During its meeting on June 10, the Securities and Exchange Commission’s Investor Advisory Committee held a panel discussion regarding 10b5-1 plans, welcoming three market participants and academics.  As we previously blogged, SEC Chair Gary Gensler asked for recommendations for the Commission’s consideration on how to “freshen up Rule 10b5-1.”

Dr. Dan Taylor, Associate

Today, speaking at a conference, Securities and Exchange Commission Chair Gary Gensler shared some thoughts regarding Rule 10b5-1 plans and how the SEC might “freshen up” the rule.  The Chair noted that currently there is no required cooling off period required when an insider establishes a plan and then makes a first trade pursuant to

Rule 502(c) of the Securities Act of 1933, as amended (the “Securities Act”), prohibits an issuer from offering or selling securities by any form of general solicitation or general advertising when conducting certain offerings exempt from registration under the safe harbors provided under Regulation D of the Securities Act. Many have felt that, over the

As part of the Securities and Exchange Commission’s amendments to the exempt offering framework, which amendments became effective in March 2021, the SEC, among other things, aligned the bad actor disqualification provisions in Regulation A, Regulation D, and Regulation CF.  Our updated resource provides an overview of the bad actor disqualification provisions applicable in connection

Securities and Exchange Commission Chair Gary Gensler was back on the Hill, this time testifying before the Subcommittee on Financial Services and General Government, US House Appropriations Committee.  During his testimony, Chair Gensler commented on five key capital markets trends, which included a discussion on IPO, SPAC and direct listing trends and policy implications.

In

On May 19, 2021, the Securities and Exchange Commission (“SEC”) approved proposed rule changes submitted by The Nasdaq Stock Market LLC (“Nasdaq”) that allow companies to list in connection with a concurrent primary offering.  The approved rule allows a company that has not previously had its equity securities registered under the Securities Exchange Act of

Today, Senators Elizabeth Warren (D-Mass.), Sherrod Brown (D-Ohio), and Chris Van Hollen (D-Md) released a letter from Securities and Exchange Commissioner Lee responding to the Senators’ letter (available here) from February 2021.  The February 2021 letter from the Senators called on the Securities and Exchange Commission to review Rule 10b5-1, and asked that the

And so it begins.  There have been two recent speeches from Commissioners touching on the private markets; Commissioner Lee’s was the most recent and most specific.  The Commissioner suggests that the Securities and Exchange Commission consider modernizing the accredited investor wealth thresholds.  She points out that the income and net worth thresholds have not been