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For Better or For Worse: SEC Adopts New Rules Relating to SPACs

For Better or For Worse: SEC Adopts New Rules Relating to SPACs

The United States Securities and Exchange Commission (“SEC”), by a 3-2 vote, recently adopted new rules and amendments pertaining to special purpose acquisition companies (“SPACs”) (“SPAC Rules”)[1] to “enhance disclosures...

Hiding the Ball: The Implications of the Marketing Rule

Hiding the Ball: The Implications of the Marketing Rule

A recent order by the Commission in In the Matter of Wahed Invest, LLC, No. 3-22283 (Nov. 1, 2024) (the “Order”) issued against Wahed Invest LLP (“Wahed”) illustrates the operation of the Marketing Rule. Wahed, a financial services company based in New York, is subject to federal law and regulations, including the Investment Act, since it has been registered with the Commission as an investment adviser since 2015. On November 1, 2024, the Commission published a cease-and-desist order against Wahed for disseminating ads containing endorsements from professional athletes on its website, through emails, and on social media posts that failed to provide the disclosures required under the Marketing Rule.

Celebrity Endorsements Gone Awry

Celebrity Endorsements Gone Awry

The SEC Targets Celebrities for Nondisclosure of Crypto Promotions On March 22, 2023, the U.S. Securities and Exchange Commission (“SEC”) announced charges against crypto asset entrepreneur Justin Sun and three of his...

When “Free” is Not Actually Free

When “Free” is Not Actually Free

As the calendar year draws to close, the last thing on most Americans’ minds is filing their taxes. While the holidays occupy the collective consciousness for now, in little more than a month, come January 2023, Americans...

What is a Securities Attorney?

What is a Securities Attorney?

If you’ve heard the terms “securities attorney” or “investment lawyer” and don’t know what they mean, you are not alone. With this article, we hope to clarify what a securities lawyer does and how a securities lawyer may...