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Syndicated Term Loans and U.S. Securities Laws

By Rob Evans on June 8, 2020
Posted in Enforcement Actions, Internal Controls, Investment Advisors, Rule 10b-5, Uncategorized

Recently, the U.S. District Court in the Southern District of New York held in Kirschner v. J.P. Morgan[1] that a syndicated term loan was not a “security” under several state securities (or Blue Sky) laws. While the ruling did not interpret federal law, it supports the position that syndicated…

Locke Lord QuickStudy: Exemptions for your Cross-Border Deals –New SEC Guidance

By Eugene McDermott on October 22, 2018
Posted in Internal Controls, Uncategorized

On October 17, 2018, the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (the “SEC”) issued a set of interpretations1 relating to the rules that provide an exemption from the registration requirements of the Securities Act of 1933 for certain offerings of securities by foreign…

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