{"id":1135,"date":"2021-06-14T12:42:31","date_gmt":"2021-06-14T12:42:31","guid":{"rendered":"http:\/\/localhost\/?p=1135"},"modified":"2021-06-14T12:42:31","modified_gmt":"2021-06-14T12:42:31","slug":"securities-regulators-focus-on-forgivable-recruitment-loansbonuses-social-media-influencers-and-rescission-offers","status":"publish","type":"post","link":"https:\/\/bdia.pli.edu\/index.php\/2021\/06\/14\/securities-regulators-focus-on-forgivable-recruitment-loansbonuses-social-media-influencers-and-rescission-offers\/","title":{"rendered":"Securities Regulators Focus on Forgivable Recruitment Loans\/Bonuses, Social Media Influencers, and Rescission Offers"},"content":{"rendered":"<p>In recent weeks, we have observed significant new developments in securities regulation related to two enforcement actions by the Commission\u00a0and an unexpected (and, to our knowledge, unprecedented) new rule adopted by a state securities regulator.\u00a0\u00a0First, the Commission has published enforcement actions against registered investment advisers (\u201c<strong><em>RIAs<\/em><\/strong>\u201d), involving: (a) failure to make conflicts-related disclosures about payment of forgivable recruitment loans\/bonuses; and (b) failure to comply with Rule 206(4)-3 (the \u201c<strong><em>Solicitation Rule<\/em><\/strong>\u201d) when using social media influencers acting as referral sources.\u00a0\u00a0Second, the Tennessee Securities Division has fundamentally changed the process for issuers and broker-dealers attempting to shield themselves from civil liability arising from unregistered, non-exempt securities offerings through rescission offers.<\/p>\n<p><a href=\"https:\/\/www.kilpatricktownsend.com\/Blog\/Investment-Management-and-Broker-Dealer\/2021\/6\/Securities-Regulators-Focus-on-Forgivable-Recruitment-Loans-Bonuses-Social-Media-Influencers-and\">Read more here<\/a>.<\/p>\n<p>Additional contributors:<br \/>\n<a href=\"https:\/\/www.kilpatricktownsend.com\/en\/People\/C\/CainThomasB\">Thomas B. Cain<\/a>,\u00a0\u00a0<a class=\"mailDisclaimer\">tcain@kilpatricktownsend.com<br \/>\n<\/a><a href=\"https:\/\/www.kilpatricktownsend.com\/en\/People\/F\/FennoAlexandraM\">Alexandra M. Fenno<\/a><a class=\"mailDisclaimer\">,\u00a0\u00a0<\/a><a class=\"mailDisclaimer\">afenno@kilpatricktownsend.com<br \/>\n<\/a><a href=\"https:\/\/www.kilpatricktownsend.com\/en\/People\/S\/SkinnerJeffreyT\">Jeffrey T. Skinner<\/a><a class=\"mailDisclaimer\">,\u00a0<\/a><a class=\"mailDisclaimer\">jskinner@kilpatricktownsend.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In recent weeks, we have observed significant new developments in securities regulation related to two enforcement actions by the Commission\u00a0and an unexpected (and, to our knowledge, unprecedented) new rule adopted by a state securities regulator.\u00a0\u00a0First, the Commission has published enforcement actions against registered investment advisers (\u201cRIAs\u201d), involving: (a) failure to make conflicts-related disclosures about payment &hellip; <a href=\"https:\/\/bdia.pli.edu\/index.php\/2021\/06\/14\/securities-regulators-focus-on-forgivable-recruitment-loansbonuses-social-media-influencers-and-rescission-offers\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Securities Regulators Focus on Forgivable Recruitment Loans\/Bonuses, Social Media Influencers, and Rescission Offers<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":94,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,24,21,22],"tags":[],"class_list":["post-1135","post","type-post","status-publish","format-standard","hentry","category-compliance","category-enforcement","category-regulatory","category-standard-of-care"],"aioseo_notices":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/94"}],"replies":[{"embeddable":true,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=1135"}],"version-history":[{"count":0,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1135\/revisions"}],"wp:attachment":[{"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=1135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=1135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bdia.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=1135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}