United States: Corporate/Commercial Law

This is the second of a new series of Cohen & Gresser client advisories on how to raise money in the U.S. capital markets. In the first advisory, we noted that private capital raising has dwarfed public capital raising in the U.S. over the past few decades.

The SEC and the CFTC jointly announced that they entered into a Memorandum of Understanding “to guide coordination and collaboration between the two agencies to support lawful innovation, uphold market integrity, and ensure investor and customer protection.” As managers well know, the two agencies’ overlapping jurisdiction has at times led to duplicative and often conflicting regulatory schemes, as well as enforcement investigations and resolutions covering essentially identical conduct.

The Securities and Exchange Commission has issued its first major update to the Enforcement Manual in nearly a decade, fundamentally transforming the Wells process through which enforcement actions...