The Securities and Exchange Commission let pass the deadline to seek a review of the decision by the US Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) to vacate the SEC’s final rule relating to private fund...more
The Securities and Exchange Commission’s Office of the Investor Advocate recently issued its fiscal year 2025 Report on Objectives. The Report is one of two annual reports required to be filed by the Investor Advocate with...more
7/5/2024
/ Annual Reports ,
Artificial Intelligence ,
Broker-Dealer ,
Cryptocurrency ,
Financial Markets ,
Fraud ,
Investment Adviser ,
Investors ,
Regulation Best Interest ,
Regulatory Agenda ,
Retailers ,
Securities and Exchange Commission (SEC)
On May 22, 2024, the US House of Representatives passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), which would amend existing securities and commodity regulatory statutes to...more
6/4/2024
/ CFTC ,
Cryptocurrency ,
Digital Assets ,
Financial Regulatory Reform ,
Investment ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Authority ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stablecoins
On March 15, 2024, the US Court of Appeals for the Fifth Circuit granted an administrative stay of the climate-related disclosure rules recently adopted by the US Securities and Exchange Commission (the “SEC”). The SEC rules...more
On March 8, 2024, the House of Representatives passed the Expanding Access to Capital Act, H.R. 2799, which we had previously posted on the blog.
...more
3/11/2024
/ 403(b) Plans ,
Angel Investors ,
Capital Formation ,
Collective Investment Schemes ,
Financial Regulatory Reform ,
General Solicitation ,
Investment Opportunities ,
Proposed Amendments ,
Regulatory Agenda ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On March 5, 2024, the House will consider capital formation related legislation, H.R. 2799. This was originally introduced in April 2023 and reported out in July 2023. It is comprised of 19 separate bills. The House...more
The SEC announced an open meeting for March 6, 2024 to vote and consider adoption of final climate-related disclosure requirements for public companies. This comes after nearly two years since the SEC first proposed its...more
2/29/2024
/ Climate Action Plan ,
Climate Change ,
Disclosure Requirements ,
Investment ,
Investors ,
Public Meetings ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Supply Chain
From climate change disclosure rules to private company transparency measures, the year ahead promises to be a busy one for securities lawyers.
Just as we would tell an issuer sharing projections to accompany those with...more
On January 24, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules and amendments to existing rules and forms (the “Final Rules”) addressing (i) the treatment under the securities laws of special...more
On October 16, 2023, the Division of Examinations of the U.S. Securities and Exchange Commission (the “Division” and the “SEC,” respectively) announced its examination priorities for 2024. While the Division typically...more
10/24/2023
/ Cryptoassets ,
Environmental Social & Governance (ESG) ,
ETFs ,
Financial Markets ,
Financial Services Industry ,
Investment Adviser ,
Market Participants ,
Registered Investment Advisors ,
Regulation Best Interest ,
Regulatory Agenda ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Federal law (the “Antideficiency Act”) restricts the conduct of business by agencies during a lapse of Congressional appropriations, looming this weekend, and federal regulations (OMB Circular A-11) require agencies to have...more
On September 21, 2023, the U.S. Securities and Exchange Commission’s (the “SEC”) Investor Advisory Committee (“IAC”) met to consider certain matters included on the SEC’s rulemaking agenda for this fall, such as exempt...more
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...more
The Office of Information and Regulatory Affairs published the Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions. This includes the SEC’s spring rulemaking agenda. Securities and Exchange Commission Chair...more
On April 28, 2023, the Securities and Exchange Commission announced that it was reopening the comment period for the proposed amendments to modernize the rules governing beneficial ownership reporting filed on Schedules 13D...more
Yesterday, the Securities and Exchange Commission proposed a rule to implement Section 27B of the Securities Act. This section was added as a result of the addition of Section 621 of the Dodd-Frank Act, which was a late...more
The Securities and Exchange Commission recently announced it will hold an open meeting on January 25, 2022, which will be webcast, in order to consider whether to propose a new rule to implement Section 27B of the Securities...more
The Securities and Exchange Commission announced an open meeting to be held on December 14, 2022 to consider a number of matters, including the final amendments to Rule 10b5-1 under the Securities Exchange Act....more
The Securities and Exchange Commission recently released for comment a draft strategic plan for fiscal years 2022 to 2026. In the accompanying message from Chair Gary Gensler, the Chair notes that the strategic plan focuses...more
8/31/2022
/ Analytics ,
Artificial Intelligence ,
Comment Period ,
Financial Markets ,
Investment ,
Machine Learning ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Standards ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation
On August 2, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) proposed to amend FINRA Rule 6730(a)(1) (the “FINRA Proposal”) to reduce the Trade Reporting and Compliance Engine (“TRACE”) reporting timeframe...more
8/9/2022
/ Asset-Backed Securities ,
Financial Industry Regulatory Authority (FINRA) ,
Fixed Income Investments ,
Mortgage-Backed Securities ,
MSRB ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Securities Regulation ,
Securities Traders ,
Securities Transactions ,
TRACE
This article discusses the amendments adopted by the Securities and Exchange Commission (SEC) in 2020 that modernize the offering related provisions of the Securities Act of 1933, as amended (Securities Act), and the...more
6/29/2022
/ BDC ,
Business Development Companies ,
Close-Ended Funds ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Investment ,
Investment Funds ,
Offerings ,
Regulatory Agenda ,
Rulemaking Process ,
Securities Act ,
Securities and Exchange Commission (SEC) ,
Shelf Registration ,
Small Business Credit Availability Act (SBCAA) ,
WKSIs
Yesterday, the SEC’s spring regulatory flexibility agenda was published (see: Agency Rule List – Spring 2022). The agenda is very ambitious and includes a wide range of items. Based on the agenda, which is indicative as to...more
On March 30, 2022, the US Securities and Exchange Commission (“Commission”) proposed new rules and amendments to existing rules and forms (the “Proposed Rules,” see summary) addressing the treatment of initial public...more
In various public statements of late, representatives of the Securities and Exchange Commission have noted concern regarding the growth of the private markets. The statements have pointed to the fact that fundraising in the...more
5/2/2022
/ Capital Raising ,
Crowdfunding ,
Financial Markets ,
Investment ,
Private Placements ,
Privately Held Corporations ,
Registration Requirement ,
Regulatory Agenda ,
Rule 144 ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Proposed Rules Could Require Dealer Registration by Certain Principal Trading Firms, Private Funds, Investment Advisers and Other Market Participants -
On March 28, 2022, the U.S. Securities and Exchange Commission (“SEC”)...more