definitely even push that product even more - retirement funds, illiquid. Currently, everyone, most people, have tens of thousands of dollars, most professionals, in their IRA deployed in some random mutual fund. So that's our lean down approach, which is you can use money, not from your checking account, not from your savings account, that you can't touch for another 30 years. Leave 5% of that or 2% of that and through Autopilot, diversify into real estate, crypto, female founders, whatever it may be, but you can just lean back and let it generate a return. So, between lean forward, lean back and lean down, we hope to capture them all over time. Michael: [00:19:28] No, that's a really interesting point on the IRA assets because the self-directed IRAs are really a great fit for longer-dated assets, private equity, startups, which may take seven to 10 years to mature or have a liquidity event, so that seems to match really well with the timeframe of an IRA. I do want to touch on one thing that you said around the lean forward part of really getting involved and engaging with the companies, the investments that people make. You've done some really interesting consumer things with Republic, in terms of having people create profiles, sharing with companies where people can help. Talk about how and why you've done that and how the creation of community is maybe different than how we've been experiencing investing in the past. Ken: [00:20:19] I would observe two trends, two technological and social trends in the past four or five years that I think have influenced our product ideation and creation. One trend is the digital community adoption. You even see Facebook now driving or focusing a lot more on Facebook groups. That's how people interact now. Clubhouse is a fantastic example of - we are just at the early days of - new iterations of communities. So that trend - humans by nature will work as community, social creatures, but technology has enabled the formation and the sharing of information in a way that wasn't possible just a half a decade ago.The second trend is the intentionality of generation after generation that Millennial moreso than the generation ahead, in Gen Z even moreso, on wanting impact on and caring about the consequences of their actions to the larger society. My parent's generation, as an example, when they were in their twenties or thirties, recycling wasn't a thing. Buying products that would help the world to be greener was not in anyone's psyche.So over time, in the Seventies and Eighties, people started seeing the impact of what they buy - their purchasing power. And I think when it got to our generation, and now the newer generation, is the shifting of everything that you do, even the clothes that you buy, but more than that, investment, even in public companies, I think the need for, or how much people care about the consequences, the social consequences of their activities are definitely amplifying over time. And that's a great thing. It's really amazing.So the two of the trends in combination, I think led us to focus a lot on building products that have community potential and that can enable people to learn not from a single source of truth, not from a long newsletter or blog that we send out about the value of the Black Swan Theory or the Black-Scholes Model or Black Swan events, but about normal everyday folks sharing maybe even 20 video clips on Twitter and TicTok explaining why they're passionate or why they think an investment opportunity is good for them and learning from that.So I think those two trends definitely dictate or play a heavy role in our product and ideation process.FUNDING ON REPUBLICMichael: [00:23:21] And are companies that come to your platform to raise from the community of Republic investors - Are they finding this valuable or is that one reason why they're actually coming to the platform to raise capital?Ken: [00:23:32] That's a very interesting question, Michael. It goes to the question, it relates to another question that I often get - Are people looking to community funding, retail funding as the last resort and you can't get VC capital. Then you come to us. And that question is related to yours in this way.Any company that is consumer-focused, obviously wants to engage their customer, even more. If you can get a customer who loved you so much to part ways with their $50 that he won't see anything back for a while, why would that be a bad signal ever for any institutional investor or sophisticated investor?That's an excellent signal. So, the type of companies that I think in the early phase of the retail revolution definitely lean heavily on B to C. These are consumer-focused companies and because of that, the customers, their consumers, matter a great deal. So, Republic managed to attract not only companies that have large customer bases, but we get rave reviews for the product and how easy it is to use.And, hopefully, we're going to grow it and maintain that reputation. But I think that's a key part. Republic has two sets of customers - founders, but also investors on our platform. Companies are not going to be happy unless their customers are having an amazing experience on our platform and because of that we focus on building products that seem to be targeting or emphasizing engagement and education or an interaction, just to give everyone a very good inclusive experience. But Michael, if I may make an observation about what you said earlier about how, if you are a shareholder of Apple or Starbucks, that statistics show that you are more likely to buy Apple over Samsung or Starbucks over Pete's coffee.And I think it is so true, but it's even more true when you're an early investor. Let's say there's a small coffee shop owned by a couple down the block from everyone. And it's down the block from where we live. And you're able to invest a hundred dollars into that couple's coffee shop business.And whenever you go back there, you have a little table for investors. I imagine whether you are a student or retiree, whether you're a lawyer or a carpenter, when you go and buy that cup of coffee or a glass of water and hang out with your friend, you're naturally going to go to that coffee shop, right? The same with an early investor in a beer brand, in a vodka brand, in anything that, that we consume.So that psychological alignment is a remarkably powerful value. That's why a lot of companies look at retail fundraising, not for money, not for a source of capital as the primary motive, but as a marketing and engagement force. Michael: [00:27:04] You've now built the infrastructure to enable people to invest into startups, crypto tokens, real estate, even venture funds. So, talk us through both of those things. So, one, quality control and curation, which is key to any marketplace, and then two, the infrastructure that underpins that. Ken: [00:27:23] We are an investment platform, first and foremost, and return on capital is ultimately our customer's number one objective. They can add passion and impact to their investment decisions, but if they don't make money in the long run, we are going to have zero customers. So, because of that we focus heavily on curating what we believe to be credible, high-quality investment products, but venture by one area of return, is just one type.A coffee shop in the example that I just gave you earlier is unlikely to ever be acquired or raise venture financing and go public, but it very likely can generate robust revenue. And, if you enable customers to invest under the form of revenue sharing, out of one hundred dollars the coffee shop generates, it passes back ten dollars to early investors. It is very aligned and still can be a very attractive, compelling investment product, for many. Real estate in the same way. You are never going to see a 10X return, rarely ever. And you very rarely see a one hundred percent loss. In an early-stage tech company, doesn't matter if it's YC or backed by Sequoia, if you invest in one deal in the seed stage, the probability of losing all of your money - doesn't matter if it's on Republic or anywhere else - is exceedingly high. So, all of these things we have to deliver in terms of information, but we want to make sure that what we bring on and curate and present to our community are credible and are, in our best judgment, of high quality. In the long run, I very much believe that there's a thesis as to what we do here, which is the crowd of retail investors. You will have case studies I think in a few years out that show that companies, backed by the retail investor in the earliest of stages that were outside of the venture lens, just in tech, may be just as competitive in terms of viability and how robust of an investment opportunity they are. So, this is a notion of wisdom of the crowd. And I just want to focus in on tech as a vertical first, because that's still the main dominant vertical on Republic.There's a narrative here that you only want to onboard companies that are either already backed by VC or that are venture backable, because those are deemed to be of high quality. There's definitely truth to that. A company backed by you, Michael, or by Alfred Lin at Sequoia is more likely going to succeed. But what about the founders and companies that don't have access to you, don't have access to Alfred Lin. And statistics very much show that mostly female, older, or founders who aren't in Silicon Valley or the two coasts, have very little access to venture capital. So, we do present investment opportunities that we find to be credible and hope that if they speak to a larger retail public, that they may get the capital they need to grow and grow to be of a stage where they can be appealing to you and to Alfred.So we view venture retail investing as additive, contributive in the long run to the ecosystem rather than being competitive, so to speak. It's a long-winded way of answering your question, Michael, but we value very much on traditional indications of quality, as well as testing out models that can speak to people's passion, even if they fall outside of the traditional VC lens of credibility. Michael: [00:31:42] Well, you're hitting on something that I think is so important, which is that early-stage investing, in many respects, is about finding outliers. But in some cases, finding outliers means going outside of the mainstream or what's more traditional or even going outside of different networks.We've talked about community in one sense, which is having people and investors, consumers support companies. But you've also built community around creating a diverse set of people who can help you find the right companies, funds, and assets to put on your platform that may be overlooked by others. So, I'd love to talk about community in that respect because that's something that's so core to what you're doing and so different from what many others have done.Ken: [00:32:29] The notion of inclusion and access I think has to be looked at under both lenses, which is the founder's access to capital, customers, and businesses. You know, it's a crazy statistic, but even when it comes to business loans by the government, apparently female founders representing fifty percent, give or take, of all small businesses comprise less than fifteen percent of small business loans, which are supposed to be pretty much, if you have revenue, you get the loan. So, this lack of information and access permeates all throughout the different forms of capital sources and businesses. But then you also have the customer, the investor base on the lack of opportunities. You know, it's funny, but we noticed, and we hope, that as Republic continues to grow, that we make it easy and comfortable for that high school student, perhaps in Detroit, whose parents are not sophisticated investors, but in a classroom, instead of Fidelity or Apple donating computers, maybe they donate a thousand dollars in grants to the entire high school class.And each student gets a chance to invest ten dollars for fun on a platform like Republic as financial education. I imagine if you do that, even with any sense of life skill, you're going to have a whole new generation that are much more financially sophisticated. Certainly would be more than me. My niece and nephew now are more financially sophisticated than me when I was in college or law school even.And I think that financial equity is very much a solution to social inequities, the many inequities that we see. So, our focus on access and inclusion applies on both sides of our customer base. Michael: [00:34:30] I love that - financial equity is a solution to social inequity. I mean, that really gets to what you're saying here, which is that talent may be evenly distributed, but the opportunity is not so you have to help find that - help people find those opportunities. So, what have you done in terms of building out this community of venture partners and this network of people who've helped you find investments in different places where others may not have been able to look? Ken: [00:35:00] Michael, I can't really take credit on my own because I've been - one of the most fortunate thing about my journey building Republic has been able to convince such a committed, talented, and most importantly, diverse team of colleagues to join. So, my colleague, Cheryl Campos, who heads Venture Growth and Venture Partnerships for Republic, through her work she has launched a Venture Program and now does a Venture Fellow Program for those still in MBA programs.And soon she will do a Venture Associates Program that's meant to go even deeper to undergrad. But the notion here is that in order to attract diverse founders, and to improve access inclusion in the space, you also have to incubate and support diverse venture capitalists as well. And I think that, as when I first started out at a law firm, I may have been the only Asian American law associate in a class of approximately 60. Now, across the board, some 15 years later, it's much more diverse.And I think that with the proliferation of venture capital as a business model, you now have diverse talent in venture as a percentage, much higher than what you saw 10 years ago. So, the Venture Partner Program is to build a community to support, and to also get them to help evangelize for what we are building because the notion of access and inclusion certainly applies to venture as well.I would not be able to do that myself because I'm just one voice, one lens and one experience. And I think that to build a community, you need people with the same mission, but all different backgrounds so that we all can communicate and understand and a different lens and get more to join the mission and the journey.THE REGULATORY ENVIRONMENTMichael: [00:37:12] Interesting. Interesting. And then to some extent, the regulatory environment, which you've actually been leading the charge on - you've been in DC, helping legislators, regulators figure this out. What's been going on from a regulatory perspective that's enabled you to unlock access to private markets to retail non-accredited investors? Ken: [00:37:36] Well, since the great depression in the 1930s, in the infinite wisdom of Congress, someone decided, hey, if you're not a millionaire, you should not invest privately because it's too high risk.I mean, it makes no sense. It stopped making sense a long while ago. In 2010, for example, private investing was legal for most people. Gambling wasn't but buying lottery tickets was highly promoted. So, it obviously is not making sense. But I think that people are truly waking up to the power of that false narrative - this is the example of the Reddit and Game Stop saga that we saw very recently. It used to be that people thought that the public markets were much more low risk or safer for the individual retail investor and it's decidedly not so. Market timing, insider trading, and predatory behavior can result in very, very risky and just pitfalls that you don't see in the private markets. So, I think both in Congress as well as at the SEC regulatory level, people understand that, people see that, and they are taking a close look.And there's no question in my mind, that you're going to see more and more easing of the rules and regulations around allowing retail investors to invest in more asset classes. At the end of the day, you have to make sure, and that's the goal and the rule, and the reason why the SEC exists is to protect investors, first and foremost, but what it means to do so, and how to do so, changes with time. Technology and society change faster than the law, just by the construct of it.But there's no question that laws and regulations will follow. They have been following and I have no doubt that they will continue to follow. So, you are going to see this retail revolution, is really driven in part by a more relaxed regulatory framework around investing. THE REPUBLIC NOTE TOKENMichael: [00:39:51] Well, so retail revolution - I want to extend that point that you're talking about. So, one part of that is fractionalization of assets, which you are in part, along with some others in the Alts Space, kind of a pioneer on, and it's really unlocking opportunities in all sorts of alternative assets. You've done this in a few different ways, but one way you've kind of extended this even further is with the Republic Note. So tell us about this Note, because it's really an innovation in private capital markets. Ken: [00:40:23] Michael, if I may first share a view about blockchain or distributed ledger technology and how it relates to FinTech and to Republic and how it is so core, instrumental to our mission of global adoption of private investing.My ultimate goal, and I think right now we have a community of over a million members, it's not a success until we have a community of like a billion members, but I think it would make me happy, and I definitely would smile when my distant cousin in a small village in Vietnam can invest five dollars into a startup or some investment products on Republic. Currently, that is not possible. To make that investment cross-border, the fee is like 30 bucks and they don't have bank accounts. And most banks in Vietnam don't synch so easily with JP Morgan and Bank of America. Now Vietnam happens to be a very crypto friendly country. Surprisingly, enough people, even in small villages do own a fraction of Bitcoin or Ether. So, the ability to enable global participation at a tiny scale, five dollars may not be a lot for a college student in the US at Columbia or at the University of Michigan, but it's a lot of money for a single mom, middle-class woman living in Hanoi, Vietnam even today. Right? So, how do we enable more investment, more activities, more transactions at scale globally? You cannot do that without blockchain, without this technology. And it has already enabled, to accept investment globally at a far smaller minimum amount than we did before.So the ability to factionalize and automate, factionalize any assets to tiny, tiny pieces, therefore lowering the minimum amount and the ability to automate and streamline the process of confirmation payment settlements are key parts of FinTech and retail adoption. The Republic Note Token, we do have our own token as you mentioned, this currently is the only, as far as I know, revenue sharing digital token in the US and it happens to be available to our entire community.So, the theory behind that, Michael, is that we want it so that even people with just a dollar can somehow share in Republic's success, as we are still a very private company. We have a million members plus. If they want, or they used to be able to, buy or earn some tokens, some Republic Note Tokens. And, as we continue to grow, they're going to earn a little bit of payout potential and dividends.So the goal, the ultimate goal, is this: In the year 2030 or 2028, a company that had raised on Republic in 2017 and now is as large as Uber or Coinbase is going public. And this is the headline news across the New York Times and the Wall Street Journal about company ABC's IPO. You know what Uber did then? About a thousand early investors had a big smile on their faces and about 200,000 Uber users and drivers had a big frown because they got nothing – it was not relevant. We hope that when company ABC that raised on Republic a few years ago, and in eight years goes IPO, that you can have, not only the early investors in that company but 5,000 investors in that company, being very happy, but every Noteholder, hopefully, at that point a hundred million. They may get five dollars back. It's not going to make anyone rich. They may get three dollars per Note, but for once they feel like a part of the story on that front page, in that newspaper. And I think that's what people ultimately want and care about. Money and making profit and investing is not just making money for money's sake. It's about buying happiness and security. And you know what, being a part of something, feeling like you matter in a larger society. Two dollars payback, but yes, you are a part of this narrative. I think that part of our mission of what we are building is that we hope to contribute a little bit to a societal sense of fairness and hopefully, more societal stability, especially compared to the year that we just went through in 2020 and earlier this year.Michael: [00:45:29] And it also sounds like they get access to everything that's on the Republic platform. So, they're getting this diversified access to private markets, which as you continue to build that flywheel of private companies of crypto assets, of real estate projects, of video game financing projects, they're going to get access to everything. Ken: [00:45:46] Yes. I'll give another shot at defining the Republic Note Token a little bit more succinctly. So, the Note is a revenue-sharing digital token. We can share a portion of that upside back to the token holders. So, in many ways, it's like a perpetual bet into this growing basket of companies. And even if a thousand companies fail, if one company succeeds, a little bit will go back to each and every single token. And that's what I meant earlier by saying that we hope that by doing that, and if we truly made sure and become the go-to platform for every and any company that looked to raise and grow, that the Noteholders have broad exposure and would be linked to the success of literally tens of thousands of companies and more down the road.Michael: [00:46:58] That's really cool. Because it just gives people access to all sorts of assets in the private markets that some of which may be very successful, others which may not work out as well. But by having diversified access, then they can benefit from everything on the platform, which I think is such an interesting innovation. Ken: [00:47:18] Michael, it just occurred to me that the Note Token may be the ultimate example of the lie down and lie back example. Michael: [00:47:25] Yes it is. Ken: [00:47:27] You can earn the Notes if you don't want to buy the Note and then have broad exposure to the entire ecosystem and be part of this story without having to do anything. Michael: [00:47:38] Yes, that's fascinating. So that maybe that is the right definition of the lie down part of the lean back-lie down lean-forward, and you can participate in any of those ways. If you want, to your point, to get engaged in and help some of these companies on the Republic platform, you may be able to earn tokens for that.Ken: [00:47:56] I am going to have to give credit to you when we file that lie down-lean back investing trademark application as a description of Republic.Michael: [00:48:06] Oh no. Give credit to Rishi. He was the one who shared that with me. But yes, I'm sure he'll appreciate that as somebody who's worked at Twitter and Square, so he's seen it, he's seen things from kind of the financial services perspective and the consumer social perspective. But, no, that's fascinating. THE ROUND ANNOUNCEMENTMichael: [00:48:22] I think we have to touch on some of the big news that just broke. So, you raised a substantial round to grow your business. People are very excited about what's going on with Republic. Why did you decide to raise capital and what are you going to do with this additional capital?Ken: [00:48:40] Okay. Thank you so much, Michael. It's been four-plus years. And part of the reason why we raised this financing round was to show to the world, and ourselves, that what we are building now is of institutional-grade - is no longer like a fringe, quirky business model. So, we're first of all, so honored and Broadhaven, of course, has been an early supporter and we're delighted to be a portfolio company of Broadhaven, but Galaxy Digital, Nomura, and Naspers are in the round together with Motley Fool Ventures.So these are traditional brands. Nomura, it doesn't get more traditional and institutional than that. Naspers is one of the largest, I think they go by Prosus now, is one of the largest venture firms in the world, and they've never backed a crypto project before. The Republic Note Token is Naspers' very first crypto investment.So, all of these institutional investors involvement, I think not only validates what we do at Republic, but also the industry. That is the retail industry, the blockchain industry as an ecosystem, and this notion of the future of why adoption of retail investing is a model.Michael: [00:50:08] That's fascinating to see the traditional financial services worlds blending with the next gen version of financial services, which is the democratization of access. But that's both in terms of traditional company equity and also the crypto world and the DeFi world, which it seems like you're really with your investor base, but also with what you're building kind of the blending of all of those things as you institutionalize and bring more institutions onto the platform like a Nomura which is fascinating.Finale: Favorite InvestmentMICHAEL: [00:50:39] So to wrap up, I always ask everyone what is their favorite or best investment idea? Ken: [00:50:47] I'm going to share my investment idea that I came up with when I was in college, no first year of law school. I don't think I was of an age to invest in college. Once a week, my recommendation now to my sibling's kids, my nieces and nephews, is that vice that you spend money on once a week, or at least once a month, just cut back on that vice, that one vice. Use that dollar to invest. Buy stock, public stock back then, and now invest in whatever it is that you care about. But be consistent. So, don't one day put it in shoes on StockX and on another day put it in wine. Just pick one thing and be consistent with it. Literally, one cocktail in Manhattan is like eighteen dollars, in a college town maybe like six dollars. These things add up. And if you do that, it's going to be a really fun learning experience. In my case, I can't tell you what I've been reliably putting my money in, but it has done very well for me over the years, but I'm old. MICHAEL: [00:51:59] Well, no, I mean, I think what you're getting at is something really fascinating, which is, and it's ironic that you're drinking a Starbucks right now while we're having this interview. But basically if people, and I saw a statistic on this the other day, that if people had the three or four dollars they're spending a day on coffee, if they had put some of that money into crypto or Bitcoin, or it could be in startups or the Republic Note Token, that capital has the chance to appreciate in a way that those three, four dollars spent on a Starbucks coffee every day may not. So, I think that that's fantastic, fantastic advice. Even as you drink your Starbucks. Ken: [00:52:37] Michael, you asked me a question that you ask everyone. What is their investment idea? May I ask you a question that I've been meaning to ask people that I know, but I have yet to, which is, I think the future is no longer about investing in a given range of options, but the question is what would you want to invest in that you currently are not able to. Because that desire for people to want to invest in new things, I think necessarily will make that happen.So, I would love to hear what is one thing that you have not been able to invest in. For any reason that you really want. MICHAEL: [00:53:22] That's a great question. You know, I think it's actually starting to become true already with some of the infrastructure that's being built. We're just starting to see the early days of this. But I think so many people in the world love sports, me included. I played soccer. I collected football cards, basketball cards, growing up as a kid. And I think the ability to marry - exactly what you said - passion with the ability to invest, is so powerful. Right? And there's so much to learn. For people who've never learned or understood investing in a more traditional sense, because maybe they find it really boring or hard to and inaccessible to learn about stocks. They may be able to do that with something like sports cards if they love LeBron James and they could learn all about LeBron James. So, I think we're starting to see this. Some of the infrastructure is being built in the sports card space, where people are now able to invest in sports cards in either fractional ways or in more, or in larger ways and invest into cards.But I think, I would love to see that happen because, for me, I love sports, but the ability to marry that and combine that with investing, I think is just the kind of perfect collision of those two things. So, it's not something that's not totally possible. It is starting to become possible, but I'm super excited to see that become more of a reality and financialize itself as an asset.Ken: [00:54:52] Michael, I promise you, I will do my very best to bring sports investing to Republic within this year. MICHAEL: [00:54:59] Well, the other one is, is not just cards, but sports teams, as well. I think talk about the kind of combination of community and fandom with the ability to invest in something. And I mean, sports teams are, whether it's English, you know, English football teams, and it doesn't have to be the Premiership teams, it could be the local town teams where people grow up as fans and they love those teams with a passion. They pass that down to their kids and their kids' kids. Imagine if they had the ability to invest in that as well, not just be a spectator on the sidelines, but have the chance to be in the game with the team and the owners and the players.I think that would actually be a really, really cool thesis. Cards are a financial asset or representation of players, but sports teams themselves are proving to be potential good investments as well. I mean, you look at the value of MLS teams have gone up massively. I think we'll see the same in women's soccer with the NWSL.So, that's actually one where if the Republic platform could give the crowd and fans the ability to invest into sports teams, I think that would be super cool as well. Ken: [00:56:10] Maybe we give every investor an NFT that is issued by the sports team. If they hold onto the investment they have that NFT. If they sell the investment the NFT goes with it. Michael: [00:56:25] All the leagues are going to have to contact you because I think there's absolutely something here that they should be thinking about.Ken: [00:56:32] Send it my way. But yeah, anything that anyone is a distinct holder in - fan of a sports team or a fan of a movie, I think they definitely should, and hopefully one day you can become a shareholder or stakeholder.Michael: [00:56:52] That's a great way to end this podcast because I think you've touched on community, you've touched on passion, you've touched on profit, and it's just also so exciting to see, having known you for the past four years and seeing you when you were just starting out Republic, just to see you build this business into something that really is based on the passion that is associated with investing, the community that's associated with investing.I mean, you're truly democratizing access to financial services, which is such an important piece of what the next wave of financial services looks like. Ken: [00:57:24] Thank you so much, Michael. And thank you for all your encouragement and support along the way, even during days and months, that that was so new and early and no one believed in us just yet and you did. Michael: [00:57:37] Hey, the one thing I've learned is never doubt Ken Nguyen. So …Ken: Thank you, sir. Michael: Awesome. Well, thanks for having you on the Alt Goes Mainstream podcast. Ken: Thanks for having me.Michael: [01:08:34] Thanks for listening to this episode of Alt Goes Mainstream. I hope you enjoyed it. You can find more episodes of the podcast at any of your favorite podcast sites. And you can read more about Alts on my Substack AltGoesMainstream.substack.com and follow me on Twitter at @MichaelSidgmore and @GoesAlt[01:08:52] Thanks a lot. Have a great day. Republic Disclaimer: With regard to any reference to an issuer reference in this notice that is gauging interest in a potential securities offering pursuant to the Regulation A exemption from the registration requirements of the Securities Act, including opportunities to “reserve” securities as indications of interest in the potential offering, please note that pursuant to SEC Rule 252 (i) no money or other consideration is being solicited thereby, and if sent in response, will not be accepted, (ii) no sales will be made or commitments to purchase accepted until the offering statement for the potential offering is qualified by the U.S. Securities and Exchange Commission, (iii) any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance is given after the qualification date, and (iv) an indication of interest is non-binding and involves no obligation or commitment of any kind.
Join Eric Schleien with today's interview guest, Trey Henninger, as they talk about Entercom, Northfield Precision, and the new SEC rule that impacts dark companies and small businesses. By taking a close look at the outcomes and probabilities close to ETC and the merger made with CBS Radio, he explains what Entercom holds for the next 12-18 months and tells us the technicalities on why he thinks owning shares from the company can still end up positively. Summary In this episode, Trey will also be getting into all the old news, the expected, and the good with Northfield Precision Instrument Corp. Listen as he discusses the company's performance during the pandemic, their ROI report, and how NFPC will seemingly be affected by the new SEC rule that targets dark companies. For Trey, once the new regulation comes into effect in the following months or years, going expert or grey may become an option to be considered for Northfield. Going in further on the upcoming SEC rule, tune in as Trey explains what the regulation aims to do, what it requires from business entities, how it can backfire, and what it means to trade without a quoted price –a scenario that may just mean good deals for experts. For him, there are always as many opportunities in matters like these as there are risks in every leverage. About Trey Henninger: Trey Henninger runs the blog and podcast DIY Investing. Trey is a private value investor focused on microcap and dark stocks in the United States. His focus is on high-quality companies with predictable, durable earnings where management has skin-in-the-game. Trey runs a concentrated portfolio of 5 stocks with a 20% weighting each. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million. Website Twitter Email The DIY Investing Podcast (on all major platforms) Outline of the episode: [00:42] Entercom Communications – America's #2 Radio Broadcasting Company. [02:18] ETC as a radio company and as a growing digital audio presence. [02:49] The crashing merger of ETC and CBS Radio. [03:46] Binary outcomes and the probabilities for the company now. [06:55] What the debt market is telling about it. [08:03] Covid as an excuse...; The company's ownership. [09:49] A business with no assets, basically. [13:09] Bad as expected – Northfield Precision [15:54] What SEC Rule is, not retail investor-friendly. [16:40] How the new regulation can backfire – a theory! [18:25] What it means to not get quoted a price… [19:45] Anytime you have leverage, there's risk and also lots of opportunities. Resources: CBS Radio and Entercom merger Follow and subscribe to the new, The Eric Schleien Podcast: About Eric Schleien: Over the past decade, Eric has trained thousands of individuals, including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. Help Out The Podcast: If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN: Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: intelligentInvesting@gmail.com
Kurt Wolfe interview — 1:30-23:00The long-awaited change to the RIA marketing rule — starting the clock on complianceWhat is allowed under the new guidelines — principles-based approachFINRA vs. the SEC and brokers vs. advisersOpen questions around remaining restrictionsEffect of change in SEC ChairHow industry consolidation might affect complianceChuck Failla interview — 24:00-37:30What set Chuck on the path to breaking awayWhat the RIA event will offerThe challenges that come with setting up an RIA businessBrokerage house paranoia and the move to custodial business as a fallbackReceive a 20% discount on your RIA Summit registration using the code RIA20. Register at: https://investmentnews.eventscase.com/EN/RIASummit/Agenda Guest Bio: Clients call on Kurt Wolfe when facing complex internal investigations and government enforcement inquiries. A trusted adviser, Kurt is known for delivering tailored, practical advice on securities regulatory and enforcement matters.Guest Bio: Chuck has been a financial advisor for more than 25 years. He started in the early 90s as a "cold calling cowboy" in NYC selling individual stocks. As he built his book, he always planned to go independent and did so in 1999 by opening an independent branch of Raymond James Financial. At that time, Chuck earned his CFP® designation and transitioned from individual stock picking to financial planning and asset allocating using mutual funds and SMAs. Chuck's practice evolved into what is today Sovereign Financial Group, Inc., an SEC registered RIA.With offices and advisors in Connecticut, New York and Pennsylvania, Sovereign is one of the fastest growing, independently owned RIAs in the North East.Chuck is also the Director of Sovereign Advisor Solutions (SAS)-- a division of Sovereign Financial Group, Inc. SAS helps advisors transition to RIA by offering a comprehensive plug and play solution for going independent.Chuck's ties to the financial planning community run deep. He currently serves on the Board of Directors for the FPA of Connecticut and Chairs their Pro Bono / Public Outreach Committee.Chuck received his degree in Finance from The University of Connecticut and completed his coursework for the CFP® certification with The American College. He resides in Connecticut with his wife, two children, black lab and cats. In his spare time, he enjoys all things outdoors -- on the weekends you will find him with his family hiking, camping, skiing, boating or just enjoying the trees while grilling in the backyard.
03 - 08 - 21 SANITIZER CAM AND 5 SEC RULE SCHOOL VS PRISON by Maine's Coast 93.1
Gregory Burke, a PhD student in accounting at Duke University, joins the Business Scholarship Podcast to discuss his paper SEC Rule 14a-8 Shareholder Proposals: No-Action Requests, Determinants, and the Role of SEC Staff. In this paper, Burke examines shareholder proposals submitted by firms to the SEC's Division of Corporation Finance for no-action relief. He tests whether four determinants (legal characteristics, pressure, proposal attributes, and individual staff) are associated with higher probabilities of no-action relief being granted and finds that there are statistically significant associations for each. This episode is hosted by Andrew Jennings, a teaching fellow and lecturer in law at Stanford Law School.
Ray Ross and Joe Wald, Co-Heads of Market Structure at BMO Capital Markets, discuss current developments in U.S. equity market structure with GlobalTrading Editor Terry Flanagan.Included in the conversation was an update on SEC Rule 606(b)(3), about which Greenwich Associates recently published a report.
Hope you have enjoyed this week's episode. let me know your experiences with the 90 second rule. If you want to get in touch with me to learn more about creating the future you want the links are below:Email me at rachelyourtimenow@gmail.comInstagram https://www.instagram.com/yourtimenow_/Facebook Group https://www.facebook.com/groups/yourtimenowFacebook Page https://www.facebook.com/rachelyourtimenowI would love for you to leave me a review or if you love what I do and would like to contribute click here https://www.paypal.com/paypalme/my/profile
0:00 Hiatus, Braves & ATL Curse, Vaccine?,26:30 SEC Rule37:30 Books with Andres: How to Lead by David Rubenstein & What Girls Need: How to Raise Bold, Courageous, and Resilient Women by Marisa Porges46:00 Cul de Sac Chat: Tragedy our neighborhood, Be Kind to All
10 - 13 - 20 5 SEC RULE PB CUP DEBATE AND BLAKES FRY THIEVERY by Maine's Coast 93.1
10 - 13 - 20 5 SEC RULE PB CUP DEBATE AND BLAKES FRY THIEVERY by Maine's Coast 93.1
The Securities and Exchange Commission regularly points out how many millions of dollars whistleblowers receive as a result of tips about corporate malfeasance. Yet it has a rule in the offing that would limit the largest payouts. This is a big puzzle to the whistleblower community. For more, Federal Drive with Tom Temin turned to Executive Director of the National Whistleblower Center John Kostyack.
The new "Regulation Best Interest" is meant to protect investors but it criticized by consumer advocates. Why? How could it be better and what should you know to protect your own....best interest? Bobbi and guest co-host Harlan Landes discuss a New York Times piece by Tara Siegel Bernard that lays out the controversy.
With the world in a state of constant change, companies need to maintain their focus as the second quarter of 2020 comes to a close. PwC partners Heather Horn and Cody Smith highlight what companies should think about for their June 30 reporting.Topics include:1:04 - FASB standard setting update. We begin with an overview of the FASB staff Q&As addressing specific accounting challenges related to COVID-19 and then discuss the delay of effective dates of the revenue and leases standards.8:04 - SEC update. Cody discusses the amendments to SEC Rule 3-05 disclosures and highlights the changes to the preparation of pro forma information. 16:06 - Other quarter-end considerations. We close our discussion by offering some perspectives on impairments and MD&A disclosures.Cody Smith is a partner in PwC’s National office with over 20 years experience who specializes in the accounting for business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
The None of Our Businesses crew get together far more than six feet apart to discuss the a new CPA licensure model, the effect of the response to the pandemic so far, online security during the pandemic, private investing in the UK Treasury, FASB delays, and SEC Rule changes. None of Our Businesses Episode 29
#CryptoCorner: LINE's (NYSE: $LN) BITMAX Exchange Launches in Japan, VanEck and SolidX Withdraw SEC Rule Change for Bitcoin ETF, Binance.US Launches but Excludes States Such As New York
#CryptoCorner: LINE's (NYSE: $LN) BITMAX Exchange Launches in Japan, VanEck and SolidX Withdraw SEC Rule Change for Bitcoin ETF, Binance.US Launches but Excludes States Such As New York
#CryptoCorner: LINE's (NYSE: $LN) BITMAX Exchange Launches in Japan, VanEck and SolidX Withdraw SEC Rule Change for Bitcoin ETF, Binance.US Launches but Excludes States Such As New York
#CryptoCorner: LINE's (NYSE: $LN) BITMAX Exchange Launches in Japan, VanEck and SolidX Withdraw SEC Rule Change for Bitcoin ETF, Binance.US Launches but Excludes States Such As New York
In this episode: More calls! Don and Tom advise a father who wants to help his daughter begin her investing journey on the right foot and explain why families should make payments to young people’s Roth IRAs instead of giving gifts. Callers also ask about owning individual stocks, the poor state of the current market and whether it’s best to invest in gold or bonds. Tom and Don also talk about the new “best interest” rules by the SEC and remind readers about being wary of steak dinner sales pitches for indexed annuities with horrifically high fees. Acorns and other advice for an 18-year-old who wants to get into investing. Giving gifts in the form of payments into a young person’s Roth IRA. The percentage of income you are allowed to contribute toward a Roth IRA. Why you should rather sell your individual shares. Keeping in mind that your investments are about you and not about the world. What about investing in gold? Don’s definition of what active investing. The weak attempt at new “best interest” rules by the SEC. Asking advisors about surrender charges. Vestory — https://vestory.com/ Acorns — https://www.acorns.com/ Vanguard — https://investor.vanguard.com/corporate-portal/ United Technologies Corporation (UTC) — https://investor.vanguard.com/corporate-portal/ General Electric — https://www.ge.com/ Dimensional Fund Advisors — https://www.dimensional.com/ Paul Merriman — https://paulmerriman.com/ Jay Clayton — https://www.sec.gov/biography/jay-clayton
In Part 2 of our discussion on the complex topic of clean energy projects and how they are financed, Sloan Simmons talks with Devon Lincoln and Daniel Maruccia about the options for financing such projects and the overarching themes impacting this area of the law. Show Notes & References 1:30 Government Code § 4217.10, et seq. 2:29 Power Purchasing Agreement (PPA) 7:47 Constitutional Debt Limitation 9:42 City of Los Angeles v. Offner (1942); Dean v. Kuchel (1950) 11:40 California Debt & Investment Advisory Commission (CDIAC) 16:08 Report of Proposed Debt Issuance (Government Code § 8855(I)(1)) 19:39 SEC Rule 15c2-12 21:33 Proposition 39 31:36 Assembly Bill 182 (Ch. 447, Stats. 2013, effective 1/1/14) 31:39 MCDC (Municipalities Continuing Disclosure Cooperation) Initiative (2014-2016) 31:43 "Pay-to-Play" (Treasurer's Office 2016) 31:47 Assembly Bill 195 (Ch. 105, Stats. 2017, effective 1/1/18) For more information on the topics discussed in this podcast, please visit our website at: www.lozanosmith.com/podcast.
On today's podcast, John discusses the new SEC "Best Interests Rule". In short, it isn't defined, isn't enforceable and still doesn't require Registered Representatives to act in their clients best interests. To make matters worse, the SEC also has done away with the word "fiduciary" due to it being dubbed "jargon" that Americans don't understand. So as of June 30th, RIA's like Keystone Wealth Partners - who actually are legally held to a fiduciary standard - are not supposed to refer to themselves as fiduciaries and instead lump in to the "best interests" pile of advisers who in fact are salespeople. How did this happen? One word, big broker dealer lobbyists and money. The financial industry continues its corrupt descent at the expense of hard-working Americans.
Join Eversheds Sutherland attorneys on Friday, June 7, at 11:00 a.m. for a 30-minute briefing call to discuss our initial observations on key aspects of the SEC’s new rule set relating to the standards of conduct applicable to financial professionals, released Wednesday, June 5.In case you missed it, we outlined many of the open questions about the rule set we anticipated that the SEC would address in our Legal Alert: Counting down to June 5.
Why I started my own podcast, who is Mel Robbins and the 5 sec rule, how that podcast will be the future.
The rules surrounding insider trading and securities violations are extensive and can be complicated. In order to determine if an executive selling or buying stock in their own company or if a company member trading on information provided to them, either directly or indirectly, is acting appropriately, it’s important to become familiar with the securities rules. Joining me on the podcast to shed light on this topic is Sarah Aberg, an attorney in Sheppard Mullin’s New York office. Sarah’s practice encompasses securities regulation, compliance, and litigation as well as internal investigations and white collar defense. What We Discuss in this Episode: Who is considered an “insider” for insider trading purposes? The two key statutes to be aware of when it comes to securities fraud law How does a court determine if a person is engaged in insider trading? Why is there a restraint on executives trading on information that has not been disclosed to the public? What effect does that have on the market? Do insider trading rules only apply to public companies or do they apply to private companies as well? When a tippee receives insider information and acts on it, should he/she be liable for insider trading? How is that determination made by the court? What is 18 U.S. Code Section 1348 and how does it allow for criminal violations of insider trading rules? Along with knowing federal securities fraud statutes, it’s also important to be familiar with state statutes What happened in the Equifax data breach and what can executives learn from the incident? How can companies prevent and control for insider trading? What are short swings and how do they affect an insider’s ability to buy or sell shares within a certain time period? What are Rule 10b5-1 plans and how do they protect insiders? Resources Mentioned: Dirks v. SEC (1983) United States v. Newman (2014) United States v. Martoma (2018) Salman v. United States (2016) SEC Rule 10b-5 Contact Information: Sarah’s Sheppard Mulling attorney profile Thank you for listening! Don’t forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every Wednesday. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Stitcher Radio, or Google Play. It helps other listeners find this show. Be sure to connect with us and reach out with any questions/concerns: LinkedIn Facebook Twitter Sheppard Mullin website This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.
Hey everyone! Welcome back to another episode of Law of Attraction New Manifestation. In this episode we're discussing Abraham Hicks' 17 sec Rule in Manifesting using LoA techniques. Hope you find this helpful. Don't forget to check out the companion YouTube channel called Dreams Warp where we go into more detail on subjects ranging from Law of Attraction, Reality Transurfing, Zen Buddhism, Taoism, and modern Psychology. Thanks for listening! --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/dreams-warp/support
In this episode, we talk about our experience at the Crypto Hedge Fund Summit in New York, and what we learned about custody solutions and infrastructure being built for institutional investors. We go over what a family office is and how they differ from institutional investors. We discuss how important custody is and why. We also break out a multi-point thesis for how funds should think about educating their managers and analysts on the crypto space. Topics: QuantLayer's top three most popular podcast episodes AAPL hit a trillion dollar market cap Recap of Crypto Hedge Fund Summit - Definition of a family offices into family member - Family offices doing OTC trading of Bitcoin - Crypto custody and infrastructure - State of Blockchain Q2 report - Traditional investing versus crypto - Kinds of buckets people should care about - Things you should do when running a crypto fund Real time auction versus high usage ETH contracts - MobileGo in freefall after team member fraud - Alexander Vinnik extradition request to Russia from Greece approved - Top US banks have paid $243 billion in fines since 2008 - Wallet bug causes theft at Altex - GH PRs referenced - Scam wallets Links: QuantLayer Email Campaign Keynote from Crypto Hedge Fund Summit 2018 Trade Terminal SEC Rule in 2010/2011 State of Blockchain Q2 report Internet Protocol Suite
We discuss the proposed SEC rule for ETF approval process, an upside down ETF and a customer satisfaction ETF (1:30) - New Rules For The ETF Process: What Will Be The Impact? (9:30) - Exponential ETFs: Reverse Cap Weighting (16:40) - American Customer Satisfaction Investable Index: ACSII (19:50) - ACSII: Weighting and Holdings (22:55) - Episode Roundup: Podcast@Zacks.com
On March 30, 2007, the Financial Planning Association made history by winning a lawsuit that vacated SEC Rule 202(a)(11)-1. This forced brokers to become SEC-regulated advisors, and helped to create a division of the two hats in the financial services industry: fiduciary and suitability.
On March 30, 2007, the Financial Planning Association made history by winning a lawsuit that vacated SEC Rule 202(a)(11)-1. This forced brokers to become SEC-regulated advisors, and helped to create a division of the two hats in the financial services industry: fiduciary and suitability. This was the one of the first times that the American public was exposed to a discussion that had long been brewing in the financial planning profession, and the fight to improve the fiduciary standard in the financial services industry continues on today. In this episode, we hear from Elizabeth Jeton, Dave Yeske, and Nick Nickolette about the importance of FPA’s lawsuit against the SEC, how FPA is continuing to push for regulation, and why all of this is truly at the heart of our profession. FPA’s lawsuit against the SEC baffled many on Wall Street because there was little financial gain for FPA and its members. The lawsuit was backed by FPA because it directly protected and impacted the American public, and the organization’s leadership knew that having the best interest of consumers in mind was always their number one priority. Nobody knew, when FPA first started to pursue the SEC lawsuit, how people would react. So many questions bubbled to the surface. How will the media respond? Do we need additional partners and resources to make this happen? Where will we get the support we need? The lawsuit was undoubtedly a push to protect financial planning clients across the country, and FPA members felt strongly that their organization was taking a true stand for their core values. The lawsuit itself was often likened to a case of David and Goliath. FPA was fighting against corporate giants to force regulation for fee-based wealth managers – and it was an uphill battle. But the lawsuit had a much larger impact than simply increasing regulation. It was the first time the debate between suitability and fiduciary had a public forum. The FPA was in publications such as The Wall Street Journal, and the New York Times making the case for a fiduciary standard. They were taking a stand against brokers giving advice without abiding by the fiduciary standard as outlined by the Investment Act of 1940. To this day, the FPA pushes for public education and their advocacy positions center around the fiduciary standard because the fight isn’t over. Every member is courageously fighting to provide a place for clients to come where they know they’ll be taken care of, and where they never doubt that their financial planner puts their interests above his or her own. What You’ll Learn: How the FPA’s lawsuit against the SEC came about The full history of the SEC lawsuit, and what happened to cause FPA to win Who was at the heart of the movement How the FPA got involved Ways that the FPA pushed for a more clear fiduciary standard, and promoted direct regulation of fee-based financial advice What financial planners are still doing today to fight for the fiduciary standard, public education, and better SEC regulation FINANCIAL PLANNING ASSOCIATION v. SECURITIES AND EXCHANGE COMMISSION
In this episode, we discuss how using AUTHOR, MEL ROBBINS 5 SECOND RULE, to eliminate limited thinking to see the golden light in change. #Imbringinghappyback MEL ROBBINS https://www.amazon.com/Second-Rule-Tr... IG: Tanyabdrake CURRENT WEBSITE- (Tanyabdrake.wordpress.com) THE HAPPY DECK-33 GUIDED CARDS & EXERCISES TO MANIFEST SELF LOVE & MENTAL FREEDOM, AFTER, EMOTIONAL ANXIETY, TRAUMA, OR PTSD. https://www.etsy.com/shop/GetUrHappyB
Baron Coleman joins the show to chat about having his 7th child, why he'll never set foot in Canada again, and how looking at someone for more than 5 seconds is sexual harassment at Netflix.
For many securities organizations, post-trade processing is expensive, cumbersome, and time-consuming. This is in part due to the massive volumes of data required for processing a trade and the limited agility of the technology on which many organizations rely today. In order to create efficiencies and move faster, many financial services organizations are working with AWS to implement post-trade solutions built with AWS storage services (Amazon S3 and Amazon Glacier) and big data capabilities (Amazon Athena, Amazon EMR, Amazon Redshift, and Amazon QuickSight ). In this session, we walk through a trade capture and regulatory reporting solution that uses the aforementioned AWS services. We also provide guidance around obtaining data-driven insights (from pixels to pictures); bolstering encryption with AWS KMS; and maintaining transparency and control with Amazon CloudWatch and Amazon CloudTrail (which also helps meet SEC Rule 613 that requires the creation of comprehensive consolidated audit trails).
10 second rule with new clients and why CrossFits are like sushi restaurants.
Today the Bridge The GAAP – Accounting Podcast discusses challenges faced by rapidly advancing technology. We discuss the topic by building a bridge that connects a hacker ring in Ukraine, SEC Rule 10b-5, and the hacktivist community called "Anonymous." We start off by discussing a complaint filed by the SEC on August 10, 2015, that charged 32 people in a securities fraud scheme involving hackers in Ukraine partnering with stock traders in the U.S. who allegedly realized illegal gains of $100 million over a five year period. In attempt to answer the question of whether or not this qualifies as insider trading, we take a closer look at the Securities and Exchange Act of 1934, Section 16(b) and Section 10(b). We also examine SEC Rule 10b-5, Rule 10b5-1 and Rule 10b5-2 in order to gain a further understanding of when insider trading is prohibited and when it is allowed. This conversation leads to the broader topic of how rapid technological advances are outpacing our regulations and our preconceptions. The podcast ends by discussing Anonymous, the global community of hackers and activists, which has brought some of these issues into the public conscience.
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