The Supreme Court has updated an important Freedom of Information Act (“FOIA”) exemption for the digital age. In Food Marketing Institute v. Argus Leader Media, the Supreme Court this week significantly expanded the scope of FOIA Exemption 4, which shields from disclosure “trade secrets and commercial or
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Michael Kaplan
Mr. Kaplan is a partner in Davis Polk's global Capital Markets Group and a member of Davis Polk’s three-person Management Committee. [Full Bio]
SEC Confirms That Some Initial Coin Offerings Are Illegal Unregistered Securities Offerings
By John L. Douglas, Joseph A. Hall, Michael Kaplan, Jai R. Massari, Annette L. Nazareth, Byron Rooney, Gregory Rowland, Margaret E. Tahyar & Zachary J. Zweihorn on
Posted in Fintech
In a much-anticipated action, on July 25 the SEC issued a Section 21(a) report of its investigation into an offering of digital tokens by “The DAO,” an unincorporated virtual organization. Though declining to take enforcement action against The DAO, the SEC used the opportunity to warn others engaged in similar…
Continue Reading SEC Confirms That Some Initial Coin Offerings Are Illegal Unregistered Securities Offerings