The extra-territorial reach of the broker-dealer registration requirements under the U.S. Securities Exchange Act of 1934; the staff of Securities and Exchange Commission addresses frequently asked questions regarding Rule 15a-6 and foreign broker-dealers *

USA - April 8 2013
Rule 15a-6 under the Securities Exchange Act of 1934 (“Rule 15a-6”) provides conditional exemptions from broker-dealer registration for “foreign…

Co-authors: Edward G. Eisert , Melanie F. Ball , Giovanni Carotenuto.

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When a "public offering" is not a "public offering": the SEC rule proposal eliminating the ban on general solicitation and advertising in securities offerings *

USA - September 18 2012
On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was enacted.

Co-authors: Edward G. Eisert , Bruce Czachor , Stephen C. Ashley , Julie Eum.

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German High Frequency Trading Act - Potential implications for HFT firms and other firms using automated trading strategies *

Germany - September 11 2012
On 30 July 2012, the German Ministry of Finance published a discussion draft bill regarding High Frequency Trading for the German financial services sector in the form of an “Act for the Prevention of Risks and the Abuse of High Frequency Trading” (“HFTA”).

Co-authors: Christopher Mayston, Sam Millar , Melanie F. Ball , Timo Holzborn.

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FSA releases finalised guidance on payment for order flow arrangements *

United Kingdom - May 16 2012
On 14 May 2012, the FSA issued its finalised guidance on payment for order flow (“PFOF”) arrangements following its October 2011 guidance consultation.

Co-authors: Sam Millar , Melanie F. Ball .

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Jumpstart Our Business Startups Act – implications for sponsors of venture capital, private equity and hedge funds *

USA - April 6 2012
On April 5, 2012, the Jumpstart Our Business Startups Act (the "JOBS Act") was enacted into law.  This bipartisan legislation is intended to stimulate economic growth by improving access to the U.S.

Co-authors: Edward G. Eisert , Evelyn Grant , Hannah Mahon.

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