There was a significant increase in the number of completed initial public offerings (“IPOs”) in 2017 compared to 2016 and 2015. However, the number of completed IPOs was still down compared to 2014, which saw the highest…
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/ Business Organizations, Securities Law
We had previously reported on a Securities and Exchange Commission open meeting that had been scheduled for today, Febuary 21, 2018. The open meeting was cancelled…
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/ Consumer Protection, Finance & Banking, Privacy, Science, Computers, & Technology, Securities Law
In a speech given early in the week at Stanford University’s Rock Center for Corporate Governance, titled, “Mutualism: Reimagining the Role of Shareholders in Modern Corporate Governance,” Commissioner Stein addressed a broad…
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/ Business Organizations, Securities Law
A bill, H.R. 3978, that includes various disparate measures passed in the House of Representatives by a vote of 271 to 145. Among the measures included in H.R. 3978 are the Fostering Innovation Act of 2017, about which we have…
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/ Business Organizations, Finance & Banking, Securities Law
On February 14, 2018, the Securities and Exchange Commission announced that it will hold an open meeting on February 21st at 10 a.m. to consider various matters, including whether to approve the issuance of an interpretive…
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/ Business Organizations, Consumer Protection, Privacy, Science, Computers, & Technology, Securities Law
Real estate investment trusts (“REITs”) are endlessly inventive. They were first developed in the 1960s as a means for ordinary retail investors to hold interests in real estate. The REIT market has waxed and waned over the…
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/ Business Organizations, Commercial Law & Contracts, Real Estate - Commercial, Real Estate - Residential, Taxation
In late January 2018, MSCI reopened a consultation with the investment community on the treatment of unequal voting structures. Under the MSCI’s proposal, the weights of shares with unequal voting rights in the MSCI Equity…
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/ Business Organizations, Elections & Politics, Securities Law
On February 12, 2018, in no-action relief granted to a mortgage REIT, the Staff of the SEC acknowledged that the real estate finance business has evolved substantially since the enactment of the Investment Company Act, with the…
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/ Finance & Banking, Real Estate - Commercial, Real Estate - Residential, Securities Law
In the recently released Congressional Budget Justification, the Securities and Exchange Commission highlights a number of priorities. In discussing the Division of Corporation Finance’s activities, the request notes that the…
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/ Business Organizations, Finance & Banking, Securities Law
Below, a continuation of our bibliography of thought-provoking articles on issues related to right-sizing regulation, staying private versus going public, and related topics..…
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/ Business Organizations, Finance & Banking, Securities Law
Bill Hinman, Director of the Securities and Exchange Commission’s Division of Corporation Finance delivered the keynote address at the Practising Law Institute’s annual Securities Regulation in Europe program. During his…
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/ Business Organizations, Finance & Banking, Securities Law
On January 18, 2018, the Small Business Credit Availability Act was introduced in the U.S. Senate and referred to the Committee on Banking, Housing, and Urban Affairs. The Act would amend the Investment Company Act of 1940 to…
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/ Business Organizations, Finance & Banking, Securities Law
PIPE transactions have provided a useful capital-raising alternative when the public markets are inhospitable. A PIPE transaction also has become the financing of choice when it comes time to raise capital to finance an…
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/ Business Organizations, Finance & Banking
As we have previously discussed on our blog, the securities exchanges impose shareholder vote requirements in connection with certain financing transactions. These rules are often referred to as the “20% Rule,” since, for…
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/ Business Organizations, Finance & Banking, Securities Law
On February 2, 2018, the SEC approved on an accelerated basis the NYSE’s proposal, as modified by Amendment No. 3, to change its listing qualifications to facilitate listings for certain non-IPO offerings. Section 102.01B of…
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/ Business Organizations, Finance & Banking, Securities Law
