Bridging the Week by Gary DeWaal: October 26 to 30 and November 2, 2015 (Crowdfunding; Malfeasance; TRACE; Overcharges)

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Published Date: November 01, 2015

A new means for raising capital using the Internet—crowdfunding—was approved last week by the Securities and Exchange Commission. Otherwise, there were few material developments worldwide impacting financial services firms. As a result, only the following few matters are covered in this week’s edition of Bridging the Week:

Video Version:

Article Version:

Totally Irrelevant (But Is It?): In order to more forcefully express his concerns regarding many of the restrictions in the SEC’s final rules related to crowdfunding, Commissioner Michael Piwowar employed  timely Halloween imagery: “While crowdfunding was intended to be a treat for the smallest and least sophisticated companies seeking to raise capital, today’s rules are full of tricks. The rules will spin a complex web of provisions and requirements for compliance … . Such burdens will spook many small businesses from pursuing crowdfunding as a viable path to raising capital.” Clever writing, for sure—whether you agree with Mr. Piwowar’s position or not!

And more briefly:

For more information, see:

Broad Range of Cleared Derivatives Industry Petition BASEL Banking Supervisors for Leverage Ratio Relief:

CFTC Chairman Says CFTC Considering MAT and Other Swap Reforms:

Federal Reserve Proposes Tougher Financial Requirements on the Biggest Banks to Avoid Government Bailouts:

Investment Bank Group Fined US $50 Million by NY State Agency for Actions of Malfeasant Employee:

Korea and Japan Clearinghouses Granted Exemption by CFTC From Registration as DCOs:


LME Sets Position Limits for Premium Aluminum Contract: 334 r007 position limits for premium aluminium contracts.pdf

More Broker-Dealers Sanctioned for Overcharging Charities and Retirement Accounts for Mutual Funds:

Press Release:
Representative Action:

SEC Approves FINRA Proposal Requiring Certain TRACE-Eligible Securities to Be Reported as Soon as Practicable:

SEC to Permit Capital Raising Through Crowdfunding:

The information in this article is for informational purposes only and is derived from sources believed to be reliable as of October 31, 2015. No representation or warranty is made regarding the accuracy of any statement or information in this article. Also, the information in this article is not intended as a substitute for legal counsel, and is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. The impact of the law for any particular situation depends on a variety of factors; therefore, readers of this article should not act upon any information in the article without seeking professional legal counsel. Katten Muchin Rosenman LLP may represent one or more entities mentioned in this article. Quotations attributable to speeches are from published remarks and may not reflect statements actually made.

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Gary DeWaal

Gary DeWaal is currently Special Counsel with Katten Muchin Rosenman LLP in its New York office focusing on financial services regulatory matters. He provides advisory services and assists with investigations and litigation.

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