On November 14, 2024, the Practising Law Institute’s 56th Annual Institute on Securities Regulation featured a panel discussion that provided valuable insights into the initial public offering (IPO) landscape for 2025.
The IPO Market
The outlook for IPOs in 2025 appears generally positive, with several key indicators suggesting a robust environment for equity issuance. IPO
The Securities and Exchange Commission recently announced that its Small Business Capital Formation Advisory Committee will be meeting later this week on November 13th in an open meeting. The meeting includes a discussion of how venture capital fund managers are raising capital. The Committee will hear from an academic on venture capital fund manager use
Priorities Include Artificial Intelligence and Other Emerging Technologies, Complex Products, Reg BI, Cybersecurity, Outsourcing, Private Funds and Compliance with New and Amended SEC Rules
On October 21, 2024, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) released its examination priorities for fiscal year 2025 (which started October 1, 2024).
Exempt and Hybrid Securities Offerings, published by the Practising Law Institute, is both a comprehensive reference on exempt and hybrid securities offerings, including the history and evolution of exempt offering exemptions, and a practical handbook, with step-by-step guides, practice pointers, and forms. Co-author Anna Pinedo’s 2024 update includes guidance on market trends, rule changes, enforcement
In September 2024, the Securities and Exchange Commission charged a consumer products company (the “Company”) with having made inaccurate claims regarding the recyclability of its single-use coffee pods. The SEC found that the company violated Section 13(a) of the Securities Exchange Act of 1934 and Rule 13a-1, which require companies to file accurate reports.
According
A broker-dealer failed to reasonably supervise its registered representatives when making recommendations of certain variable rate structured products (“VRSPs”), including fixed to floating rate steepeners and other variable rate principal-at-risk structured products, to 20 investors. The broker-dealer violated FINRA Rules 2111 (Suitability) and 3110 (Supervision). The behavior in question occurred prior to the adoption of
The Chair and Commissioners of the Securities and Exchange Commission testified before the US House of Representatives Committee on Financial Services on September 24, 2024. The SEC’s testimony provided updates on market conditions and highlighted key developments in the Commission’s rulemaking activities over the past year.
The SEC noted that the US capital markets makes
The SEC recently published its report on the 2024 Government-Business Forum on Small Business Capital Formation. The Forum addresses a range of issues affecting small businesses, including smaller public companies. The SEC’s Office of the Advocate for Small Business Capital Formation leads the Forum. The following fifteen policy recommendations, which range from recommendations related to
A broker-dealer (the “Dealer”) entered into a cease-and-desist order with the Securities and Exchange Commission for failing to maintain and enforce written policies and procedures reasonably designed to achieve compliance with the Compliance Obligation of Regulation Best Interest (“Reg BI”), thus willfully violating the General Obligation of Reg BI.
The Dealer had written policies in
The Securities and Exchange Commission recently announced that it will host a compliance outreach program on November 7, 2024 (see the program’s agenda) on Advisers Act and Investment Company Act related topics. The agenda covers a broad array of issues from exam priorities and enforcement activities to areas that have been the topic of