Medallion Guarantees
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Medallion Guarantees- A medallion guarantee is a special signature guarantee used for the transfer of securities. Although from a logistical standpoint, a medallion guarantee is similar to a notary, in that a person checks the signatory’s identification and puts a stamp on their signature, it has far different implications...
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Here is a link to the video: http://www.youtube.com/watch?v=miaqaAe83h4
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Financial services refer to services provided by the finance industry, such as banks, credit card companies, insurance companies, brokerages, and investment funds. There are two main types of financial services - fund or asset-based services, and fee-based services. Fund-based services involve raising funds through deposits, debt, or equity and investing those funds by lending or purchasing securities. These include services like leasing, housing finance, credit cards, venture capital, factoring, forfeiting, and bill discounting. Fee-based services involve earning income through fees, commissions, or brokerage on services like issue management, advisory, credit ratings, mutual funds, securitization, and stock broking.
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- The process involves an originator transferring assets to a special purpose vehicle (SPV) that issues securities to investors. Cash flows from the underlying assets are used to make payments to investors.
- Credit ratings and other credit enhancements make the securities more attractive to investors. Securitization provides benefits like capital relief and cheaper funding to originators.
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The document discusses securitization, which involves converting illiquid loans and receivables into marketable securities. Securitization originated in Denmark by selling bonds backed by equal amounts of loans. It later evolved in the US through innovations like slicing loan portfolios into tradable securities. A key part of securitization is the use of a special purpose vehicle (SPV) that purchases the loans, issues securities to investors, and uses the loan payments to repay investors. This separates the loans from the originator, protecting investors. Securitization provides originators with liquidity and long-term funding while transferring risk off their balance sheets.
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Comprehensive Reporting
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This report is different because it includes a section that discusses the contemplated profit that was to be made by the participants from securitizing a loan. The figures used in the computations are gathered from actual documents. It also states how soon the lender recovered the full amount it originally lent to the borrower instead of the 30 years it usually takes for the loan to be fully paid from the agreed monthly amortizations.
The Comprehensive Audit Report was conceptualized to be what a real audit should be – independent and unbiased, with the auditor or examiner free of any interest in its outcome. It neither attempts to sensationalize its findings nor ignore the present economic ramifications of the crash of the housing market that securitization helped to unfold.
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2) It defines different types of digital assets and explains that digital asset custodians play an important role similar to traditional financial custodians by securely storing customers' private keys and facilitating transactions.
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Applying the Howey Test to the DAO Tokens, the SEC notes that “money” need not include cash, but rather can be anything of value. A contribution of ETH is an investment of “money” as considered by the Howey Test. Investors in the DAO were investing in a common enterprise with the expectation of profits, including dividends and increased value. The SEC also found that the profits were to be derived from the efforts of others, including Slock.it, its founders and the DAO curators...
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Collateral mgt
Collateral has been used for hundreds of years to provide security against payment default. Collateral management began in the 1980s with banks taking collateral against credit exposure, though there were no legal standards. Collateralization of derivatives became widespread in the early 1990s and standardization began in 1994. Collateral management has evolved rapidly with new technologies, competitive pressures, and heightened counterparty risk from derivatives and securitization. As a result, collateral management is now a complex process involving multiple parties.
Securitisation
Securitization is the process conversion of receivables and cash flow generated from a collection or pool of financial assets like mortgage loans, auto loans, credit card receivables etc into the marketable securities.
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The document then discusses various types of financial services such as banking services, investment services, insurance, and examples of each. It also covers the importance of financial services for economic growth, promotion of savings and investments, and risk minimization. Finally, it distinguishes between fund-based financial services that involve raising and investing funds, and fee-based services involving specialized activities like stock broking, credit ratings, and asset securitization.
Financial services ppt 1
The document discusses various types of financial services. It begins by defining financial services as services provided by the finance industry, including banks, credit card companies, insurance companies, brokerages, and government enterprises. It then describes several types of fundamental financial services like leasing, underwriting, consumer credit, hire purchase, factoring, forfaiting, bill discounting, housing finance, and venture capital financing. The document also distinguishes between fund-based services, which involve raising and investing funds, and fee-based services, which generate income through fees from services like issue management, advisory, credit ratings, mutual funds, and stock broking. It provides details on selected services like stock broking, credit ratings, and CR
financialservices-130430050753-phpapp02.pdf
Financial services refer to services provided by the finance industry, such as banks, credit card companies, insurance companies, brokerages, and investment funds. There are two main types of financial services - fund or asset-based services, and fee-based services. Fund-based services involve raising funds through deposits, debt, or equity and investing those funds by lending or purchasing securities. These include services like leasing, housing finance, credit cards, venture capital, factoring, forfeiting, and bill discounting. Fee-based services involve earning income through fees, commissions, or brokerage on services like issue management, advisory, credit ratings, mutual funds, securitization, and stock broking.
Financial services
Financial services refer to services provided by the finance industry, such as banks, credit card companies, insurance companies, brokerages, and investment funds. There are two main types of financial services - fund or asset-based services, and fee-based services. Fund-based services involve raising funds through deposits, debt, or equity and investing those funds by lending or purchasing securities. These include services like leasing, housing finance, credit cards, venture capital, factoring, forfeiting, and bill discounting. Fee-based services involve earning income through fees, commissions, or brokerage on services like issue management, advisory, credit ratings, mutual funds, securitization, and stock broking.
Financial services
Financial services refer to services provided by the finance industry, such as banking, insurance, investment funds, and more. There are two main types of financial services - fund or asset based services, which involve raising and investing funds, and fee based services, where companies earn income through fees. Fund based services include leasing, housing finance, credit cards, venture capital, factoring, forfeiting, and bill discounting. Fee based services involve activities like issue management, corporate advisory, credit ratings, mutual funds, and stock broking.
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Securitization.ppt
This document provides an overview of securitization, including:
- Securitization involves pooling and repackaging illiquid financial assets like loans into marketable securities that can be sold to investors. This provides liquidity to originators and spreads risk.
- The process involves an originator transferring assets to a special purpose vehicle (SPV) that issues securities to investors. Cash flows from the underlying assets are used to make payments to investors.
- Credit ratings and other credit enhancements make the securities more attractive to investors. Securitization provides benefits like capital relief and cheaper funding to originators.
Securitization
The document discusses securitization, which involves converting illiquid loans and receivables into marketable securities. Securitization originated in Denmark by selling bonds backed by equal amounts of loans. It later evolved in the US through innovations like slicing loan portfolios into tradable securities. A key part of securitization is the use of a special purpose vehicle (SPV) that purchases the loans, issues securities to investors, and uses the loan payments to repay investors. This separates the loans from the originator, protecting investors. Securitization provides originators with liquidity and long-term funding while transferring risk off their balance sheets.
Comprehensive Reporting
Comprehensive Reporting
The Comprehensive Securitization Audit Report was created in order to serve the various purposes of securitization audit – from seeking the most favorable terms in a loan modification to supporting legal action to delay or defend against foreclosure or to seek relief from unfair or unlawful practices by lenders, servicers, and related institutions.
This report is different because it includes a section that discusses the contemplated profit that was to be made by the participants from securitizing a loan. The figures used in the computations are gathered from actual documents. It also states how soon the lender recovered the full amount it originally lent to the borrower instead of the 30 years it usually takes for the loan to be fully paid from the agreed monthly amortizations.
The Comprehensive Audit Report was conceptualized to be what a real audit should be – independent and unbiased, with the auditor or examiner free of any interest in its outcome. It neither attempts to sensationalize its findings nor ignore the present economic ramifications of the crash of the housing market that securitization helped to unfold.
Title Insurance Joint Ventures.pptx
Title Insurance Joint Ventures is an agreement between two or more companies to collaborate and pool resources in order to build a project. When a joint venture is part of a chain of titles or will be the subject of title insurance, it is important to find out what its legal status is and whether it has the right to buy, hold, encumber, and sell real estate.
The benefits of engaging an insurance broker
(http://optimuminsurance.com.au/Blog/tabid/158/ArticleID/6/The-benefits-of-engaging-an-insurance-broker.aspx) - We ask you to consider the following which should help you make a better informed decision:
SuretyBonds Brochure
This document discusses a specialist brokerage service that assists brokers and clients in obtaining surety bonds. It provides access to a large selection of surety providers to help match clients' needs. The brokerage simplifies the complex process of placing bonds and has expertise in targeting interested underwriters to obtain competitive terms quickly. It prides itself on building long-term relationships with clients and brokers through independent and honest advice.
Securitisation in india
Securitization involves pooling financial assets like loans and converting them into marketable securities. This allows the originator to access funding and improve liquidity. In India, securitization grew out of similar developments in the US housing market in the 1970s. It involves an originator transferring assets to a special purpose vehicle which then issues bonds backed by the assets' cash flows. This benefits originators through lower funding costs, improved liquidity and balance sheet management.
PRESENTATION - CLIENT1
This document provides an overview of a company that specializes in trade finance and investment finance. It outlines the company's introduction, importance of trade finance, offices locations, network of agents, ideal clients, competitive advantages, services, and process. The company works to expand trade finance services globally and provides financing options like letters of credit, guarantees, and bonds to importers and exporters.
Finalcial services and Types
Describes various financial services from fund based services to crisil rates with a brief explanation on each services available.
Insurance anti money laundering
The document outlines guidelines for anti-money laundering programs for insurers in India. It defines money laundering and its three stages: placement, layering, and integration. It discusses Know Your Customer (KYC) policies, including documentation requirements. It also covers risk profiling customers, suspicious transactions, reporting requirements, and penalties for money laundering. The overall summary is that the document provides an overview of India's regulations for insurers to establish anti-money laundering programs and procedures to combat financial crimes.
Delloite custodian whitepaper
1) The document discusses custody for digital assets, which is seen as critical for the widespread adoption of digital currencies and assets valued at over $239 billion globally.
2) It defines different types of digital assets and explains that digital asset custodians play an important role similar to traditional financial custodians by securely storing customers' private keys and facilitating transactions.
3) There is currently uncertainty around regulations for digital asset custodians as the market is still emerging, with different structures and approaches being used. Common standards and regulatory frameworks need further development to provide clarity.
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DAO Tokens, Section 5 Obligations and Regulation ATS
DAO Tokens, Section 5 Obligations and Regulation ATS- On July 25, 2017, the SEC issued its Report on an investigation into an ICO and related activities by the DAO, an unincorporated entity, Slock.it UG (“Slock.it”), a German corporation, and various principals and participants. Previously in this Lawcast series I went through the parameters of the Howey Test to determine if a particular investment contract is a “security” under the federal securities laws and applied the analysis to the DAO and its ICO offering. Upon concluding that the DAO Tokens were securities, the SEC also concluded that the DAO needed to register their issuance, or satisfy a registration exemption, regardless of whether the DAO was incorporated or an unincorporated organization. Issuers, like securities, are broadly defined to include any sponsor or organization that is primarily responsible for the success or failure of the venture. Participants in an offering are also subject to Section 5 obligations and liability. Accordingly, this included the Slock.it founders and principals...
Applying the Howey Test to the DAO Tokens
Applying the Howey Test to the DAO Tokens- On July 25, 2017, the SEC issued its Report on an investigation into an ICO and related activities by the DAO, an unincorporated entity, Slock.it UG (“Slock.it”), a German corporation, and various principals and participants. Previously in this Lawcast series I went through the parameters of the Howey Test to determine if a particular investment contract is a “security” under the federal securities laws. I also have detailed the relevant facts related to the DAO and its ICO offering.
Applying the Howey Test to the DAO Tokens, the SEC notes that “money” need not include cash, but rather can be anything of value. A contribution of ETH is an investment of “money” as considered by the Howey Test. Investors in the DAO were investing in a common enterprise with the expectation of profits, including dividends and increased value. The SEC also found that the profits were to be derived from the efforts of others, including Slock.it, its founders and the DAO curators...
Facts on the DAO Token ICO
Facts on the DAO Token ICO- On July 25, 2017, the SEC issued its Report on an investigation into an ICO and related activities by the DAO, an unincorporated entity, Slock.it UG, a German corporation, and various principals and participants. Today I am going through the relevant facts related to the DAO and its ICO
In a one-month period from April 30, through May 28, 2016, the DAO offered and sold 1.15 billion DAO Tokens in exchange for 12 million Ether (“ETH”) valued at approximately $150 million USD. ETH is a virtual currency. The Financial Action Task Force defines a “virtual currency” as:
a digital representation of value that can be digitally traded and functions as: (1) a medium of exchange; and/or (2) a unit of account; and/or (3) a store of value, but does not have legal tender status (i.e., when tendered to a creditor, is a valid and legal offer of payment) in any jurisdiction. It is not issued or guaranteed by any jurisdiction, and fulfils the above functions only by agreement within the community of users of the virtual currency. Virtual currency is distinguished from fiat currency (a.k.a. “real currency,” “real money,” or “national currency”), which is the coin and paper money of a country that is designated as its legal tender; circulates; and is customarily used and accepted as a medium of exchange in the issuing country. It is distinct from e-money, which is a digital representation of fiat currency used to electronically transfer value denominated in fiat currency...
Distributed Ledger Technology for the Securities Industry
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Related to Anti-Money Laundering and Customer Identification Programs - DLT allows for global and anonymous participation, and accordingly practices and regulations will need to address anti-money laundering (AML) and customer identification obligations (CIP). The Bank Secrecy Act of 1970 requires controls and procedures to detect and prevent money laundering. FINRA Rule 3310 addresses AML obligations.
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It is likely that DLT technology will surpass regulatory changes in the AML/CIP/KYC sectors. The FINRA report notes that the current rules allow a firm to outsource functions to third parties, but not overall responsibility. Accordingly, a firm could utilize DLT technology for these functions now if they can fashion internal controls and procedures that comply with the ultimate rule responsibilities....
Blockchain Applications to Broker Dealers
Blockchain Applications to Broker Dealers- In addition to general information, during this LawCast series I have been summarizing a report issued by FINRA in January, 2017 discussing the implications of DLT for the securities industry, including FINRA member broker dealer firms. In the report, FINRA specifically discussed some major areas of consideration. In these last two LawCasts in this series, I am going through each of those topics as summarized in the FINRA report.
Related to Customer Funds and Securities - DLT will create new ways to hold customer funds and securities and thus custodial changes. Broker-dealers that hold funds and securities must generally comply with Exchange Act Rule 15c3-3, which generally requires the broker to maintain physical possession or control over the customer’s fully paid and excess margin securities. Where funds and securities are purely digital, such as cryptosecurities, consideration will need to be made over how they are accounted for and who has the obligation. In addition, certain activities and access levels could amount to “receiving, delivering, holding or controlling customer assets” such as having access to a private key code for a customer.
Also potentially implicated in this area are Exchange Act Rule 15c3-1 related to net capital requirements, FINRA Rule 4160 on verification of assets and Exchange Act Rule 17a-13 related to quarterly security accounts.
Blockchain Technology Explained
Blockchain Technology Explained- In addition to the centralization of data, DLT can be used to process transactions by using overlaid software. For example, “smart contracts” can be created that would automatically execute agreed-upon terms in a contract based on certain triggering events. Smart contracts can be used for escrow arrangements, collateral management and corporate actions such as dividends and splits...
Introduction to Distributed Ledger Technology or Blockchain
Introduction to Distributed Ledger Technology or Blockchain: On July 13, 2017, FINRA held a Blockchain Symposium to assess the use of distributed ledger technology (DLT) in the financial industry, including the maintenance of shareholder and corporate records. DLT is commonly referred to as blockchain. The symposium included participation by the Office of the Comptroller of Currency, the US Commodity Futures Trading Commission (CFTC), the Federal Reserve Board and the SEC...
Confidential Registration Statements
Confidential Registration Statements; IPO, Secondary, or Follow-on Offerings- The SEC recently expanded the ability to file confidential registration statements for all companies completing an initial public offering, secondary or follow-on offering made within the first year after a company becomes publicly reporting and for Section 12(b) Exchange Act registration statements. The ability to file confidential registration statements has previously been limited to emerging growth companies, or EGC’s and companies filing initial offering circular’s for first time Regulation A+ offerings...
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OTC PINK Quotation Levels and Marketplace- Today is the continuation in a LawCast series talking about the OTC Pink marketplace and quotation criteria. The OTC Pink, which includes the highest-risk, highly speculative securities, is further divided into three tiers: Current Information, Limited Information and No Information, based on the level of disclosure and public information made available by the company either through the SEC or posted on OTC Markets. There are no qualitative standards beyond disclosure for OTC Pink companies, which include companies in all stages of development as well as shell and blank check entities…
OTC Pink Listing Requirements
The OTC Pink marketplace is divided into three tiers - Current Information, Limited Information, and No Information - based on the level of disclosure and public information provided by the company. There are no qualitative standards for OTC Pink companies beyond disclosure requirements. To maintain Current Information status, companies must provide annual and quarterly financial statements and reports through SEC filings or by posting them on the OTC Markets website. They must also pay annual and set-up fees to subscribe to the OTC Markets disclosure service. The next tier, Limited Information, has less stringent disclosure requirements and will be covered in an upcoming discussion.
FINRA and SIE Examinations
FINRA filed a proposed rule change with the SEC on March 8, 2017 to restructure the entry-level qualification examination for registered representatives and eliminate certain examination categories. The new rules would introduce the Securities Industry Essentials (SIE) exam. The rules also propose extending the period before a license lapses if unemployed from a FINRA member firm from two to seven years, allowing individuals to maintain licensing while working for a non-FINRA member financial affiliate. Finally, the rules aim to consolidate the examination structure from 16 exams with overlapping content to simplify the process and reduce costs.
NASDAQ Capital Markets Director Independence Standards
NASDAQ has standards requiring that a majority of a company's board of directors be independent. To qualify as independent, a director cannot be an executive officer or employee of the company or have a relationship that could interfere with their independent judgment. NASDAQ provides a list of people who would not qualify as independent, including anyone employed by the company in the last 3 years, who received over $100,000 in compensation from the company in the last 3 years (excluding board compensation), who has a family member employed as an executive officer, or who is a partner or executive officer of an entity receiving over $200,000 or 5% of the company's revenues.
NYSE MKT; Director Independence
This document discusses the NYSE MKT listing requirements regarding director independence. It notes that under NYSE MKT rules, a majority of the board of directors must be independent, as well as all audit and compensation committee members. Moreover, these committee members are subject to additional independence standards. The document then outlines situations that would violate independence, such as a director being employed by the company in the last three years, accepting over $120,000 in compensation from the company in the last three years, having a family member who worked as an executive for the company in the last three years, or having certain business relationships with the company that exceed thresholds.
Foreign Private Issuers and ADRs
This document discusses the deregistration rules for foreign private issuers from SEC reporting requirements. A foreign private issuer may deregister if its average daily trading volume in the US is less than 5% of worldwide trading volume or it has fewer than 300 shareholders worldwide. It must also have reported in the US for at least a year, not registered securities for sale in the last 12 months, and maintained a foreign listing for 12 months. The document also mentions that American Depository Receipts (ADRs) represent ownership of foreign company shares that trade in US dollars on US exchanges. ADRs must comply with SEC reporting or an exemption and are registered on Form F-6.
M&A Broker Exemption
M&A Broker Exemption- Following the SEC’s lead, effective July 1, 2016, Florida passed a statutory exemption from the broker-dealer registration requirements for entities effecting securities transactions in connection with the sale of equity control of private operating businesses (“M&A Broker”)...
Form 1-A and Regulation A
Form 1-A and Regulation A- Form 1-A consists of three parts: Part I – Notification, Part II – Offering Circular, and Part III – Exhibits. Part I calls for certain basic information about the company and the offering, and is primarily designed to confirm and determine eligibility for the use of a Regulation A offering in general. Part I also includes disclosure related to the application of the bad actor disqualification; jurisdictions in which securities are to be offered; and unregistered securities issued or sold within the prior one year...
Form 8-K
Form 8-K- Today is the first in a LawCast series talking about Form 8-K. On September 26, 2016, and again on the 27th, the SEC brought enforcement actions against issuers for the failure to file 8-K’s associated with corporate finance transactions and in particular PIPE transactions involving the issuance of convertible debt, preferred equity, warrants and similar instruments. Prior to the release of these two actions, I have been hearing rumors in the industry that the SEC has issued “hundreds” of subpoenas to issuers related to PIPE transactions and in particular to determine 8-K filing deficiencies, Although hundreds is likely an exaggeration, the SEC is certainly focusing on this space.
Back in August 2014, the SEC did a similar sweep related to 8-K filing failures associated with 3(a)(10) transactions. The 8-K filing deficiency actions were a precursor to a larger SEC investigation on 3(a)(10) transactions themselves which culminated in two well-known enforcement actions against active 3(a)(10) participants (the Ironridge companies and IBC Funds) and resulted in a chill on the 3(a)(10) activity in the industry as a whole. 3(a)(10) actions continue today but the volume of transactions has dramatically reduced and the attention to due diligence, detail and reporting requirements has likewise increased...
Regulation A
Regulation A- On November 17, 2016, the SEC Division of Corporation Finance issued three new Compliance and Disclosure Interpretations (C&DI) to provide guidance related to Regulation A. Since the new Regulation A came into effect on June 19, 2015, its use has continued to steadily increase. In my practice alone I am noticing a large uptick in broker-dealer-placed Regulation A offerings, and recently, institutional investor interest...
NYSE MKT Listing Requirements
The document discusses the listing requirements for the NYSE MKT stock exchange. It provides background on the history and evolution of the NYSE MKT from the American Stock Exchange to its current name. It explains that the NYSE MKT focuses on small and micro-cap companies and uses a Designated Market Maker model to match buyers and sellers, whereas NASDAQ relies on multiple competing market makers and a purely electronic system. Listing companies must comply with the unique rules and regulations of the exchange on which they list.
Legal & Compliance, LLC- Whitepaper- The SEC Has Carved Out An Exemption To T...
The document summarizes new Florida legislation that provides an exemption from broker-dealer registration requirements for mergers and acquisitions (M&A) brokers. Specifically, it outlines:
1) Florida has passed a statutory exemption similar to the SEC's M&A broker exemption, allowing unregistered brokers to facilitate private company M&A deals without registration.
2) The exemption defines an eligible privately held company and places some restrictions on M&A brokers, but appears to allow brokers to complete reverse or forward mergers involving alternative reporting OTCQX companies.
3) Both the Florida and SEC exemptions focus on transferring ownership of a privately held company, without restrictions on the buyer, indicating deals with public company buyers
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