The US-Mexico-Canada Trade Agreement replaces NAFTA.
The WHO names COVID-19 and declares a pandemic.
The killing of George Floyd spurs a powerful resurgence of the Black Lives Matter Movement.
Regulation Best Interest Implemented
Liu v. SEC
In a case with the potential to moderate the effects of the Kokesh decision, the Supreme Court finds that the SEC can seek disgorgement as an equitable remedy if it meets certain principles including: returning fines to investors, excluding joint and several penalties, and deducting legitimate expenses from the disgorgement.
Facebook Settlement
Despite promises that it did not give away or sell data, in 2018 it is revealed that Facebook made personal information available to Cambridge Analytica. Facebook stock declines and investors sue. The Commission charges the company with making false and/or misleading claims by keeping its relationship with Cambridge Analytica secret. Facebook settles for $100 million.
ETF Rule
Since their origin in 2008, every new exchange traded fund required a specific exemption under the 1940 Investment Company Act. After over a decade and more than 300 exemptions, the ETF Rule allows exchange traded funds meeting particular requirements eligible to go to market without exemptive relief.
Insider trading “Personal Benefit Test” overturned
Upending years of precedent going back to the Dirks decision, the 2nd Circuit Court in the US v. Blazczak decision expands the definition of insider trading, holding that inside traders need not benefit personally from the fraud. This greatly widens the latitude to bring insider trading cases.
Trump Supporters Attack Capitol
Biden Signs American Rescue Plan.
(White House, Public Domain)
Meme Stocks and “Commission-Free” Brokerages
Shareholder ESG Guidelines
Russia Invades Ukraine
(Unsplash)
Dobbs Decision
FTX Collapses
ChatGPT Launched
Crypto Assets and Cyber Unit
Market Plumbing Proposals
Hawaii Wildfires
Speaker McCarthy Ousted
(Official House Photo, Public Domain)
Largest Whistleblower Award
Cryptocurrency Exchange Suits
Crypto Regulation Setbacks
Cyber Rules
Election Year Turmoil: Trump Assassination attempt, Biden Bows Out
Hurricane Helene
(NOAA, Public Domain)
SEC Approves Spot Bitcoin ETFs
After rejecting more than 20 similar applications in six years, the SEC approves the creation of exchange traded products (ETPs) that directly hold the cryptocurrency bitcoin. This landmark move, the SEC Chairman explained, resulted from new circumstances following the DC Circuit’s Greyscale decision.
SPAC Rules
The SEC adopts rules for the Special Purpose Acquisition Companies (SPACs) devised as an alternative to IPO rules. The measures, created in response to the growth and collapse of many SPACs earlier in the decade, call for disclosure of conflicts, sponsor compensation, and target company information.
Private Equity Adviser Rules Struck Down
In a setback for the SEC, the Fifth Circuit court of appeals strikes down Private Fund Adviser Rules adopted by the SEC in August 2023. The Court finds that by imposing additional disclosure obligations on non-public private fund advisers the SEC exceeded the authority established by the Administrative Procedures Act.
SEC v Jarkesy Decision
The Supreme Court upholds a lower court ruling that it is unconstitutional for the SEC and other federal agencies to employ Administrative Law Judges (ALJs) in matters where defendants merit a jury trial. Although the decision struck a formal blow to the system of administrative law, the SEC had been filing most contested cases in federal courts since the 2018 Lucia decision.