Laura D. Richman

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On June 23, 2020, the Division of Corporation Finance (Division) of the US Securities and Exchange Commission (SEC) issued CF Disclosure Guidance: Topic No. 9A (CF 9A), providing guidance on operations, liquidity, and capital resources disclosures that companies should consider with respect to COVID-19-related disruptions. On that same date, the SEC’s Office of the Chief…

This article, published in the Lexis Practice Advisor Journal, discusses capital markets and securities law in the time of COVID-19, which started in late 2019 and impacted the whole world in a matter of months, and explains how the U.S. Securities and Exchange Commission (SEC) responded to address the effects of the pandemic, particularly on…

On June 23, 2020, Jay Clayton, Chairman of the US Securities and Exchange Commission (SEC) discussed his perspectives on long-term investing, sustainability and the role of disclosures during a webinar hosted by FCLTGlobal, a non-profit organization that develops research and tools that encourage long-term investing and business decision-making.

While environmental, social and governance (ESG) matters…

On May 21, 2020, the US Securities and Exchange Commission (SEC) adopted amendments (Amended Rules) to financial statement disclosures with respect to business acquisitions and dispositions required by Regulation S-X’s Rule 3-05 (Financial Statements of Businesses Acquired or to be Acquired), Rule 3-14 (Special Instructions for Real Estate Operations to be Acquired),…

This Lexis Practice Advisor First Analysis article discusses the amendments adopted by the U.S. Securities and Exchange Commission to the accelerated filer and large accelerated filer definitions in Rule 12b-2 under the Securities Exchange Act of 1934 (17 CFR 240.12b-2). The final amendments are intended to reduce the number of issuers that qualify as accelerated…

On April 8, 2020, the Chair of the U.S. Securities and Exchange Commission (the “SEC”) – Jay Clayton – and the Director of the SEC’s Division of Corporation Finance – William Hinman – issued a joint statement titled The Importance of Disclosure – For Investors, Markets and Our Fight Against COVID-19 (the “Statement”) providing guidance…

This First Analysis article discusses some key ramifications of coronavirus outbreak for public companies. In addition to a host of significant general business concerns, such as those relating to liquidity and financing opportunities, revenues, supply chain and employee and community health and welfare, the novel coronavirus known as COVID-19 has raised a number of issues…

On March 25, 2020, the US Securities and Exchange Commission (SEC) extended the filing periods covered by its previous conditional reporting relief order for certain public company filing obligations impacted by COVID-19. At the same time, the SEC’s Division of Corporation Finance (Division) issued guidance on disclosure considerations and other securities law obligations related to…

On March 12, 2020, the US Securities and Exchange Commission (SEC) adopted amendments to the accelerated filer and large accelerated filer definitions in Rule 12b-2 under the Securities Exchange Act of 1934 (Rule 12b-2). The final amendments are intended to reduce the number of issuers that qualify as accelerated filers and reduce compliance costs for…

On March 2, 2020, the US Securities and Exchange Commission (SEC) adopted amendments to Rules 3-10 and 3-16 of Regulation S-X that simplify and streamline the financial disclosures required in registered debt offerings involving guaranteed or collateralized debt securities.

Read our Legal Update here.