Companies will be affected in a variety of ways by the receivership of Signature Bank, Silicon Valley Bank or any other similarly situated financial institution. Companies may face difficulty accessing bank facilities or the capital markets or limitations on money market or commercial paper facilities. Resulting liquidity constraints may entail difficult decisions, including prioritizing the
SEC Statement on Current Market Events
Securities and Exchange Commission Chair Gensler released a succinct statement on March 12, 2023: “In times of increased volatility and uncertainty, we at the SEC are particularly focused on monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors, capital formation, or the markets more broadly. Without speaking to
Going Public in the 2020s
Speaking at a conference at Columbia University as part of the Columbia Law and Business Schools’ Program in the Law and Economics of Capital Markets, Securities and Exchange Commission Commissioner Uyeda shared his views regarding the private markets and some of the challenges facing smaller public companies.
The Commissioner noted the decline in the number
SEC Adopts Final Rules to Shorten Standard Securities Settlement Cycle From T+2 to T+1
On February 15, 2023, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) issued Release No. 34-96930 (the “Adopting Release”), containing final rules (the “Final Rules”) that will shorten the standard settlement cycle for broker-dealer transactions in securities from the current two business days after the trade date (“T+2”) to one business day
US SEC Announces 2023 Exam Priorities
On February 7, 2023, the Division of Examinations of the US Securities and Exchange Commission (the “Division” and the “SEC,” respectively) announced its examination priorities for 2023. This year, the Division identified new and significant focus areas including: (i) recently adopted rules under the Investment Advisers Act of 1940 and Investment Company Act of 1940
Staff Posts Compliance and Disclosure Interpretations on Pay Versus Performance
Various members of the staff of the Securities and Exchange Commission’s Division of Corporation Finance had indicated in public statements at recent industry conferences that guidance would be forthcoming on aspects of pay versus performance. The new Compliance and Disclosure Interpretations, which were posted on February 10, 2023, and which are reprinted below in
Redrawing the Lines Between Private and Public
Commissioner Crenshaw’s remarks on January 30, 2023, once again, touched on Regulation D and the private markets. It is understandable that, given companies in the United States have become increasingly reliant on private capital to fuel their growth, a regulator would seek to focus on the private markets. The “how did we get here” part
Clawback Rule Guidance
In our prior posts, we discussed the Securities and Exchange Commission’s adoption of Rule 10D-1 that directs the securities exchanges to establish listing standards prohibiting the listing of a security of any company that fails to adopt and implement a clawback policy.
The Staff of the Division of Corporation Finance has issued Compliance and
Corporate Finance and the Securities Laws (Sixth Edition): The 2022 Edition
The 2022 update to the Sixth Edition of Corporate Finance and the Securities Laws was recently published by Wolters Kluwer.
The update includes discussions of the recent regulatory approach to digital currencies, the accounting and disclosure consequences of the Russian invasion of the Ukraine and subsequent sanctions, the unexpected SEC staff position regarding Rule 15c2-11
Across the (Company) Board
Mayer Brown’s newest resource, Across the Board™, provides private and public companies and their boards with the latest updates, alerts, and resources in one convenient place.
Lawyers in our Public Companies & Corporate Governance practice advise companies on transactional, regulatory, governance, and litigation matters.
Read new spotlight article by Larry Cunningham, CEO Comments on