Telegram: deconstructing one of the biggest blockchain cases of 2020

2020 ◽  
Vol 21 (4) ◽  
pp. 243-253
Author(s):  
Robert A. Jr. Musiala ◽  
John J. Harrington ◽  
Teresa Goody Guillén ◽  
Jonathan A. Forman ◽  
Adam D. Gale ◽  
...  
Keyword(s):  
New York ◽  
Financial Services ◽  
Emerging Market ◽  
District Court ◽  
Extensive Experience ◽  
Investment Funds ◽  
Significant Development ◽  
Content Type ◽  
Restraining Order ◽  
Southern District

Purpose To discuss and analyze the facts and circumstances of the October 11, 2019 U.S. District Court for the Southern District of New York temporary restraining order halting the distribution of cryptocurrency tokens in SEC v. Telegram Group Inc. Design/methodology/approach Provides an overview of the case, an analysis of the Court’s ruling, details on the final resolutions, and some key takeaways. Findings Given the lack of judicial precedent in this area, as well as the size and profile of the Telegram project, the Telegram case was closely watched by blockchain industry participants and represents a significant development for this emerging market. The Telegram court’s approach, if broadly adopted, could prove very challenging for those attempting to launch decentralized networks involving blockchain-based tokens. Practical implications The Telegram case represents just one court’s view and is based on a very fact-specific inquiry. However, given the Court’s apparent deference to the SEC’s positions on the facts at hand, and the lack of judicial precedent in this area, the blockchain industry should pay close attention to this decision. Originality/value Expert guidance from lawyers with extensive experience in blockchain technologies, digital currencies, securities offerings and litigation, investment funds and financial services.

U.S. Securities and Exchange Commission (SEC) brings regulation FD enforcement action against AT&T Inc.

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lee T. Barnum ◽  
Karl A. Groskaufmanis ◽  
Nicole R. Love
Keyword(s):  
New York ◽  
Securities And Exchange Commission ◽  
District Court ◽  
Investor Relations ◽  
Content Type ◽  
Enforcement Action ◽  
Fair Disclosure ◽  
Southern District ◽  
Regulation Fd ◽  
The U.S

Purpose To explain and analyze the U.S Securities and Exchange Commission’s complaint filed in the U.S. District Court for the Southern District of New York against AT&T Inc. alleging repeated violations of Regulation FD (Fair Disclosure), and against three of AT&T’s Investor Relations executives for aiding and abetting those violations. Design/Methodology/Approach Describes the SEC’s allegations and AT&T’s response and recommends practice points that issuers and their legal counsel can draw from the enforcement action. Findings The SEC’s suit against AT&T and its three IR executives serves as an important reminder that the SEC remains committed to ensuring the full and fair disclosure of information by issuers and is willing to litigate Regulation FD-based enforcement actions when it deems necessary. Practical Implications Every public company must develop systems to manage selective disclosure risks in its investor relations program. Originality/Value Practical guidance from experienced corporate governance, litigation, capital markets, securities enforcement and regulation lawyers.

Argentine Republic v. Amerada Hess Shipping Corp.

1989 ◽  
Vol 83 (3) ◽  
pp. 565-568
Author(s):  
Carlos M. Vázquez
Keyword(s):  
New York ◽  
The United States ◽  
Federal Courts ◽  
District Court ◽  
Court Of Appeals ◽  
Southern District ◽  
Law Of Nations ◽  
The Supreme Court ◽  
Argentine Republic ◽  
Federal Jurisdiction

Plaintiffs and respondents, Amerada Hess Shipping Corp. and United Carriers, Inc., were respectively the charterer and owner of the Hercules, a crude oil tanker that was bombed in international waters by Argentine military aircraft during the war over the Malvinas or Falkland Islands. The ship was severely damaged and had to be scuttled off the coast of Brazil. After unsuccessfully seeking relief in Argentina, the companies filed suit against defendant and appellant, the Argentine Republic, in the Southern District of New York. Plaintiffs argued that the federal courts had jurisdiction under the Alien Tort Statute (28 U.S.C. §1350 (1982)), which confers federal jurisdiction over “any civil action by an alien for a tort only, committed in violation of the law of nations or a treaty of the United States.” The district court dismissed the suit for lack of subject matter jurisdiction, holding that the Foreign Sovereign Immunities Act of 1976 (28 U.S.C. §§1330, 1602-1611 (1982)) (FSIA) is by its terms the sole basis of federal jurisdiction over cases against foreign states. A divided panel of the U.S. Court of Appeals for the Second Circuit reversed. The Supreme Court (per Rehnquist, C.J.) unanimously reversed the Second Circuit and held that the FSIA provides the exclusive basis of federal jurisdiction over suits against foreign states.

Hong Kong Securities and Futures Commission (SFC) highlights operating, control and compliance deficiencies in asset management industry

2018 ◽  
Vol 19 (1) ◽  
pp. 63-68 ◽  
Author(s):  
Anne-Marie Godfrey
Keyword(s):  
Hong Kong ◽  
Asset Management ◽  
Service Providers ◽  
Governance Structures ◽  
Investment Fund ◽  
Extensive Experience ◽  
Investment Funds ◽  
Content Type ◽  
Best Execution ◽  
Asset Managers

Purpose To examine the nine common areas of non-compliance in managing investment funds and discretionary accounts, detailed in a Hong Kong Securities and Futures Commission (SFC) circular dated September 15, 2017, directed at SFC-licensed asset managers. Design/methodology/approach Discusses a July 2017 circular indicating the SFC’s general concerns and analyzing the following nine common areas of non-compliance cited in the September 15, 2017 circular: (1) inappropriate receipt of cash rebates giving rise to apparent conflicts of interests, (2) failure to follow investment-suitability and discretionary account mandates during solicitation, (3) failure to implement liquidity-risk management processes, (4) deficiencies in governance structures and fair-valuation procedures, (5) deficiencies in systems for ensuring best execution, (6) failure to safeguard fair order allocation, (7) inadequate controls for protection of client assets, (8) inadequate systems to comply with investment restrictions, and (9) inadequate safeguards to address market misconduct risk. Findings The nine examples of non-compliance provide a useful insight into key “problem areas” indicated to currently be of particular concern to the SFC. Practical implications All SFC-licensed asset managers would be well advised to revisit their internal governance structures and operational policies and procedures in order to ensure that they are compliant with applicable standards and requirements. Originality/value Practical guidance from a lawyer with extensive experience advising investment managers and advisers, fund administrators, trustees and other fund service providers on investment fund-related issues.

scholarly journals The internationalization of African fintech firms: marketing strategies for successful intra-Africa expansion

2020 ◽  
Vol 37 (2) ◽  
pp. 299-317 ◽  
Author(s):  
Zara Hammerschlag ◽  
Geoff Bick ◽  
John Manuel Luiz
Keyword(s):  
Financial Services ◽  
Capital Investment ◽  
Emerging Market ◽  
Marketing Strategies ◽  
Structured Interviews ◽  
African Countries ◽  
Content Type ◽  
Venture Capital Investment ◽  
Market Expansion ◽  
Strategy Adaptation

PurposeThe purpose of this study is to explore how African fintech firms adapt their marketing strategies for successful market expansion into new African countries.Design/methodology/approachThis exploratory study is qualitative in nature and utilizes semi-structured interviews at 14 African fintech firms.FindingsThe study reveals that, during intra-Africa expansion, firms adapt their marketing strategies by working with local people, prioritizing customer education, creating personal relationships with customers, adapting their communication strategies and pricing strategies and using social media. The strategies that have been most effective involve including the community in the marketing process, prioritizing relationships, segmenting customers geographically, educating customers about products, using local distribution partners and having a flexible approach to strategy adaptation.Practical implicationsIt has been argued that technological innovation in Africa in areas such as financial services is a critical driver of its future development, because of the opportunity it presents to promote financial inclusion. Through an increase in venture capital investment on the continent, technological innovations in financial services have grown exponentially, and this study contributes to the understanding of the marketing strategies employed to gain market traction.Originality/valueThis study proposes that African fintech firms adopt a bottom-up, value proposition-driven marketing strategy to successfully navigate the environment. The proposed framework provides a lens through which to understand the components of successful strategy adaptation in Africa, against the backdrop of the unique market challenges inherent in this emerging market continent.

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