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News from our committees on business law topics, announcements and more.

Richard Latham

Denny Crawford reports that her predecessor as Texas Securities Commissioner, Richard Latham, passed away last month. (Denny was Richard’s general counsel at the agency).

Texas Securities Act Amendment filed!

The attached recodified Texas Securities Act amendment was filed today in both the House and the Senate. As a reminder, the recodified TSA becomes effective next January. The bill would amend the recodified Texas Securities Act civil liability provisions to remove cross-references to TSA provisions that impose no duties on private actors.

SEC Division of Examinations 2021 Examination Priorities (attached)

The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and examinations. The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets.

SEC kills contingent offers of settlement

The SEC will no longer allow contingent offers of settlement – that is an offer of settlement contingent on the granting of bad actor waivers. Acting Chair Lee seems to have the position that allowing contingent offers of settlement means that bad actor waivers can be priced in settlement discussions.

Legal Opinions Resources

The Legal Opinions Committee of the Section has been working with the Legal Opinions Committee of the ABA's Business Law Section and the World Group on Legal Opinions Foundation to craft a Statement of Opinion Practices to be used by practitioners who regularly give legal opinions about various subjects to their clients. You can find the Statement of Opinion Practices, the related Core Opinion Principles and an Explanatory Note in our Legal Opinions Committee page. Click here to see the materials:
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