Category Archives: Securities Law

Chairman, Behnam talk interest rate benchmarks at Bipartisan Policy Center

By Anne Sherry, J.D.With LIBOR’s end date in sight, panelists gathered at the Bipartisan Policy Center to discuss topics relating to a transition to the alternative benchmark rate SOFR. SEC Chairman Jay Clayton answered questions from CNBC’s John Harwood about the benchmark and other market regulation topics, but declined to comment on the Commission’s recent tangle with Elon Musk. Following a panel focused on the transition to SOFR, CFTC Commissioner Rostin Behnam offered his take on the reference rate measures in prepared remarks.With LIBOR being phased out by the end of 2021, the Alternative Reference Rate Committee (ARRC) established the Secured Overnight Financing Rate (SOFR) as a new benchmark rate for U.S.-dollar-based transactions. Fannie Mae, which was represented at the discussion by Wells Engledow, in July issued the first floating-rate note indexed to SOFR, and CME recently cleared the first over-the-counter SOFR interest-rate swaps.What keeps….. To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , , , , , , , , | Leave a comment

GPB Capital Investors Await Accounting Revisions

The law offices of Gana Weinstein LLP have previously reported on their investigation into GPB Capital Holdings (GPB Capital) and its dispute with a former business partner Patrick Dibre (Dibre) who allegedly reneged on the sale to GPB Capital of certain auto dealerships causing the fund to lose $40 million according to GPB’s complaint.  That litigation is still playing out in court. GPB Capital has raised an astonishing $1.8 billion in investor money since 2013.  However as reported, GPB will stop raising new money for now to focus on accounting issues and financial statements of its two large funds.  Subsequent reporting has alerted the public that investors should no longer rely on 2015 and 2016 financial statements and independent accounts’ reports for: GPB Automotive Portfolio, ($622.1 million); GPB Holdings II, ($645.8 million); and GPB Holdings Qualified.  Apparently, these accounting revisions are only being made because GPB Capital….. To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , , , , | Leave a comment

Can Startup Founders Get Paid in Equity Only?

It is a fact of life: startup founders do not get paid for their endless work day during the initial set up stage of their company.  Even though they have titles such as CEO or a CTO, they do not see a penny until their startup gets funded and there is enough money to start the payroll.  But is it legal?The Fair Labor Standards Act (the "FLSA") applies to most employers.  According to the FSLA, employees must be paid at least the minimum hourly wage.  Some employees must also receive overtime if they are nonexempt employees under the FLSA.  New York has its own wage and hour laws that do not quite correspond to the federal laws.The FLSA has an executive employee exemption for certain business owners that would apply to startup founders.  According to it, the minimum wage law does not apply to those who own at least a bona fide 20% equity interest in the company and are actively involved in its management.  Good news?!Not for….. To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , , , , | Leave a comment

Curt Howard-Former Edward Jones Broker-Subject of $1M Customer Suit-Monahans, TX/ Sapulpa, OK

Rex Securities Law- Stockbroker Malpractice Attorney. Nationwide representation. September 2018-Sapulpa, OK / Mobile, AL /Monahans, TX According to publicly available records Curtis Lee Howard ,  a   stockbroker who formerly worked for Edward Jones and who  is currently registered with Harbor Financial Services, disclose a  prior customer dispute, a currently pending customer dispute and a termination from employment. The Financial Industry Regulatory Authority (FINRA) is the agency … Continue reading Curt Howard-Former Edward Jones Broker-Subject of $1M Customer Suit-Monahans, TX/ Sapulpa, OK → The post Curt Howard-Former Edward Jones Broker-Subject of $1M Customer Suit-Monahans, TX/ Sapulpa, OK appeared first on Rex Securities Law BLOG... To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , , , , , , , | Leave a comment

ESMA updates BMR Q&As

On 27 September 2018, ESMA published an updated version of its Questions and Answers (Q&As) on the Benchmarks Regulation (BMR). The updated Q&As address: systematic internalisers (BMR article (3)(1)(16)); certificates (BMR article (3)(1)(7)); NAV (BMR article (3)(1)(24)); endorsement applications (BMR article 33(1)); benchmark statements (BMR article 27); and written plans features (BMR article 28(2))... To continue reading this legal news please click Read full information...

Posted in Securities Law | Tagged , , | Leave a comment