SEC and FINRA Issue Joint Statement on Custody Issues of Digital Assets

The U.S. Securities and Exchange Commission ("SEC" or "Commission") the Financial Industry Regulatory Authority ("FINRA") released a joint statement on July 8, 2019 clarifying issues related to broker-dealer custody of digital asset securities. The statement focuses on FINRA and the SEC's approach to broker-dealer regulation and investor protection, including assets deemed to be securities under the 1970 Securities Investor Protection Act and factors related to approving a broker-dealer application of crypto-related companies. The same fundamental elements of the broker-dealer financial responsibility rules apply whether a security is paper or digital.

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Sadis & Goldberg Formalizes Practice Group for Clients Navigating the Cannabis Industry

Over the last thirty-six months, Sadis & Goldberg has assembled a cross-practice Cannabis Practice Group to provide greater legal insight to businesses operating in this rapidly growing and dynamic industry where state, federal and international regulations remain in transition.

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SEC to Vote June 5th on Regulation Best Interest

The U.S. Securities and Exchange Commission ("SEC") scheduled a June 5th vote on its Regulation Best Interest rulemaking package.  SEC will consider whether to adopt a new rule to establish a "best interest" standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation to a retail customer of any securities transaction or investment strategy involving securities.  The existing requirement is that broker-dealers recommend "suitable" investments for clients, falling short of a fiduciary standard.

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Investing in Private Equity under the Opportunity Zones Program

Paul Marino (Partner) and Richard Shamos (Counsel) wrote an article in a recent issue of OZ Magazine entitled, “Investing in Private Equity under the Opportunity Zones Program,” highlighting the formation of a Qualified Opportunity Fund, private equity investments in QOZ businesses, transaction requirements for QOZ businesses, operational requirements for QOZ businesses, and the impact of opportunity zones. To read the full text of the article, click here, on the button below, or continue scrolling.

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Sadis & Goldberg Program Gets Into the Weeds on the Promise and Perils of Cannabis M&A

Private Equity Law Report published an article written by Vincent Pitaro highlighting our most recent cannabis webinar, State of the Union: M&A in the Cannabis Space, hosted by Paul Marino (Partner), Robert Cromwell (Counsel), and Eliott Frank (Partner) and featuring Michael Feinsod and Hunter Garthe of General Cannabis on April 16, 2019.

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Sam Lieberman (Partner) was named Litigator of the Week Runner Up

The litigation team from Sadis & Goldberg LLP led by Sam Lieberman (Partner) and Ben Hutman (Associate) was given honorable mention for “Litigator of the Week” in the New York Law Journal for their work in the DangDang Case. For more about the DangDang Case, click here. To read the full article on the New York Law Journal’s website, click the button below.

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Cannabis Federal Legislative Update

The friction inherent in the divide between state and federal treatment of cannabis has been a major impediment to the growth and evolutionary development of the industry on a national integrated scale. Access to banking and financial markets, in particular, has been an issue for many businesses in the cannabis industry, as a result of the reluctance of many institutions in the banking sector to provide banking services to cannabis-related businesses and service providers.

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Sadis & Goldberg LLP Expands Financial Services Litigation Practice

Sadis & Goldberg has expanded its litigation team with the addition of Counsel James Ancone. Mr. Ancone’s practice focuses on financial services litigation.  In particular, he has extensive experience advising clients, including liquidators, officers, and directors, involved in cross-border disputes.  He recently represented the officers and directors of a Cayman Islands reinsurance company in the Davis v. Scottish Re Grp. Ltd. shareholder action in the New York State Commercial Division. 

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Sadis & Goldberg LLP Represented a U.S. Subsidiary of Menē, Inc. ("Menē") in Connection with a Recently Closed Secured Loan

Toronto-based Menē crafts pure 24 karat gold and platinum jewelry that is sold by gram weight.  Through its website, mene.com, customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices.

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Sadis & Goldberg LLP Represented Bitfarms Ltd. in a $20M Loan Financing Deal with Dominion Capital

A team of Sadis attorneys led by Partner Paul J. Marino represented Bitfarms Ltd. ("Bitfarms") in a $20,000,000 strategic debt financing (the "Loan Financing") which was provided by New York-based Dominion Capital LLC ("Dominion") and will be made available in four $5,000,000 tranches tied to the ongoing satisfaction of customary covenants and various milestones, including Bitfarms' infrastructure build-out and associated mining hardware purchases.

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Sadis & Goldberg LLP Is Pleased To Announce Its Representation of Apex Fund Services in the Purchase of Atlantic Fund Services

A team of Sadis attorneys led by Partner Paul J. Marino represented Apex Group Ltd. ("Apex") in the acquisition of Atlantic Fund Services ("Atlantic"), a U.S.-based fund administrator serving the traditional and alternative mutual fund market. Apex is a portfolio company of Genstar Capital.

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Sadis & Goldberg Named Best Global Law Firm at Hedgeweek Global Awards 2019

Hedgeweek recently announced that Sadis & Goldberg LLP was named the best Global Law Firm at the 2019 Hedgeweek Awards. The annual Hedgeweek Global Awards recognize excellence among hedge fund managers and service providers celebrate the achievements of firms that contributed to another significant year for the sector. The awards were decided by a poll of Hedgeweek readers, who include both investors and managers as well as other industry professionals at firms including fund administrators, custodians, accountants and auditors, law firms, consultants and fund distributors.

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Sadis & Goldberg LLP named the Best Law Firm at the Alt Credit Intelligence US Service Awards

HFM announced on February 12, 2019 that Sadis & Goldberg LLP was named the Best Law Firm at the Alt Credit Intelligence US Services Awards. The Alt Credit Intelligence Service Awards highlight the best in class for services to alternative credit fund managers. Service providers are recognized for their excellence in customer service, technological innovation and overall service.

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