Involuntary Stock Exchange Listings, Affiliated Issuers And Produce

Involuntary Listings

A few days ago, Broc Romanek wrote that a number of companies have received letters from the St. Petersburg (Russia) Stock Exchange stating that the exchange is in the process of unilaterally listing the company’s securities.  This reminded me of my own blog post discussing whether a secondary options market could be created in an issuer’s securities without the issuer’s consent.  That post discussed the Ninth Circuit Court of Appeal’s decision in Golden Nugget, Inc. v. American Stock Exchange, Inc., 828 F.2d 586 (9th Cir. 1987).

More on “Affiliated Issuers”

In This Picture Is Worth 471 Words (More or Less), I discussed the meaning of “affiliated issuer” in the new ”bad actor” disqualification in Rule 506(d).  Nancy Wojtas as Cooley LLP points out that the staff’s Bad Actor Disqualification Small Entity Compliance Guide supports the meaning of “affiliated issuer” hypothesized in my post:

The discussion that follows provides background on the different categories of “covered persons.”

Issuers, predecessors and affiliated issuers:  the issuer itself, any predecessor entities, and any “affiliated” issuers (that is, issuers that are in control of, are controlled by, or are under common control with the issuer).

The Guide, however, doesn’t explain if there are any circumstances in which an ”affiliated issuer” would also not be an “issuer”.

Pop Quiz on Commodity Regulation and Botany

My undergraduate degree is in Biology, but my primary focus was on plants.  Therefore, today’s blog question is:

You could be convicted of a misdemeanor if you made a contract on an organized exchange for future delivery of which if the following ?

(a)  Corn
(b)  Peanuts
(c)  Onions
(d) Irish Potatoes

Look for the answer in tomorrow’s post.


Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Allen Matkins Leck Gamble Mallory & Natsis LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.