In previous installments of this multi-part series, I discussed the historical context that was the impetus for Section 1502 of the Dodd-Frank Act as well as the mechanics of the final rule promulgated by the SEC.1 In this installment, I will lay out the current state of the law. Prior to Rule 13p-1 becoming effective…
Month: February 2017
Supreme Court Blow to Internet Based Transmission Startups
Contrary to popular belief, Copyright law’s main objective is not to protect the economic interest of copyright holders.1 Instead, the primary purpose of copyright law is to promote the expansion and dissemination of the “useful Arts.”2 The Supreme Court’s realist decision in ABC, Inc. v. Aero muddles the goal of Copyright by placing profits over…
The Potential Whiplash of Bandimere
In the last week of 2016, the U.S. Securities and Exchange Commission (SEC) received some news that spoiled its New Year’s celebrations. On December 27, 2016, the 10th Circuit Court of Appeals held that the SEC’s procedure for appointing its administrative law judges (ALJs) is unconstitutional.1 The 10th Circuit’s holding in Bandimere v. SEC not…
The Potential Repeal of the Johnson Amendment
Part I: The Johnson Amendment’s History and Controversy The “Johnson Amendment” is the nickname for a provision in the U.S. Tax Code that places limitations on the activities of organizations seeking tax exemption. 26 U.S.C. § 501(a) provides that some organizations shall be exempt from taxation.1 Section 501(c)(3) provides the general requirements that, to be…
Scrapping Dodd-Frank
Since its inception, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) has faced heavy criticism.1 Passed as comprehensive legislative response to the financial crisis of 2008, the Dodd-Frank Act expanded regulations on financial institutions. Its repeal would cause a dramatic change in the landscape of financial regulation in the United States. The…
SPAC: The Mechanics of a Special Purpose Acquisition Company (Part III of IV)
Editor’s Note: This blog series is presented in four parts. In this third edition, the author provides a brief overview of the mechanics of a SPAC transaction. At its most basic level, a Special Purpose Acquisition Company (SPAC) is nothing more than a set of filings with securities regulators. The SPAC, like its…
Amazon’s Quest to Compete with Delivery Services
As delivery costs have continued to skyrocket, some companies such as Amazon, have been developing internal delivery options to compete with major delivery carries such as UPS and FedEx.1 In particular, “Amazon’s shipping costs have accelerated in recent years as sales on its site surge.”2 The primary cause of the increase in costs is “driven…
The CFPB and the DC Court of Appeals: A Rebuke and Question of Constitutionality (Part II of II)
As discussed in part one of this blog post, the U.S. Court of Appeals for the District of Columbia recently delivered what is perhaps the biggest setback to the Consumer Financial Protection Bureau (CFPB) to date. To review, the court essentially held the structure and independence of the Bureau to be unconstitutional in an opinion…