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Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Lots of Fed news this morning, and all of it on the administrative side. First, it now appears that a likely choice to replace Chair Yellen could be out before he was even in. And we’ve learned that Fed No. 2 Stanley Fischer...more

Recent SEC Actions Highlight Adviser Responsibilities With Respect to Performance Advertising

by K&L Gates LLP on

In a series of recent administrative proceedings, the Securities and Exchange Commission (the “SEC”) has clarified its expectations regarding the use of performance data in investment adviser advertisements. Specifically,...more

SEC Files Fraud Action Tied To Sale of Cellular Licensing

by Dorsey & Whitney LLP on

The sale of spectrum to operate cell phones can yield millions of dollars in profits. This notion was at the center of an action brought by the SEC against six individuals and eleven entities. Investors who purchased...more

SEC Brings First Action Against Company for Potentially Stifling Whistleblowers With Confidentiality Statement

The Securities and Exchange Commission recently charged KBR, Inc., a Delaware corporation specializing in technology and engineering, with a Rule 21F-17(a) violation for using language in employee confidentiality statements...more

SEC Denies No-Action Request for “Publisher Exclusion” for Recommendations of Crowdfunded Investments

The SEC denied a no-action request that was submitted by Jonathon Hendricks. The no-action request inquired about a Wyoming based business that would make available a list of securities from a loan crowdfunding site that...more

Conflict Minerals: D.C. Circuit to Reconsider Conflict Minerals Ruling; Initiatives Proceed in the European Union and China

by Beveridge & Diamond PC on

Recent developments in the U.S., European Union and China underscore the dynamic nature of evolving supply chain due diligence requirements and expectations for companies sourcing tin, tantalum, tungsten and gold. The...more

Haunted by a Ghost: Snapchat, Wall Street, And the Evolving Focus of Financial Social Media Regulation

by WilmerHale on

A new service, Snapchat, has joined the constellation of social media services with potential business implications. Snapchat is a mobile application, originally aimed at teenagers, which allows users to send photos and text...more

FINRA Provides Guidance on Rules Governing Communications with the Public

The Securities and Exchange Commission approved a rule change by the Financial Industry Regulatory Authority pursuant to which National Association of Securities Dealers (NASD) Rules 2210 and 2211 and NASD Interpretive...more

We’re Still Waiting: When Will the SEC Lift the Ban on General Solicitation and Advertisements for Rule 506 and 144A Offerings?

by Smith Anderson on

Title II of the “Jumpstart Our Business Startups” Act (“JOBS Act”), which became law on April 5, 2012, aims to provide more flexibility for private company fundraising by eliminating the prohibition on general solicitation or...more

Ontario Minister Joins Crowd in Push for Crowdfunding Exemption

by Dentons on

At the recent Technicity conference in Toronto, Brad Duguid, Ontario’s Minister of Economic Development and Innovation, expressed support for introducing equity crowdfunding in Ontario. Recognizing the need to keep...more

MoFo New York Tax Insights - Volume 3, Issue 12 - December 2012

by Morrison & Foerster LLP on

In This Issue: Court Holds Television Programming Is Included in the Property Factor Regardless of Delivery Method; ALJ Upholds Retroactive Application of Stock Option Regulations; Petition Found Untimely Under Special...more

Crowdfunding under the JOBS Act

by Pepper Hamilton LLP on

In This Presentation: - Crowdfunding background - Important SEC Reminder - Issuers Not Eligible to Crowdfund - Crowdfunding vs. Other Exemptions - Crowdfunding Requirements - Funding Portals - Funding...more

SEC JOBS Act Amendments to NASD Rule 2711 and Incorporated NYSE Rule 472

On November 1, the SEC approved amendments to NASD Rule 2711 and Incorporated NYSE Rule 472 to conform to the requirements of the JOBS Act and make certain additional changes to quiet period restrictions consistent with the...more

The JOBS Act — An Overview and Some Recent Developments

by Poyner Spruill LLP on

Background - Earlier this year, President Obama signed the Jumpstart Our Business Startups Act (commonly known as the JOBS Act) into law. As the somewhat repetitive name implies, the JOBS Act’s ultimate goal is to spur job...more

More Comments on the General Solicitation and Advertising Rule

On August 29, 2012, the SEC issued a proposal for new Rule 506(c) under the Securities Act, which would implement the mandate of the JOBS Act to allow for the use of general solicitation and advertising in private offerings...more

Advertising and General Solicitation: Comments on Proposed Rule 506(c)

This is our second post examining some of the comment letters the SEC has received in response to proposed Rule 506(c) – we reviewed the SEC’s Investment Advisory Committee recommendations here. This post provides an...more

Investor Advisory Committee Comments on General Solicitation Rule

On October 15, the Investor Advisory Committee (IAC) established by Section 911 of the Dodd-Frank Act released its recommendations to the SEC on the proposed general solicitation rule. This is the first of several posts over...more

Revealed! The Investor Advisory Committee’s Recommendations On Lifting The General Solicitation Ban In Rule 506 Offerings

by Allen Matkins on

I was not the only one who was perturbed by the Investor Advisory Committee’s procedures for considering the Securities and Exchange Commission’s proposed rulemaking to lift the ban on general solicitation and Advertising in...more

SEC Comments on JOBS Act Registration Statements

The SEC has consistently issued several comments in connection with registration statements filed by “emerging growth companies” under the JOBS Act. It’s clear at least for now that the SEC will ask to see any...more

SEC Proposes New Rules under the JOBS Act

by Reed Smith on

On August 29, 2012, the Securities and Exchange Commission (“SEC” or the “Commission”) proposed rules to implement section 201 of the Jumpstart Our Business Startups Act (the “JOBS Act”).1 The JOBS Act directed the SEC to...more

SEC Proposes Rules to Eliminate The Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A...

If you or your company -- whether public or private -- anticipate relying on private markets for capital raising, you will want to keep abreast of recently proposed rulemaking by the Securities and Exchange Commission that is...more

Can The SEC Eliminate The Prohibition On General Solicitation Retroactively?

by Allen Matkins on

In Section 201(a)(1) of the Jumpstart Our Business Startups (JOBS) Act, Congress ordered the Securities and Exchange Commission to amend Regulation D to permit general solicitation or general advertising in offerings made...more

SEC Issues Proposed Rules to Permit General Solicitation and General Advertising in Certain Private Offerings

by K&L Gates LLP on

On April 5, 2012, the Jumpstart Our Business Startups Act (“JOBS Act”) became effective. The JOBS Act mandated, among other things, that the Securities and Exchange Commission (“SEC”) amend Rule 506 of Regulation D and Rule...more

JOBS Act, Accredited Investors, and Flaming Hoops

by Davis Wright Tremaine LLP on

I’ve heard it multiple times now, from angel investors and entrepreneurs alike, that the JOBS Act changed the definition of “accredited investor” in order to make it easier to be one. It’s as if President Obama and the...more

JOBS Act Updated: SEC Proposes Rules to Facilitate General Solicitation for Offers of Securities Under Rules 506 and 144A

by McCarter & English, LLP on

The JOBS Act, signed into law in April, directed the Securities and Exchange Commission (SEC) to remove the prohibition against general advertising and solicitation in private placements conducted under Rule 506 and Rule 144A...more

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