Discover and read the best of Twitter Threads about #securities

Most recents (22)

🧵 A landmark civil court case in Chinese A share securities fraud just had a significant verdict ($385 million). The significance is not just in dollars.

Kangmei Pharm. (600518) accounting fraud 2016-1018, officially uncovered in 2019, unofficially by social media 2018. /1
It's first time, China Securities Investor Services Center (ISC) filed as plaintiff in representative of investors.

ISC, a non-profit financial institution and is under the direct administration of the China Securities Regulatory Commission (CSRC).

isc.com.cn/html/zxjs/

/2
Notice the murky status of non-profits. Its website ends with .com.cn, which for English readers may thought as for-profit companies.

China skeptics are right to be skeptical as ISC directly administered by CSRC (China's SEC), a govt entity.

On the ground China is complex /3
Read 10 tweets
. @michael_saylor on unregistered securities:

"It is a security. You are violating securities law, the law is black and white. The only people who think it's not a security are the people who don't know the law."
"If you look at everybody in the #crypto space outside of #bitcoin I think most of them have never taken a company public, they don't have general counsels, they don't understand securities laws at it stands."
"I can't go... It would be inappropriate, unethical and illegal for me to go and give a million shares of $MSTR to a quarterback, and then have him stand up and say " $MSTR Coin is the future" on Twitter. The whole point of securities laws is I have to disclose that via an 8-K."
Read 19 tweets
It was 73 degrees and sunny in #JacksonHole, Wyoming, today; a perfect day for all those who were there….
Yet, there were no #monetary policy officials present at the traditional location of the @KansasCityFed’s late-summer #economic policy symposium, since they were conducting a “virtual symposium.”
That symposium provided #ChairPowell the opportunity to lay out a reasonably sunny perspective on the U.S. #economy, but also one that was not out of the woods yet, in terms of Covid variant risk and a maximum #employment target still to be achieved.
Read 10 tweets
There has been lots of talk about #uniswap front end interfaces blacklisting #tokens that might be #securities. This is not an attack on #DeFi or regulation of #DeFi specifically, but instead a logical example of how existing regulation applies to legally addressable entities /1
including those that facilitate the use of #decentralized systems- in this case, legally addressable interface providers. And this isn’t new. Quietly, many front end providers are also engaged in #sanctions compliance. While laws obviously apply to legally addressable actors, /2
this does not mean that regulation has applied or will be applied directly to protocol code, at least not yet. This is b/c code itself is not legally addressable. It has its own rule-set governing its environment, & law cannot change code, although law can act on people /3
Read 12 tweets
released on #github. here's the link: github.com/CommissionerPe…
3 most significant changes: mandatory semi-annual updates to the plan of development disclosure and a block explorer; exit report requirement with analysis by outside counsel explaining why the network is decentralized or functional, or an announcement that the tokens will
Read 4 tweets
Read this book at the time of #CAMS #IPO.
A brilliant read to know about the #growth trajectory of the #company & why it's only starting.

@YMehta_ @finthusiasts @nid_rockz @manurishiguptha @MadrasMobile @MarketScientist
@AnyBodyCanFly @ipo_mantra

Thread coming.👇 Image
Foreword by- Mr. Deepak Parekh, Chairman @HomeLoansByHDFC

He writes about India's #economy post #Liberalization & how #companies that have come up have one thing in common- #knowledge.

2/n
#CAMS began as a #software development & #computer education firm, moved to share registry services handling #IPO's, later became a Registrar & Transfer Agent (#RTA). It now also handles documentation requirements in #banking, #insurance & #microfinance.

3/n
Read 25 tweets
The world’s second-largest economy, #China, has recently launched an #antitrust investigation into Asia’s leading e-commerce company, #Alibaba, listed on the biggest #stock market in the world.
#eCommerce juggernaut seems to be in hot water over its affiliate company, better known as #Ant Group, as #Chinese antitrust regulators plan to review if it was in any way #monopolistic
Such a move by the #Chinese regulators is seen by some market commentators as a huge hit to #JackMa’s e-commerce and #fintech empire
Read 8 tweets
Did the Asian Financial Crisis (1997) had any influence in the 2008 crisis?
@GARP_Risk
No, Not really!

#SOX Compliance came after ENRON and WORLD COM Frauds and Financial Reporting Failures.

You cannot mix the two events.
Asian Financial Crisis came about as a result of Unsound Macroeconomic Policies, disrespect for stabilization, excessive price competition among trading nations, lack of Asset Liability Risk Management done at the Central Banks, monopolistic market structures,
Read 33 tweets
To protect the #interest of #investors & to enhance transparency @SEBI_India has revised much awaited disclosure norms pertaining to transactions in #debt & #money market #securities by #mutualfunds. @fifaindiaorg @bsindia
@OutlookMoney #SaarthiZarooriHai #PlanZarooriHai
W.e.f 1.10.2020 these disclosure details will be required in new format -

1. Name & type of security
2. Credit Ratings
3. Name of the rating agency
4. Maturity date
5. Settlement date
6. Interest accrued & yield
(2)
7. Information like rating of the security at the time of transaction, whether the security is listed, put/call option date, yield at which the security was traded, type of trade (inter scheme transfer/primary/secondary market, etc.)
(3)
Read 7 tweets
After a week that saw extraordinary policy moves from the @federalreserve in response to the #CoronaCrisis, the central bank has gone further and taken off its gloves for a bare-knuckled battle against the forces of #uncertainty and #deflation!
To support critical market functioning, the #FOMC dropped previously indicated limits and: “will purchase Treasury securities and agency [MBS] in the amounts needed to support smooth market functioning and effective transmission of monetary policy...”
Further, the #Fed has expanded the range of purchasable #securities to include agency commercial mortgaged-backed securities (#CMBS).
Read 8 tweets
The @BIS_org has dropped their 'Quarterly Review' bis.org/publ/qtrpdf/r_… for 2/3rds of it they have gone #CryptoNerd w. deep dives on #payments, #tokenization & Central Bank #DigitalCurrencies but it does hold plenty of other interesting #insights as well...some takeaways (1/11)
2/11 A look @ #PE, the state of #US public markets & murky #PrivateCredit dynamics..Co's increasingly avoiding the relative 'daylight' of public markets & #PE driving #IPOs as they take the #Exit..PE crew has been minting it in increasingly covenant lite private credit markets.. ImageImageImage
3/11 #VirusMarketWatch: Comparing front-load costs in key equity markets between Covid-19 & SARS.... Image
Read 11 tweets
During the weekend, #China put forward specific measures to further free up its financial sector. Under these measures: ✔️foreign credit rating agencies will be able to rate all bonds traded on local #securities markets;
✔️International financial institutions will be encouraged to participate more in #China’s asset management, pension management and currency brokerage sectors. Foreign #investors would be able to hold more than 25% in insurance asset management firms;
✔️The restriction of 30 years’ operating experience would be removed for foreign #insurance companies;
Read 5 tweets
Different types of private #firms have different appeals and demands, so different approaches are adopted to support them now. Local #governments, out of social #stability considerations, mainly channel their support towards large firms that are major #employment contributors.
#State-owned #asset platforms are more concerned about #profitability for fear of loss or reduction of state assets. #Securities companies which have a lot of #equity #pledge worry more about how to address #risks related to the pledges.
#Banks are more willing to support private #firms which not only run well but also have adequate #capital. These #entities all make rational choices, but in the long run, there are still rules and standards to be set. By Xiao Gang, former #CSRC Chairman.
Read 3 tweets
The Financial Stability Board (FSB) published a #Crypto-assets #regulators directory.
5 April 2019
The purpose: provide info on the relevant regulators&authorities in FSB #jurisdictions & international bodies dealing with crypto-asset issues, and the aspects they cover.
👉 fsb.org/2019/04/fsb-pu…

👉 Crypto-assets do not pose a material risk to global financial stability for now.
👉Vigilant monitoring is needed in light of the speed of market developments.
👉Broader policy issues:
1.#Consumer & #investor protection
2.Strong #market integrity #protocols
3. #AML & financing of terrorism (AML/CFT): #regulation, #supervision, implementation of international sanctions
4.#Tax evasion
5.Illegal #securities offerings #ICO
Read 6 tweets
👆#TurnKey,Inc.: #SEC turning the (same)key in the lock

Surprised that commentators think there is anything new in this decision. It is simply a different type of argumentation. It is for the first time a #negative #definition of #ICO #regulation by #securities#laws. Thread👇
👉1. In Munchee Inc., SEC claims (sec.gov/litigation/adm…):
⛔️Munchee has no viable product
⛔️tokens sold are not usable, but will possibly be in the future
⛔️ICO will fund the development of the project
⛔️MUN price will vary AND reasonable expectation of future profits
⛔️#profits (or losses) depend solely on efforts of #Munchee #managers
⛔️#marketing MUN token in the manner to induces the purchasers to believe there is a profit expected solely for buying MUN and reselling it later.
⚠️a positive definition -> this IS a security
Read 10 tweets
1/ Thanks for a fun discussion w/ @WallStreetBTC, @ronqman--many great ?s abt what #Wyoming's #blockchain laws mean. 3 big things for attys to dig into: (1) law of possessory security interests--lots of precedent--means #WY law may apply to #crypto lending/prime brokerage tx even
2/ if you structured it not to, (2) direct ownership + bailment = v investor-friendly #custody regime--doesn't exist in #securities custody today. Many ppl who want custodians to be just service providers, not counterparties, will love having this option (esp HNW & fiduciary
3/ investors, such as mutual & pension funds, etc) & (3) #Wyoming's long history of favorable tax & privacy laws (+culture of defending these)=powerful combination. I forgot to mention WY has 25 Opportunity Zones: wyomingbusiness.org/news/wyoming-n…. We'll host event in WY in May-deets soon!
Read 4 tweets
1/ HEY CRYPTO LAWYERS--@AndreaTinianow analyzes #Wyoming's commercial law for #blockchain assets & wrote a definitive guide to it for blockchain lawyers. She also compares it to @uniformlaws proposed Supplemental Act & favors WY's approach. @ForbesCrypto forbes.com/sites/andreati…
2/ Best quote: "As the founding director of the #Delaware Blockchain Initiative, I cannot stay silent about a law (the @uniformlaws Supplemental Act) that would extinguish the power of #blockchain technology to clean up problems in capital markets." So much here--will post more
3/ .@AndreaTinianow explains how #Wyoming confers "super-negotiability" to digital assets. She calls super-negotiability the "holy-grail" of commercial law (called the #UCC). I'd worked w/ Andrea before but hadn't realized she's a UCC expert from her prior work in #Delaware--wish
Read 13 tweets
1/ ANYONE CURIOUS how US laws enable the #securities industry to create phantom securities, eg Dole Food case (36.7m shares outstanding but brokerage statements showed 49.2m valid owners)? The Uniform Commercial Code’s Article 8 indirect ownership regime, enacted in 1994 in all..
2/ ...50 states, enabled this. And now the Uniform Law Commission wants to apply this to #bitcoin & #virtualcurrencies—UGH!!! It’s a recipe for insolvent financial institutions & consumers losing money! The pics in this thread speak volumes abt the loopholes in UCC Art 8 that...
3/ ...enable creation of phantom securities. This is just WRONG! It changed what used to be a clear, direct property right for securities into an “attenuated property right which looks much more like a contract right against the [leveraged securities] intermediary.” This comes...
Read 8 tweets
1/ IMPORTANT-I'd stayed quiet abt this until now. The below letter was just publicly released by the #Wyoming #Blockchain Task Force. It responds to 2 letters the Uniform Law Commission sent to WY “strongly urging” it to withdraw its v impt... #blockchain wyoleg.gov/InterimCommitt…
2/ bill, SF125, which is now law. I’m bringing attention to WY's response bc it addresses a debate that should be in the open, plus it should make clear #Wyoming is seriously willing to go to bat to attract #blockchain tech to the state AND defend a strong & basic principle—that
3/ laws should recognize property rights for INDIVIDUALS who own financial assets. We shouldn’t have to own them thru an intermediary in order to gain the best legal protections. The Task Force letter responded to letters dated Jan 29 & Feb 6 sent by the Uniform Law Commission to
Read 24 tweets
1/ BOOM! #Wyoming just recognized clear, direct property rights for #digitalassets by passing SF125! This means #blockchain cos will prob want to apply WY law to your contracts, domicile here, &/or have a physical presence here. Thx again to the army of ppl who helped over months
2/ As @TraceMayer says, v impt for broad adoption of #crypto that it be “backwards-compatible w/ law.” SF125 enables that. Bill was amended w/ improvements & latest is here: wyoleg.gov/Legislation/20…. Goes to @GordonGovernor for signature & could officially become law next week
3/ I'll publish analysis after it officially becomes law, but here's the key: #Wyoming law recognizes property rights in the DIRECT ownership of #digitalassets. Property law in US is determined by states, not the feds. WY not only did it first but did it right!! This applies to
Read 11 tweets
here's the full text of the #Token Taxonomy Act, which would exclude #crypto tokens from the #SEC definition of #Securities: scribd.com/document/39609…
looks like it would attempt to qualify trades of crypto for 1031 like-kind exchange:
$600 de minimis gain carve out, collapsing multi-step trades into one, no gains for crypto to crypto trading
Read 11 tweets
The vast majority of the backup in rates this year has been driven not by higher #inflation expectations, but by higher real #yields. Image
Given the remarkable rise in risk-free real yields, it’s not surprising that this year’s asset class flows show capital being #reallocated out of riskier #securities and into risk-free securities. Image
All told, this confluence of forces is rendering 2018 one of the more challenging years to #invest in recent memory, at least from the perspective of global dollar-denominated #investors. Image
Read 3 tweets

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