Liz Walsh

Subscribe to Liz Walsh's Posts

On October 15, the Staff of the Securities and Exchange Commission’s Division of Corporation Finance published several new Corporation Finance Interpretations, or CFIs, most of which relate to the use of Form S-8, the short-form registration statement used to register the offer and sale of securities issued pursuant to employee benefit and compensation plans under…

Effective on October 2, 2026, the Securities and Exchange Commission (the “Commission”) modified its quorum requirement, as set forth in SEC Organizational Rule 41 (“Rule 41”).  The rule remains unchanged in that it continues to provide that three commissioners constitute a quorum for the Commission, and if the number of commissioners in office is two…

Earlier this week, the Securities and Exchange Commission continued to implement its capital-formation agenda by publishing a number of notices aimed at modernizing the definition of “accredited investor,” including introducing the possibility of a long-discussed accredited investor exam.

Continue reading this Legal Update.

On September 30, the Securities and Exchange Commission (the “Commission” or the “SEC”) published a number of notices aimed at modernizing the definition of “accredited investor,” including the possibility of a long-discussed accredited investor exam. 

In their proposals, the Commission cited various potential benefits to issuers of expanding the pool of accredited investors, including “greater…

On September 25, 2026, the Staff of the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (the “SEC”) published a set of responses to frequently asked questions (the “FAQs”) regarding the application of the federal securities laws to certain crypto assets and certain transactions involving crypto assets. The Division slightly updated…

On September 26, the Securities and Exchange Commission’s Division of Corporation Finance continued its ongoing efforts to update and revise the Staff guidance in the form of Corporation Finance Interpretations, or CFIs.  The updates address various topics, ranging from Securities Act and Exchange Act rules to interactive data; all changes were technical “clean-up” revisions to…

On September 17, 2026, the Securities and Exchange Commission (the “SEC”) issued an order (Release No. 34-106402; File No. 4-927) granting five-year, temporary exemptive relief allowing (1) qualifying tokenized securities venues that provide innovative automated market makers (“AMMs”) and liquidity pools (together referred to as “AMM Liquidity Pools”) to facilitate trading of National Market System…

On September 17, 2026, the Securities and Exchange Commission (the “Commission” or the “SEC”) issued an exemptive order to be known as the “Innovation Exemption.” This Innovation Exemption grants temporary, conditional exemptive relief under Section 36(a)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for the onchain trading of tokenized National…

On September 8, 2026, the staff (the “Staff”) of the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC”) announced that the SEC is expanding its nonpublic draft registration statement review accommodations to issuers of asset-backed securities (“ABS Issuers”) that file on Forms SF-1 and SF-3. The new accommodations for ABS Issuers:…

The Securities and Exchange Commission’s Division of Corporation Finance ushered in the Labor Day weekend holiday by publishing several new Corporation Finance Interpretations (“CFIs”) relating to Securities Act registration statement fees and incorporation by reference on Form S-1.

CFIGuidance
Securities Act Rules Question 240.18A filer tried to register the offer and sale of
…