The Securities and Exchange Commission recently an announced an upcoming meeting to be held on September 19, 2023. The agenda includes a discussion with the SEC’s Division of Corporation Finance relating to its role in capital formation. There have not been any recent SEC proposed rulemakings related to this area recently. However, the agenda does
SEC Open Meeting on Names Rule
The Securities and Exchange Commission has announced an open meeting for September 20, 2023 in order to consider adopting amendments to the rule under the Investment Company Act of 1940 that addresses investment company names that are likely to mislead investors about an investment company’s investments and risks. In part, the proposed amendments to the
SEC Staff Issues Sample Comment Letter Regarding XBRL Disclosures
On September 7, 2023, the Staff of the Division of Corporation Finance (“Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a sample comment letter (“Letter”), containing sample comments that the Division may issue to companies relating to the disclosure of financial and other information using the eXtensible Business Reporting Language (“XBRL”) format. The
Reg AB Related C&DI
Recently, the Staff of the Securities and Exchange Commission’s Division of Corporation Finance provided additional guidance in the form of a new Compliance and Disclosure Interpretation (C&DI) as part of the Regulation AB and Related Rules C&DIs, which we have reprinted below in its entirety, and which relates to the timely filing requirement for Form
SEC Significantly Narrows Exemption from FINRA Membership for Proprietary Trading Firms
On August 23, 2023, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments (the “Amendments”) to Rule 15b9-1 under the Securities Exchange Act of 1934 that generally eliminate the exemption from the requirement to become a member of a national securities association – effectively, the Financial Industry Regulatory Authority, Inc. (“FINRA”) – for SEC-registered broker-dealers
For the First Time, the US SEC Sanctions an NFT Issuer for Selling Unregistered Securities in SEC v. Impact Theory
Non-fungible token (“NFT”) issuers and the NFT market will want to take note of the US Securities and Exchange Commission’s (“SEC”) statement this week that NFTs issued by Impact Theory, LLC were “securities” under US federal securities law and the sale of those NFTs without registration or reliance on an exemption from the registration requirements
White Paper: The Final Stretch: Securitization in the US Under the Proposed Basel III Endgame Rules
On July 27, 2023, the US banking regulators issued a proposal to significantly revise the risk-based capital requirements applicable to large banks and to banks with significant trading activity. The proposal, which is colloquially referred to as “Basel III Endgame” or “Basel IV,” includes important changes to the calculation of credit risk weights for securitization
Global Financial Markets Podcast Series: How Capital Markets May Be Affected by the US Basel Endgame Proposal
In late July 2023, US banking agencies released proposals to significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations, and change how the capital surcharge is calculated for global, systemically important banking organizations. These proposals are critical, as the amount of capital a bank must maintain with respect to
Long-Term Debt Requirements Proposed for US Regional Banks
On August 29, 2023, US federal banking regulators issued a proposal for long-term debt (“LTD”) requirements on certain midsize and larger US banking organizations (the “LTD Proposal”). The LTD Proposal is important because it would require many regional and larger banking organizations to issue significant amounts of LTD. In this Legal Update, we provide background
A Road Not Taken: Where the US Capital Proposal Differs From Basel
On July 27, 2023, US federal banking regulators issued proposals to significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations (the “Capital Proposal”) and change the method for calculating the capital surcharge for global systemically important banking organizations (“G-SIBs”). These proposals are of critical importance because the amount of