How Securities Test Nuances Affect State-Level Enforcement

How Securities Test Nuances Affect State-Level Enforcement

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Investigations, litigation and enforcement actions launched by state attorneys general are becoming increasingly commonplace, and present unique challenges that require a specific skillset to address.

In a Law360 expert analysis, Benjamin Neaderland, Paul Connell and Swain Wood examine the growing regulatory patchwork that financial firms must navigate given ongoing shifts in state and federal securities enforcement efforts. They compare federal securities and risk capital tests, and look at state-specific case studies applying the risk capital test to assess the potential implications.

Excerpt: “As investment firms and public issuers contemplate adjustments in their response to the evolving risk environment brought about by changes in federal securities enforcement priorities, one area of focus should be a likely expansion of state-level enforcement activity. State and territorial law enforcement agencies retain significant power under blue-sky laws to investigate and enforce securities-related issues.”

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