January 25, 2021 Webinar
1:00pm – 2:00pm EST
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Given that 2020 was such a tumultuous year, even the most dedicated securities lawyer may have missed a rule change or two. The U.S. Securities and Exchange Commission (SEC) was also particularly busy. Under the leadership of SEC Chair Clayton, the SEC had one…
In its 2019 Concept Release on Harmonization of Securities Offerings, the US Securities and Exchange Commission (SEC) included a section requesting comment regarding resale exemptions, including Rule 144. While the SEC addressed a number of the key issues relating to the exempt offering framework that were first identified in the Concept Release in a rulemaking…
Speaking in connection with the Practising Law Institute’s (PLI) Directors’ Institute on Corporate Governance, Securities and Exchange Commission Division of Corporation Finance Director, William Hinman, shared his views on a principles-based approach to disclosure requirements and to rulemaking. His remarks, which when read along with those of Chair Jay Clayton at the Economic Club and…
November 17, 2020 Webinar
11:00 a.m. – 12:00 p.m. EST
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For a number of years now, significantly more capital has been raised by companies in the US private markets than in US SEC-registered offerings. In IFLR’s recently published book, A Deep Dive into Capital Raising Alternatives, changes brought about to the…
On November 2, 2020, the U.S. Securities and Exchange Commission (SEC) voted to adopt amendments proposed in March 2020 that harmonize and modernize the exempt offering framework (referred to as the Amendments). As with several other recent votes to adopt rule proposals, the SEC Commissioners split their vote, with two Commissioners voting against the Amendments.…
Today, November 2, 2020, the Securities and Exchange Commission (SEC) voted to adopt amendments proposed in March 2020 that harmonize and modernize the exempt offering framework. Predictably, the SEC Commissioners were split in their vote, with two Commissioners voting against the amendments. Despite the statements of the dissenting Commissioners, who cited investor protection issues, it…
The Securities and Exchange Commission has announced an open meeting on November 2, 2020 to consider amendments relating to the exempt offering framework. The SEC had released proposed amendments for public comment in March 2020, which were well-received, and included proposed simplifications to the integration framework, as well as modifications to the offering thresholds for…
On August 26, 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to the definition of “accredited investor” and related amendments to the definition of “qualified institutional buyer.” The accredited investor definition is central to the regulation of exempt offerings. Consistent with the initial proposal, the amendments broaden the categories of individuals and entities…
July 16-17, 2020
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This two day program will provide an in-depth review of the basic aspects of the U.S. federal securities laws. Emphasis will be placed on the interplay among the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act, the Dodd-Frank Act, the JOBS Act, the securities-related provisions…
During periods of market volatility, PIPE (private investment in public equity) transactions become an important financing alternative. During the financial crisis, financial institutions and other companies relied on PIPE transactions to raise significant capital. For example, in 2007, approximately $65.7 billion was raised in PIPE transactions, while in 2008, approximately $120.9 billion was raised. The…
