Securities and Exchange Commission

Lawmakers Press SEC for Cybersecurity Overhaul Following X Account Hack

January 13, 2024 by Hamza Ali

Lawmakers demand SEC cybersecurity review post X-account hack. Unauthorized Bitcoin ETF post raises security concerns. Lawmakers stress immediate adoption of two-factor authentication by SEC. U.S. lawmakers are urging the Securities and Exchange Commission (SEC) to undergo a comprehensive review of its cybersecurity preparedness after the agency’s X account, formerly known as Twitter, fell victim to … Read more

US SEC grants whistleblowers more than $28 million

January 25, 2023 by Muzzammil Mehboob

The US SEC announced that it had given joint tipsters who provided “important information”. Anonymous whistleblowers’ information led to the launch of an SEC inquiry. The SEC’s whistleblower programme is largely regarded as a huge success. The US Securities and Exchange Commission (SEC) announced on Tuesday that it had given joint tipsters who provided “important information” … Read more

Elon Musk’s trial started which cost him over 20 million dollar after Tesla tweet

January 18, 2023 by Sana Fatima

Elon Musk’s alleged threat to take Tesla private through a $72 billion takeover will be the subject of a trial. He claimed to have “financing secured” to take the automaker private in a tweet in 2018. In response to the tweet, the SEC also fired Mr. Musk as chairman of Tesla. Elon Musk’s alleged threat … Read more

Singapore’s cryptocurrency goals are impacted by the FTX collapse

December 19, 2022December 19, 2022 by Omer Khan

Initially perceived that Singapore would lead in bitcoin hub. The government had expressed interest in utilising blockchain technology. Cryptocurrency traders might suffer loss. There was a period when it appeared like Singapore might emerge as a leading bitcoin hub. Early on, the government had expressed interest in utilising blockchain technology. This, together with the city … Read more

Elon Musk sells $3.85 billion in Tesla stock: US SEC filing Show

December 15, 2022 by Ali faizan rizvi

Elon Musk sells $3.85 billion in Tesla stock (approximately Rs. 29,625 crore) in Tesla stock this week, but it remained unclear how the money was spent.

According to a filing issued Wednesday night by the US Securities and Exchange Commission, Tesla CEO Elon Musk, who is also the new owner of Twitter, sold the shares between Monday to Wednesday.

Since April, Musk has sold about $23 billion (roughly Rs. 1,90,600 crore) in Tesla stock, with a large portion of the proceeds presumably going to support his $44 billion (roughly Rs. 3,49,060 crore) acquisition of Twitter.

The deal comes as shares of the electric vehicle and solar panel manufacturer have plummeted, dropping more than half their value since Musk revealed in April that he was purchasing Twitter stock.

According to Forbes, Musk’s net worth has dropped to $174 billion (about Rs. 1,44,000 crore) as a result of the drop in his stock price. Bernard Arnault, the French fashion and cosmetics magnate, surpassed him last week.

The takeover of Twitter has not gone well, and some major corporations have suspended their advertising on social media platforms. Musk stated that the loss of advertisers resulted in “a massive drop in revenue” for Twitter.

Tesla stock has recently suffered as Musk has spent much of his time operating Twitter, creating concerns that he has been distracted from the vehicle industry.

According to the report, Musk is now viewed as a villain by Tesla investors. He claims Tesla’s fundamentals are still strong, but his behaviour on Twitter is harming the company’s brand. “The Twitter overhang is a disaster that is only Musk’s fault,” Ives stated in an email.

Tesla was contacted Wednesday night for comment on the stock sale.

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Understanding Apple’s short and long-term strategy

May 19, 2022 by Kumail Shah

According to a Securities and Exchange Commission (SEC) filing dated May 16, Michael Burry is shorting Apple using a 206,000-share put option. Burry is famous for foreseeing the housing bubble in the mid-2000s and the subsequent domino market meltdown. He also spearheaded the attack against Elon Musk’s Tesla, as well as bitcoin, dogecoin, and Robinhood, … Read more

US indicts Archegos founder Hwang for fraud, market manipulation

April 27, 2022 by Ali faizan rizvi

US authorities on Wednesday filed federal costs of securities fraud and marketplace manipulation against Bill Hwang, founder of Archegos, the funding fund that imploded last 12 months and caused billions of greenbacks in losses to fundamental banks. The own family-owned hedge fund run by means of Hwang had taken large bets on a few stocks with cash … Read more

Elon Musk exploring Twitter offer, $46.5 billion in financing in takeover offer

April 22, 2022 by Ali faizan rizvi

Elon Musk poked Twitter on Thursday as he awaits a reliable choice on whether or not the organization will take delivery of or reject his takeover provide. Now he’s exploring whether or not to begin a tender offer to acquire all outstanding stocks of Twitter’s common inventory, bringing up the board’s loss of response to … Read more

Binance XRP docs have been given to Ripple’s CEO

August 5, 2021August 4, 2021 by Syed Ahad

Binance has allowed Ripple CEO Brad Garlinghouse to request data on XRP transactions.

Access to Binance papers of XRP transactions has been granted to Ripple’s CEO.

Brad Garlinghouse’s application to collect records from Binance was approved by Sarah Netburn, the presiding judge in Ripple’s continuing case with the Securities and Exchange Commission.

The Securities and Exchange Commission has filed a complaint against Garlinghouse for allegedly violating the Securities Act of 1933.

Last Monday, Garlinghouse’s legal team filed a motion with Binance, the largest cryptocurrency exchange by trading volume, asking for details on XRP sales.

Ripple filed the move as part of its international discovery procedure, which collects data on every XRP sale conducted on the exchange.

The motion was just approved, which comes as no surprise given the SEC’s lack of objections. The permission is seen as a minor victory for Ripple in the court fight.

On behalf of Garlinghouse, the court will send a Letter of Request to the Cayman Islands-based exchange. Binance will give papers that can be used as evidence in the case if it heeds the request.

The SEC claimed in a lawsuit filed in December 2020 that Ripple and its officers, CEO Brad Garlinghouse and executive chairman Chris Larsen, gained $1.3 billion in unregistered security sales over an eight-year period.

Ripple’s legal team has denied the accusation. They also recently invoked the “Lack of Clarity” Defense, claiming that the Securities and Exchange Commission (SEC) did not make its securities regulations more clear. They’ve devised a new defense strategy.

By displaying XRP sales that took place outside of the United States, the Ripple team hopes to demonstrate that the SEC may not have power over such transactions.

Binance is a key source of XRP sales statistics in this regard. Bitfinex, Bithumb, Bitstamp, HitBTC, Huobi Global, and OKEx were previously authorized to collect similar information from other exchanges where XRP sales were performed.

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SEC is taking action against crypto-project promoters

July 15, 2021 by Syed Ahad

Individuals linked with digital currency ventures from the crypto-mania era are still being prosecuted by the SEC.

The SEC (Securities and Exchange Commission) announced today that they have reached an agreement with Coinschedule.com, a website that provided information and trust scores for initial coin offerings (ICOs), in their case charging Coinschedule’s successor company, United Kingdom-based Blotics Ltd., with violating anti-touting provisions.

Coinschedule was a website that listed information about coins and tokens, provided direct links to the project’s websites and the location where token offerings were held and created credibility and operational risk evaluations for each coin and token they listed.

It was active from 2016 to August 2019. Those measurements, according to Coinschedule, were produced using a proprietary algorithm however, the truth is that digital currency projects paid Coinschedule to cover their coin or token.

Individuals who promote securities must declare the kind, nature, and amount of compensation received in exchange for the promotion, which Coinschedule failed to do, according to the anti-touting provisions of federal securities laws.

“As the SEC’s order finds, Coinschedule presented potential investors with seemingly independent profiles about token offerings when in fact they were bought and paid for by token issuers,” said Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit. “The securities law prohibiting touting securities for compensation without appropriate disclosures to investors is clear and longstanding.”

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SECP introduces new public-private partnership model

October 20, 2021June 8, 2021 by Web Desk

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has introduced a new public-private partnership (PPP) model under the Real Estate Investment Trusts (REITs), besides completely revamping the regulatory framework for the same, a statement issued by the commission said on Tuesday.

The amendments have shifted the regulatory structure from approval-based to disclosure-based issuance, reducing entry barriers for new REITs, making them competitive with the unorganized sector-led real estate projects, cutting down regulatory approvals, and attracting domestic and foreign investment into the formal real estate sector of the country.

The regulations have been finalized after extensive consultations with all the stakeholders, with a view to bringing in amendments in conformity with the domestic market conditions and in sync with globally recognized norms, it said.

The revised framework has made clear segregation between conventional and infrastructure categories, i.e., non-PPP REITs (for conventional projects) and PPP REITs (for PPP infrastructure projects).

REIT Management Companies (RMCs) may pursue developmental, rental, or hybrid options under both these classifications.

Moreover, a number of regulatory approvals and document submission requirements have been rationalized. A REIT Scheme can invest in real estate, either directly, or through the acquisition of the shareholding of the company (the SPV model) that owns the real estate.

In the SPV model, the earlier condition of transferring the title of real estate in the name of the REIT Scheme is eliminated. To speed up and simplify the process, approval of real estate is no longer required from the SECP, as the onus of evaluating the quality of real estate is placed on the RMC and the trustee.

Limits on leverage and performance fees have also been uncapped and permission has been granted to allow the use of customer advances allowed for the project-related expenses.

Also, holdings in the REIT Scheme by strategic investors and RMC have been rationalized by linking the same to initial fund size.

Further, the existing non-PPP REIT schemes are allowed to acquire additional real estate in the existing REIT schemes with the approval of the unitholders, the statement said.

The PPP REITs are allowed to partner with the government for PPP infrastructure projects. It is ensured that the REIT regulations would not create any interference with the terms of the concession agreement, the main document governing PPP infrastructure projects.

The PPP model of infrastructure REITs provides a viable solution to streamline investments for the country’s ever-growing infrastructure needs, the commission added.

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