Anna Pinedo is a partner in Mayer Brown’s New York office and a member of the Corporate & Securities practice. She concentrates her practice on securities and derivatives. Anna represents issuers, investment banks/financial intermediaries and investors in financing transactions, including public offerings and private placements of equity and debt securities, as well as structured notes and other hybrid and structured products.

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The capital formation environment has significantly changed in the last two decades and, in particular, following the global financial crisis of 2008. The number of initial public offerings has declined, and M&A exits have become a more attractive option for many promising companies. This article reviews trends in the initial public offering market, notable alternatives

CBInsights recently published its report on financial services corporate venture capital (CVC) activity.  Globally, financial services CVC groups participated in $7.4 billion of funding in 2018 in 315 deals, with 2019 activity increasing to 368 deals and approximately $9.6 billion.  Much of the growth has been in late-stage deals, which are Series D and later

Last week, in a joint statement, Securities and Exchange Commission Chair Jay Clayton, the Director of the Division of Corporation Finance, Bill Hinman, the SEC’s Chief Accountant, Sagar Teotia, and the PCAOB Chair, William Duhnke, commented on the continuing dialogue among the SEC, PCAOB, and representatives from the four largest US audit firms regarding audit

On February 27, 2020, the Securities and Exchange Commission’s Investor Advisory Committee will meet at 9.30 am.  The meeting is open to the public and also is webcast.  The Committee meeting agenda includes a discussion of accounting and auditing trends, with representatives from the Financial Accounting Standards Board among others.  The agenda also includes a

On January 30, 2020, the US Securities and Exchange Commission provided guidance regarding the disclosure of key performance indicators and metrics used in the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) section of SEC filings. This commission-level guidance, which reflects the SEC’s interpretation of existing MD&A requirements, becomes effective on

In remarks last week, Securities and Exchange Commission Chair Clayton discussed the SEC’s proposed amendments to streamline and modernize the requirements for Management’s Discussion and Analysis (MD&A) disclosures.  The proposed amendments continue the SEC’s progress with its disclosure effectiveness initiative.

Chair Clayton also commented on other areas of disclosure and rulemaking focus, including, among others: 

FINRA’s 2020 Risk Monitoring and Examination Priorities Letter identifies a number of areas of focus for the examination program in the coming year.  Here we highlight particular areas of focus for capital markets practitioners:

  • Private placement retail communications and online distribution platforms:  FINRA will review how member firms use social media and other platforms in

The Securities and Exchange Commission today voted to propose amendments to the Regulation S-K requirements for Management’s Discussion and Analysis, or MD&A, and also issued agency guidance relating to MD&A. The SEC’s actions follow the recommendations included in the SEC Staff’s Report on Review of Disclosure Requirements in Regulation S-K (“S-K Study”), which was mandated