It’s early round up this week. I’m taking Friday off to ride additional day before the Pan-Mass Challenge.http://profile.pmc.org/DC0176
In the meantime, these are some of the compliance-related stories that recently caught my attention.
People, please stop making these two insider trading-related mistakes! by Bruce Carton in Compliance Week
There are two insider trading-related “mistakes” that I have repeatedly warned against in this blog through the years.
Mistake 1. People whose firms are directly involved in merger transactions (e.g., public company employees, investor relations executives, lawyers, accountants, etc.) foolishly believe that they can engage in insider trading without being caught. Seriously, just don’t do it!
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Drinker Biddle analyzes the First 50 Crowdfunding Offerings by Marc A. Leaf, Robert T. Esposito and Abigail Luhn in the CLS Blue Sky Blog
As of June 30, 2016, 50 companies have filed a Form C with the SEC to offer securities under the Regulation Crowdfunding exemption. Minimum target offering amounts range from $20,000 to $500,000 per offering, with a median of $55,000. All but one of these issuers, however, have disclosed that they will accept offers in excess of the target amount, including 27 issuers that say they will accept investments at or near the maximum permitted offering amount of $1,000,000. In contrast, 18 of the first 50 issuers elected to cap their offering at just $100,000, with the remainder setting an offering cap of between $200,000 and $500,000. In the aggregate, if this first wave of retail crowdfundings is successful, 50 small companies will raise an aggregate of $6 to $30 million in new capital to fund their businesses. [More…]
John Hancock and Cultural Transformation by Tom Fox in the FCPA Compliance & Ethics Report
As a CCO or compliance practitioner, you need to be seen as leading this type of behavior. Heffernan ended with these propitious comments from Van der Bel, “It starts with you. You must always show up energised and open. Annual surveys are a thing of the past; you have to get a sense of pulse on a weekly basis. I’m much more thoughtful about which meetings I attend, how I add value. You have to get out more and listen more.” [More…]
China Clamps Down on Fund-Management Firms by Shen Hong in the Wall Street Journal
The move, which has eliminated close to 40% of the country’s privately-offered funds, is the latest signal of a policy shift by the Chinese leadership toward boosting regulatory oversight and away from financial liberalization and reform, especially after thedramatic stock market meltdown over a year ago. [More…]