SEC Announces Examination Priorities.
On November 17, 2025, the SEC released its annual examination priorities covering all categories of entities under its supervision. These include broker-dealers, investment advisers, FINRA, as well as funding portals operating under Regulation Crowdfunding. Although the list of priorities specific to funding portals is shorter than those for other regulated entities, it still signals the […]
Integration Pitfalls: Navigating Rule 152 When Moving from Reg CF to Reg A
Integration of securities offerings can be a tricky and often frustrating challenge. You may plan to conduct an offering one way, only to discover that you now have to comply with rules and restrictions that are different, or more severe than you were expecting. This is the situation for companies transitioning from a Regulation Crowdfunding […]
Semi-annual reporting for SEC-registered companies?
Coming soon (in my opinion). The President is not the first to suggest that SEC-registered companies be permitted to choose semi-annual instead of quarterly reporting. The idea has been periodically floated since I was an SEC Staffer back in the Dark Ages (less than a generation after quarterly reporting was adopted in the first place). […]
Tokenization Isn’t Magic: Compliance Still Matters in the Digital Asset Space
With recent Congressional developments like the GENIUS Act and the CLARITY Act, the digital asset space appears to be entering a second wave following the initial frenzy of 2021 and 2022 (remember the Bored Ape Yacht Club?). Yet amid the changing landscape, one belief has persisted among some players: the idea that turning an existing […]