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SEC and FINRA Target Cryptocurrency Hedge Fund Manager and Broker-Dealers in recent Wave of Digital Asset Enforcement Proceedings | killexams.com actual questions and Pass4sure dumps

Perkins Coie

In a flurry of enforcement activity in the digital asset space, the U.S. Securities and Exchange Commission (SEC) and the fiscal Industry Regulatory Authority (FINRA), a self-regulatory organization for broker-dealers, announced three recent enforcement actions addressing digital asset practices terminal month: In the Matter of Crypto Asset Management, LP and Timothy Enneking; In the Matter of TokenLot, LLC, Lenny Kugel, and Eli L. Lewitt; and Department of Enforcement v. Timothy Tilton Ayre. These actions are consistent with the warning shots the SEC fired in the 2017 DAO Report[1] and subsequent enforcement actions regarding the requisite for offers and sales of tokenized securities to comply with the federal securities laws.

As Stephanie Avakian, Co-Director of the SEC’s Enforcement Division stated in the press release concerning TokenLot, the “U.S. securities laws protect investors by subjecting broker-dealers and other gatekeepers to SEC oversight, including those offering ICOs and secondary trading in digital tokens . . . [and the SEC] continue[s] to inspirit those developing digital asset trading businesses to contact the SEC staff . . . for assistance in analyzing registration and other securities law requirements.”

This update summarizes each case and the lessons to breathe drawn from them. As explained in more detail below, key takeaways comprehend the following:

  • Private funds investing in digital assets are not immune from SEC scrutiny
  • Token trading platforms requisite to register as broker-dealers if they trade digital assets that are “securities”
  • Companies facing SEC enforcement actions in the digital asset space may breathe required to undertake novel obligations, such as hiring independent entities to pick possession of and raze digital assets
  • Taking prompt action may back mitigate penalties
  • In the Matter of Crypto Asset Management, LP

    In its first-ever enforcement action finding a violation of the registration provisions of the Investment Company Act of 1940 (the 1940 Act) by a hedge fund manager based on its investments in digital assets, the SEC found that Crypto Asset Management, LP (CAM or the Manager) offered a fund, the Crypto Asset Fund, LLC (the Fund), that operated as an unregistered investment company while falsely marketing it as the “first regulated crypto asset fund in the United States.”

    According to the SEC, CAM, a California-based hedge fund manager, and its sole principal, Timothy Enneking, raised more than $3.6 million over a four-month period in late 2017 while falsely claiming that the fund was regulated by the SEC and had filed a registration statement with the agency. By engaging in an unregistered, non-exempt public offering and investing more than 40 percent of the Fund’s assets in digital asset securities, the SEC said that CAM caused the Fund to operate as an unregistered investment company. The SEC besides found that CAM and Enneking had no pre-existing relationships with numerous investors in the Fund and engaged in “general solicitation” of investors through the Manager’s website, gregarious media and interviews with traditional media outlets. CAM did not register the Fund with the SEC under the 1940 Act, nor did it qualify for an exemption from registration.

    After being contacted by the SEC staff, the Manager immediately halted the offering of the Fund and undertook a review of the Manager’s website, marketing materials and offering procedures. In addition, the Manager verified the accredited status of investors who invested in the Fund. Further, the Manager made a rescission offering to each of those investors and, as fragment of the recession offer, disclosed previous misstatements to investors and prospective investors. Although these steps were taken immediately, the SEC censured the Manager and Enneking and, as a fragment of their settlement with the SEC, ordered that they jointly and severally pay a $200,000 civil money penalty. In a press release, C. Dabney O’Riordan, Co-Chief of the SEC’s Enforcement Asset Management Unit, stated that “[h]edge funds seeking to ride the digital asset wave continue to proliferate . . . investment advisers must breathe positive that the funds they present adhere to the applicable registration obligations and must accurately represent their funds’ regulatory status to investors.”

    In the Matter of TokenLot

    In the SEC’s first case charging an unregistered broker-dealer for selling digital securities post-DAO Report, the SEC announced that TokenLot, LLC, a self-described “ICO Superstore,” and its owners settled charges that they acted as unregistered broker-dealers.

    According to the SEC, Michigan-based TokenLot and its owners and operators, Lenny Kugel and Eli L. Lewitt, promoted TokenLot’s website as a route to purchase digital tokens during initial coin offerings (ICOs) and besides to engage in secondary trading. TokenLot received orders from more than 6,100 retail investors and handled more than 200 different digital tokens, which the SEC found included securities. TokenLot, Kugel, and Lewitt earned “transaction-based compensation” of approximately $112,000 based upon the percentage of the proceeds raised in the ICOs they handled, subject to a guaranteed minimum commission. While the SEC concluded that TokenLot “advertised and sold securities, in the contour of digital tokens,” it did not specify which digital assets it was referring to, nor did it anatomize why the tokens were securities.

    The SEC found that the activities required TokenLot, Kugel, and Lewitt to breathe registered with the SEC as broker-dealers, which they were not. In response to the SEC’s investigation, TokenLot voluntarily began winding down and refunding investors’ payments for unfilled orders. TokenLot, Kugel, and Lewitt were charged with violating the securities registration provisions under Section 15(a) of the Securities Exchange Act and Sections 5(a) and (c) of the Securities Act in connection with their conduct. In an accompanying press release, Steven Peikin, Co-Director of the SEC’s Enforcement Division, renowned that “[t]he penalties in this case reflect the prompt cooperation and remedial actions by TokenLot, Kugel, and Lewitt, . . . [who] provided valuable information to Commission staff, stopped the conduct, and refunded money to investors.”

    TokenLot, Kugel, and Lewitt agreed to pay $471,000 in disgorgement plus $7,929 in interest. Further, in an unusual step, they will retain an independent third party to inventory and raze TokenLot’s remaining digital assets;[2] however, the SEC did not specify whether this includes destroying digital assets such as Bitcoin and Ether (which are not securities, according to the SEC). Kugel and Lewitt besides agreed to pay penalties of $45,000 each and agreed to industry and penny stock bars with the right to reapply after three years. During this period, they are besides prohibited from working with registered investment companies.

    FINRA Department of Enforcement v. Timothy Tilton Ayre

    On the same day that the SEC announced its two crypto-related enforcement actions, FINRA filed a regulatory enforcement complaint against Timothy Tilton Ayre, charging him with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called HempCoin. This case is FINRA’s first disciplinary action involving cryptocurrencies.

    FINRA alleges that, from January 2013 through October 2016, Ayre attempted to decoy public investment in his worthless public company, Rocky Mountain Ayre, Inc. (RMTN) by issuing and selling HempCoin—which he publicized as “the first minable coin backed by marketable securities”—and by making fraudulent, positive statements about RMTN’s traffic and finances. FINRA besides alleged that in June 2015, Ayre bought the rights to HempCoin and repackaged it as a security backed by RMTN common stock. Ayre marketed HempCoin as “the world’s first currency to represent equity ownership” in a publicly traded company and promised investors that each coin was equivalent to 0.10 shares of RMTN common stock. Investors mined more than 81 million HempCoin securities through late 2017 and bought and sold the security on two cryptocurrency exchanges. FINRA charged Ayre with the unlawful distribution of an unregistered security because he never registered HempCoin and no exemption to registration applied. In addition, FINRA alleged that, from January 2013 through October 2016, Ayre defrauded investors in RMTN by making materially fraudulent statements and omissions regarding the nature of RMTN’s business, failing to disclose his creation and unlawful distribution of HempCoin, and making multiple fraudulent and deceptive statements in RMTN’s fiscal statements. In the end, this action is less about the applicability of securities laws to tokenized assets and more about the alleged conduct of the principal involved.

    Key Takeaways and Considerations

    Private Funds Investing in Digital Assets Are Not Immune From SEC Scrutiny. The SEC’s action against CAM demonstrates that managers of private funds investing in digital assets are not outside the purview of the federal securities law and the SEC. A manager should carefully admiration how federal and condition securities laws apply to a fund, to the digital assets being traded by the fund and to the manager, and recognize that a fund may requisite to trust on multiple exemptions from registration under different statutes. Considerations for funds and managers include:

  • Does the fund requisite to register with the SEC or can it trust on an applicable exemption (e.g., Rule 506(b), Sections 3(c)(1) or 3(c)(7), etc.)?[3]
  • Does the manager or sponsor of the fund meet the definition of “investment adviser”?[4] If so, is it required to register with the SEC or a state?[5] Is there an exemption the manager can trust on (e.g., Exempt Reporting Adviser)?[6]
  • Are the digital assets the fund invests in “securities” under federal and condition law?[7] Does the manager maintain a procedure in position to evaluate each investment to determine whether it is a security under federal and condition law?
  • Has the fund or the fund’s manager made any applicable filings (e.g., contour D, contour ADV, etc.)?
  • Does the manager’s website openly argue and present the fund (i.e., generic solicitation)? Has the manager or anyone associated with the fund made any untrue or deceptive statements, either on the fund’s website, on gregarious media or during a conference? Has the manager or anyone associated with the fund made any public statements about the fund that could breathe considered “general solicitation”?
  • Token Trading Platforms. The SEC’s action against TokenLot was its first enforcement action against a token-trading platform, as well as its first action against an unregistered broker-dealer. Coupled with FINRA’s complaint against Ayre, the actions demonstrate the risks that exist when digital assets are deemed to breathe securities. In particular, any token-trading platform or token trader that earns transaction-based compensation, which includes success fees, commissions or any fee contingent on the outcome, can breathe found to breathe a broker-dealer. like the investment funds discussed above, broker-dealers must register with the SEC or qualify for an applicable exemption. Therefore, if there is a risk that the respective digital assets are securities, it is faultfinding for any token-trading platform or token trader to evaluate whether broker-dealer registration is required. Considerations include:

  • What is the compensation structure for the token trading platform or token trader? Does it deserve a flat fee? Or does it deserve transaction-based income (e.g., a commission)?
  • Does it qualify for one of the applicable exemptions from broker-dealer registration?
  • If it must register as a broker-dealer, has it made any necessary filings (e.g., contour BD) or registered with FINRA to become a member? accomplish the pertinent managers and/or employees maintain the necessary progression qualifications (e.g., progression 7, progression 65, progression 66, etc.)?
  • Some Digital Tokens Are “Securities.” In both SEC actions, the SEC determined that at least some of the digital tokens involved were securities. In the TokenLot Order, the SEC renowned that investors could pay “for the digital tokens using other digital assets, such as Bitcoin and Ether,” and that the digital tokens that TokenLot “promoted and sold . . . included securities.” In the Crypto Asset Management Order, the SEC besides found that the Fund invested in, held and traded “certain digital assets that were investment securities.” In neither case, however, did the SEC identify which tokens were securities or provide any analysis about why those digital assets were securities. Although the SEC did not proclaim any actions with respect to the digital tokens themselves, it must breathe considered whether the SEC is pursuing actions against the creators of the individual tokens that were traded by TokenLot and deemed to breathe securities.

    Unprecedented and Novel Steps by Regulators. As the SEC continues enforcement efforts against companies associated with unregistered offerings, companies may breathe required to undertake novel obligations on top of any penalties imposed, such as hiring independent entities at the company’s expense to pick possession of and raze digital assets like in the TokenLot Order.

    Taking Prompt Action May back Mitigate Penalties. Both SEC actions acknowledged the parties’ prompt remedial actions. The TokenLot Order even stressed that the remedial actions were factors in the commission deciding not to impose greater penalties. Thus, companies in the digital asset space and their counsel should admiration prompt remedial action when issues are identified and certainly if contacted by the SEC.

    Token Trading Platforms Acquiring Registered Broker-Dealers. The SEC and FINRA’s enforcement actions against broker-dealers promote in the wake of several digital asset trading platforms taking affirmative actions in 2018 to comply with broker-dealer laws and regulations. As reported by Bloomberg and other word sources, several platforms are either registering as broker-dealers themselves or maintain recently acquired existing broker-dealer firms that are already registered as broker-dealers and ATSs. As demonstrated by the TokenLot and Ayre enforcement actions, such developments may reduce regulatory risk for those who wish to host token trading platforms or generally enter the traffic of trading digital assets while increasing chance for recent traffic products.

    Conclusion

    The SEC and FINRA actions are noteworthy developments in the regulation of digital assets even though they did not provide clarity on whether any given digital asset is a security. The actions demonstrated the regulators’ willingness to invoke securities laws against various types of actors involved in the buying and selling of digital assets. Private fund managers and private funds that invest in digital assets may mug consequences for failing to comply with registration requirements. Moreover, the SEC showed its willingness to forge recent remedies in the digital asset context by requiring TokenLot to hire an independent intermediary to pick possession of and raze its tokens. The SEC actions besides illustrate how companies that pick prompt remedial action when contacted by the SEC may reduce the severity of the sanctions they receive.

    ENDNOTES

    [1] In the DAO Report, the SEC determined the DAO tokens were “securities” under the Securities Act of 1933 (Securities Act) after applying the Howey Test to evaluate whether the tokens were an investment shrink and thus a “security.” The DAO Report thus confirmed the long-standing analytical framework used to gauge whether a digital coin or token is a “security.” The following post on the Virtual Currency Report provides more detailed information on the DAO Report and its implications for market participants. J. Dax Hansen, et al., Blockchain and Digital Token Update: SEC Releases Investigative Report and Investor Bulletin, Virtual Currency Report (July 26, 2017), https://www.virtualcurrencyreport.com/2017/07/blockchain-and-digital-token-update-sec-releases-investigative-report-and-investor-bulletin/.

    [2] Normally, the SEC does not raze property, but there are a number of government regulations that permit the destruction of property to avoid a “danger,” and “danger” is broadly interpreted and can comprehend a swindle.

    [3] Generally, the Securities Act requires the present and sale of securities must either breathe registered with the SEC or comply with an applicable exemption from registration. Sponsors of private funds typically avoid registration and present their securities pursuant to the private placement exemption under Rule 506(b) of Regulation D, which prohibits any contour of generic solicitation or generic advertising to market the fund interests. A fund that engages primarily in investing, reinvesting and trading in securities, and whose own securities are offered to the investing public must either register with the SEC as an “investment company” or qualify for an exemption from registration. Sponsors of private funds typically hunt to qualify for an exemption from the Investment Company Act of 1940 pursuant either to Section 3(c)(1) or Section 3(c)(7), each of which requires the fund to not gain a public offering and circumscribe investors to those who meet unavoidable wealth thresholds.

    [4] Section 202(a)(11) of the Investment Advisers Act of 1940 (the Advisers Act) defines “investment adviser” to weigh in “any person who, for compensation, engages in the traffic of advising others, . . . as to the value of securities or as to the advisability of investing in, purchasing, or selling securities . . . .” An investment adviser meeting this definition is required to register with the SEC or a condition or find an applicable exemption from registration.

    [5] See, e.g., S. Rep. No. 1760, 86th Cong., 2d Sess. 7 (1960), which specifies that the antifraud provisions in Section 206 of the Advisers Act apply to registered and unregistered investment advisers (even if a person is not required to register with the SEC, the person may breathe subject to the anti-fraud provisions of the Advisers Act, as well as the laws of various states).

    [6] The SEC and many states provide an exemption from registration as an investment adviser, commonly referred to as an “exempt reporting adviser.” An “exempt reporting adviser” is an adviser solely to private funds and manages less than $150 million. An exempt reporting adviser is not required to adopt a comprehensive compliance program pursuant to Rule 206(4)-7 or to comply with most other rules under the Advisers Act. An exempt reporting adviser, however, is noiseless subject to the anti-fraud provisions of the Advisers Act. An exempt reporting adviser, therefore, should adopt reasonable compliance policies, procedures and oversight to avoid the appearance of a violation of the anti-fraud provisions or the adviser’s fiduciary duty to clients. Further, exempt reporting advisers are not subject to the full registration process, but noiseless must file a truncated contour ADV with the SEC and update it at least annually.

    [7] An investment adviser is a fiduciary and this fiduciary duty applies to the investment adviser’s entire relationship with its clients, including counsel on digital assets that may not breathe securities.

    [View source.]


    Finra asks hearing panel to sanction test cheater | killexams.com actual questions and Pass4sure dumps

    The fiscal Industry Regulatory Authority's enforcement department has asked a Finra hearing panel to impose sanctions against former broker Jason David for cheating on his progression 66 examination.

    The Finra enforcement department said that Mr. David, who was affiliated with National Planning Corp. from October 2016 to May 2017, when the firm permitted him to resign, had consulted an exam-prep pilot during an unscheduled fracture in the test, then returned and changed several of his answers. Using a study pilot during an exam violates Finra rules, the organization said.

    Mr. David took the examination in December, 2016 in Chicago. The closed-book exam schedules no breaks, but test-takers may request a fracture solely for the purpose of using the restroom. During his break, Mr. David went to a locker where he had placed the test pilot and consulted it, Finra said.

    After failing that test, Mr. David took another progression 66 exam in February 2017. He again took a bathroom fracture and consulted a test pilot that he kept in a coat locker. He passed the second examination.

    Since resigning, Mr. David has not worked in the securities industry.


    UBS' Dayton Office Welcomes recent Team | killexams.com actual questions and Pass4sure dumps

    No result found, try recent keyword!Schade has his progression 7 and 66 FINRA registrations. impress Henestofel is a fiscal advisor and former CPA. He works with clients to positively repercussion their lives by helping manage and grow their inves...


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