News & Analysis as of

Corporate Financing Securities and Exchange Commission (SEC)

BCLP

Issuance of Reverse Yankee Bonds Remains Active

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The sale of Reverse Yankee bonds by prominent US issuers – often with higher credit ratings – has recently continued at a rapid pace. Reverse Yankee bonds are debt securities issued by US issuers that are denominated in a...more

Sullivan & Worcester

SEC guidance for possible government shutdown

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The SEC’s Division of Corporation Finance published guidance on their operations around a shutdown, particularly with respect to registration statement acceleration of effectiveness and related topics: ...more

Paul Hastings LLP

Public Company Watch: September 2023

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In the September edition of our Public Company Watch, we cover key issues impacting public companies, including the SEC’s new C&DIs and sample comment letter; considerations for issuers as they start their Form 10-Q...more

Wilson Sonsini Goodrich & Rosati

Corp Fin Posts Sample Comment Letter Regarding XBRL Disclosures

On September 7, 2023, the U.S. Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (Corp Fin) issued guidance on XBRL disclosures in the form of a Sample Letter to Companies Regarding Their XBRL...more

Wilson Sonsini Goodrich & Rosati

2022 Mid-Year Technology and Life Sciences "Non" IPO Report - Market Update and Playbook for Late-Stage Private Companies

Following a record-breaking year for initial public offerings (IPOs) in 2021, the U.S. capital markets screeched to a halt in 2022 with the lowest IPO activity levels seen in decades. This trend was observed across all...more

Dorsey & Whitney LLP

Raising U.S. Funds Under Canada’s New “Listed Issuer Financing Exemption”

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​​​​​​​As many of our readers will have heard, the Canadian Securities Administrators (“CSA”) has announced the adoption of a new prospectus exemption for certain reporting issuers listed on a Canadian stock exchange (the...more

Amundsen Davis LLC

Corporate Crack-Down: SEC Votes to Revive Clawback Rule Stripping Executives Of Their Paychecks

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The executive compensation clawback rule mandated by Congress in Section 954 of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), is back. In the event of corporate misconduct, it will...more

Mintz

SEC Releases Sample Letter Concerning Climate Change Disclosures

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Yesterday, the SEC released a sample letter to companies concerning climate change disclosures. Relying upon the guidance the SEC issued over ten years ago--the 2010 Climate Change Guidance--the SEC noted that certain...more

WilmerHale

SPAC Transaction Explosion Drives SEC Enforcement Focus

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In the face of volatile markets and a global pandemic, an old capital markets vehicle has been taking the markets by storm: special purpose acquisition companies (SPACs). Although SPACs have been around for many years, the...more

Wilson Sonsini Goodrich & Rosati

SEC Staff Publishes FAQs on Regulation S-K Amendments

On November 5, 2020, the staff of the Division of Corporation Finance published Transitional FAQs Regarding Amended Regulation S-K Items 101, 103 and 105, providing answers to a few of the concerns raised by these amended...more

Husch Blackwell LLP

A Summary Of Recent Additional SEC Guidance on Disclosure, Financial Reporting, And Accounting Practices In Light Of COVID-19

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On June 23, 2020, the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC) further supplemented its previous guidance to assist public companies in navigating the disclosure challenges brought...more

Wilson Sonsini Goodrich & Rosati

COVID-19 Updates for Public Companies

Over the past week, several measures have been implemented to assist public companies impacted by the COVID-19 pandemic in meeting their disclosure and governance obligations. These measures include, among others...more

Latham & Watkins LLP

FINRA Issues Guidance and Sets Implementation Dates for Corporate Financing Rule Amendments

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The amendments modernize, restructure, and streamline Rule 5110. On March 20, 2020, the Financial Industry Regulatory Authority, Inc. (FINRA) published Regulatory Notice 20-10 (RN 20-10), which provides additional guidance...more

Mayer Brown Free Writings + Perspectives

FINRA Rule 5110 Corporate Financing Rule

FINRA released Regulatory Notice 20-10, which discusses the changes to modernize the Corporate Financing Rule.  The implementation date is bifurcated with implementation for Rule 5110(a)(3)(A), (a)(4)(A)(ii) and...more

Morrison & Foerster LLP - Structured Products

Structured Thoughts: News for the Financial Services Community, Volume 10, Issue 6

In this issue of Structured Thoughts, we discuss: ..European Commission consultation on EU benchmark regulation ..FINRA: Suitability and sales practices remain an issue ..SEC charges Switzerland-based dealer for selling...more

Morrison & Foerster LLP

SEC Proposes Rule Changes Addressing Proxy Advisory Firms and Shareholder Proposals

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On November 5, 2019, the U.S. Securities and Exchange Commission (the “SEC”) proposed two sets of rule amendments that, if adopted, would play a prominent role in guiding the manner in which companies, shareholders, and proxy...more

Morrison & Foerster LLP

SEC Division of Corporation Finance Publishes New Guidance Regarding Shareholder Proposals

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On October 16, 2019, the Staff of the Division of Corporation Finance (“Staff”) of the Securities and Exchange Commission (“SEC”) published Staff Legal Bulletin No. 14K (“SLB No. 14K”) as part of its ongoing efforts to...more

Morrison & Foerster LLP

SEC Staff Issues Guidance on Inline XBRL

On August 20, 2019, the Staff of the SEC’s Division of Corporation Finance published nine new Compliance and Disclosure Interpretations on the use of Inline XBRL. These new C&DIs provide guidance regarding compliance with the...more

Manatt, Phelps & Phillips, LLP

SEC Proposes Rule Changes for Business Description, Legal Proceedings and Risk Factors Disclosures

Aiming to modernize the description of business, legal proceedings and risk factor disclosures that registrants are required to make pursuant to Regulation S-K, the Securities and Exchange Commission (SEC) recently proposed a...more

Morrison & Foerster LLP

SEC Proposes Changes to Business, Legal Proceeding and Risk Factor Disclosure Requirements

The SEC has proposed amendments to the description of business, legal proceeding and risk factor disclosures that are required pursuant to Regulation S-K. The SEC intends to update the rules to account for developments in...more

Dorsey & Whitney LLP

SEC Staff Publishes Statement on Risks of Transition Away from LIBOR

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As a continuation of our previous update on the phase-out of the London Interbank Overnight Rate (“LIBOR”) (April 30, 2019: What the LIBOR Phase-out Means for Debt Capital Market Participants), the Securities and Exchange...more

A&O Shearman

FINRA Proposes Substantive and Organizational Amendments to Corporate Financing Rule

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On April 25, 2019, the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed proposed amendments to FINRA Rule 5110 (“FINRA Rule 5110” or “the Rule”), commonly referred to as the “Corporate Financing Rule”, with the...more

Morrison & Foerster LLP - Structured Products

Structured Thoughts: News for the Financial Services Community, Volume 10, Issue 2

FINRA’S PROPOSED AMENDMENTS TO THE CORPORATE FINANCING RULE – IMPACT ON STRUCTURED NOTE OFFERINGS - On April 11, 2019, FINRA filed with the SEC a diverse set of proposed revisions to Rule 5110, its Corporate Financing...more

Morrison & Foerster LLP

SEC Adopts FAST Act Amendments to Streamline Disclosure Requirements

On March 20, 2019, the Securities and Exchange Commission (the “Commission”) adopted rule amendments to modernize and simplify certain disclosure requirements in Regulation S-K and related rules and forms. These amendments...more

Morrison & Foerster LLP

SEC Proposes to Expand “Test-the-Waters” Accommodation

On February 19, 2019, the SEC proposed a rule and related amendments under the Securities Act of 1933, as amended (the “Securities Act”), that would permit issuers to engage in oral or written communications with potential...more

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