OCIE Releases Examination Initiatives for Registered Investment Companies; OCIE Issues Risk Alert Related to the Cash Solicitation Rule for Investment Advisers; SEC Cracks Down on Unregistered Coin Offerings

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SEC Chairman Wants More Individuals to Invest in Private Companies; SEC Awards More Than $54 Million to 2 Whistleblowers; Elad Roisman Sworn in as Newest SEC Commissioner; SEC Charges ICO Superstore and Owners with Operating as Unregistered Broker-Dealers

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SEC Amends Definition of “Smaller Reporting Company”; Commissioner Piwowar Steps Down; SEC Adopts Inline XBRL For Tagged Data; SEC Proposes Whistleblower Rule Amendments

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SEC Awards Whistleblower More Than $2.1 Million; Altaba, Formerly Known as Yahoo!, Charged with Failing to Disclose Massive Cybersecurity Breach, Agrees to Pay $35 Million; SEC Launches “SALI”—A New Investor Protection Search Tool; SEC Proposes Amendments to the “Loan Rule”

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In mergers and acquisitions, a tremendous amount of time and money are spent on due diligence. Before a buyer can close, it must find and quantify the risks associated with the target company post-closing. Does the target own its intellectual property? Is it in violation of employment laws? Will its key customer or vendor contracts be compromised as a result of the transaction? The list of concerns can be extensive

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SEC Issues Updated Cybersecurity Guidance to Public Companies; SEC Settles Four Auditing Cases with Accounting Firms; NYSE and Affiliated Exchanges Pay $14 Million Penalty for Multiple Violations of Regulation SCI

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Robert Jackson and Hester Peirce Sworn in as SEC Commissioners; SEC Issues Agenda for Inaugural Meeting of the Fixed Income Market Structure Advisory Committee; SEC Staff Provides Regulatory Guidance for Accounting Impact of the Tax Cuts and Jobs Act; SEC Proposes Amendments to the Freedom of Information Act (FOIA) Regulations

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“SEC Announces Measures to Facilitate Cross-Border Implementation of MIFID II; SEC Proposes Rules to Implement Fast Act Mandate; SEC Chairman Clayton Provides Update on Review of 2016 Cyber Intrusion Involving EDGAR System”

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OCIE Cybersecurity Observations

In August, the Securities and Exchange Commission (the “SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a risk alert summarizing observations from its Cybersecurity 2 Initiative. Pursuant to the initiative, OCIE examined 75 firms, including broker-dealers, investment advisers and investment companies registered with the SEC.

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SEC Adopts Interpretive Guidance on Pay Ratio Rule; Hedge Fund Adviser Charged for Inadequate Controls to Prevent Insider Trading; SEC Charges Former Amazon Employee with Insider Trading; Hester Peirce and Robert Jackson Nominated to Fill Open SEC Commissioner Positions

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