February 5, 2021 Alert

Hi all,

Below are this week’s alerts for the Investment Network.  Enjoy!

This Issue’s Topics:

  • Client Alert: An IP Guide to the Consolidated Appropriations Act of 2021
  • Client Alert: CFTC Modernizes Offshore CPO Exemption, Aligns Regulation of Offshore Intermediaries with Global Practices and Current Commission Policies
  • Client Alert: SEC Adopts New Rule for Good Faith Determination of Fair Value
  • Global Digital Asset & Cryptocurrency Association Membership Enrollment is Now Open!
  • FREE: Foreside: New SEC Marketing Rule: What You Should Know

Publications:

Stradley Ronon Client Alert: An IP Guide to the Consolidated Appropriations Act of 2021
January 28, 2021

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021, which will provide $900 billion in coronavirus relief and $1.4 trillion to continue to fund the government (total $2.3 trillion). The sweeping legislation covers over 5,500 pages and includes new laws impacting intellectual property: (1) the Copyright Alternative in Small-Claims Enforcement (CASE) Act, (2) the Trademark Modernization Act (TMA), (3) the Protecting Lawful Streaming Act; (4) the Commerce, Justice, Science, and Related Agencies Appropriations Act; and (5) the Biologic Patent Transparency Act.

To read more about the five Acts, click here.

Stradley Ronon Client Alert: CFTC Modernizes Offshore CPO Exemption, Aligns Regulation of Offshore Intermediaries with Global Practices and Current Commission Policies
February 04, 2021

At an open meeting held on October 15, 2020, the Commodity Futures Trading Commission (the “Commission”) unanimously adopted amendments to Rule 3.10(c), the Commission’s exemption for offshore intermediaries (the “Exemption”), to modernize the conditions under which commodity pool operators (“CPOs”) located outside of the United States acting on behalf of offshore pools whose participants are limited to persons located outside the United States may rely on the Exemption. The amendments become effective on February 5, 2021.

To read more, click here.

Stradley Ronon Client Alert: SEC Adopts New Rule for Good Faith Determination of Fair Value
February 04, 2021

On December 3, 2020, the Securities and Exchange Commission (“SEC”) adopted new rule 2a-5 (Rule 2a-5 or the Final Rule) under the Investment Company Act of 1940, as amended (“1940 Act”) that provides the requirements for determining the fair value of a fund’s investments in good faith for purposes of section 2(a)(41) of the 1940 Act. According to the SEC, the Final Rule is intended to provide a consistent framework and standard of baseline practices for fair value determinations, and applies to all registered investment companies and business development companies. Although the key components of the Final Rule are similar to the proposed version published in April 2020, the SEC made a variety of changes to the Final Rule in response to public comments. The Final Rule will become effective March 8, 2021. The compliance date for the rule will be September 8, 2022.

To read more, click here.

Global Digital Asset & Cryptocurrency Association Membership Enrollment is Now Open!

Learn more about the Global Digital Asset & Cryptocurrency Association’s (“Global DCA”)  promotion of standards, education and advocacy in the cryptocurrency sphere, and how our model of self-regulation may benefit your company and your aspirations for the broader digital asset industry.

In recognition of the urgent challenges facing the digital asset and cryptocurrency industry, the Global DCA gathers a breadth of industry participants and stakeholders, in the form of a self-regulatory association to:

  • Reduce uncertainty and regulatory ambiguity through advocacy and engagement;
  • Instill trust in the industry through the development and promotion of global standards, guidance and best practices; and
  • Foster understanding and awareness through education and training for our industry, consumers and the general public.

For our members, we offer a one-stop-source for advocacy, practical guidance and education, as well as a community of peers and professionals ready and willing to support each other and our industry. Ready to join us? Set yourself apart as a leader in the digital asset and cryptocurrency industry through Global DCA membership – contact us today at membership@global-dca.org.

For more information on the association, click here.

Events:

FREE: Foreside: New SEC Marketing Rule: What You Should Know
Wednesday, February 10, 2021, 12:00 P.M. CDT

On December 22, 2020, the SEC adopted amendments to modernize Rule 206(4)-1 (the “Advertising Rule”) and Rule 206(4)-3 (the “Cash Solicitation Rule”) under the Investment Advisers Act of 1940. The Advertising Rule was the SEC’s first antifraud rule governing the activities of investment advisers, and in many respects it remains the most important.  This action represents the first substantive amendments to the Advertising Rule since its adoption in 1961 and includes significant changes to the Cash Solicitation Rule.  These amendments will have vast implications for the compliance and business practices of nearly every registered investment adviser.

In particular the webinar will address, among other things:

  • What is an “advertisement” under the amended rule
  • Interpreting and applying the new “principles-based” standards
  • Presentation of performance
  • Use of testimonials and endorsements
  • Amendments to the cash solicitation rule

Panelists:

  • Sara P. Crovitz of Stradley Ronon
  • Les Abromovitz of Foreside
  • Craig Moreshead of Foreside

For more information, click here.

Scroll to top