- expand the availability of the SEC’s confidential review process for
SEC Drops Appeal of “Dealer Rule” Litigation
On February 19, 2025, the Securities and Exchange Commission (the “Commission” or “SEC”) dropped its appeal of a ruling by the U.S. District Court for the Northern District of Texas (“District Court”) on November 6, 2024 that struck down the Commission’s “Dealer Rule.”
The Dealer Rule, adopted by the SEC on February 6, 2024, further
SEC Adopts Amendments Mandating Certain Exchange Act Filings and Submissions to be Made Electronically; Also Adopts Technical Changes Regarding FOCUS Reports
On December 16, 2024, the Securities and Exchange Commission (“SEC”) adopted amendments (the “Amendments”) requiring the electronic filing, submission, or posting of certain forms required under the Securities Exchange Act of 1934 and the rules and regulations thereunder, using structured, machine-readable data language as appropriate. The SEC also adopted amendments to the Financial and Operational
Regulation M: the Basics, the Amendments and their Effect on Offerings
- An overview of Reg M, specifically, Rules 101 and 102
- An overview of the
SEC Staff Posts New Guidance for Asset-Backed Securities
On July 31, 2024, the US Securities and Exchange Commission (SEC) staff in the Division of Corporation Finance posted three new Compliance and Disclosure Interpretations (C&DIs) related to the rules and forms adopted under Regulation AB, the Securities Act, and the Exchange Act with respect to asset-backed securities. C&DIs provide guidance to those who must
SEC Adopts Rules to Require Registration of Certain Persons Engaging in Liquidity-Providing Activities as “Dealers” and “Government Securities Dealers”
Certain Principal Trading Firms, Private Funds, Investment Advisers and Other Market Participants May Become Subject to Registration
On February 5, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules – SEC Rules 3a5-4 and 3a44-2 (collectively, the “Final Rules”) – to further define the phrase “as part of a regular business” used in
FINRA Publishes 2024 Annual Regulatory Oversight Report
New Topics and Content Highlight FINRA’s Increased Focus on Cybersecurity, Crypto Assets, Artificial Intelligence, Market Integrity, Off-Channel Communications and Other Key Risk Areas
On January 9, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) published the 2024 FINRA Annual Regulatory Oversight Report (the “Report”), which builds on the structure and content of FINRA’s prior reports
MB Microtalk: Amendments to Beneficial Ownership Rules (13D/G)
In this MB Microtalk video, Mayer Brown’s Andrew Noreuil discusses the recent final amendments to certain beneficial ownership rules under the Exchange Act, and the impact of those changes on the reporting of beneficial ownership on Schedules 13D and 13G.
Visit our MB Microtalk page for more topics and talks.
Rule 144A Relief from Rule 15c2-11
The Securities and Exchange Commission (SEC) has granted an order exempting Rule 144A fixed-income securities (fixed-income securities that are issued in accordance with the requirements of Rule 144A) from Rule 15c2-11.
See the order here.
SEC Staff Issues Sample Comment Letter Regarding XBRL Disclosures
On September 7, 2023, the Staff of the Division of Corporation Finance (“Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a sample comment letter (“Letter”), containing sample comments that the Division may issue to companies relating to the disclosure of financial and other information using the eXtensible Business Reporting Language (“XBRL”) format. The