News & Analysis as of

Safe Harbors Exemptions

Faegre Drinker Biddle & Reath LLP

Texas District Court Rejects “Influence Liability” Workaround to FCC Exemption for Research and Surveys

A recent decision from the U.S. District Court for the Northern District of Texas reaffirms the FCC’s interpretation that calls and text messages regarding consumer surveys and other market research do not qualify as...more

Morrison & Foerster LLP

First Draft of German Implementation of Global Minimum Taxation Published

The German Federal Ministry of Finance circulated a first discussion draft of the implementation of the OECD-Guidelines for global minimum taxation, after the European Union therefore had published a Directive (Directive (EU)...more

Whitman Legal Solutions, LLC

Selling Real Estate Securities: The “Issuer Exemption” from Broker-Dealer Licensing

When companies sell their own securities, their executives and employees must be careful not to run afoul of the Securities Exchange Act of 1934 (Exchange Act) and broker-dealer licensing requirements. These challenges are...more

Pillsbury Winthrop Shaw Pittman LLP

U.S. Capital Markets Regulations Affecting U.S. Companies - August 2022

Capital markets in the United States provide an unparalleled source of investment capital, measured in trillions of dollars. U.S. markets and rules allow companies to raise funds on an expedited and economically efficient...more

Latham & Watkins LLP

Vertical Block Exemption Regulation and Guidelines

Latham & Watkins LLP on

On 10 May 2022, the European Commission (EC) adopted the new Vertical Block Exemption Regulation (VBER), accompanied by the new Guidelines on Vertical Restraints (Vertical Guidelines). The new rules are the result of a...more

WilmerHale

European Commission adopts new Vertical Block Exemption Regulation

WilmerHale on

On May 10, 2022, the European Commission adopted the final text of the new Vertical Block Exemption Regulation (VBER) accompanied by the new Guidelines on Vertical Restraints (the VGL), which provide detail on interpretation...more

White & Case LLP

European Commission issues proposed guidance on information exchange in dual distribution relationships

White & Case LLP on

As part of its review of the EU antitrust rules governing vertical agreements, the European Commission (EC) has published for consultation a draft new section of its Vertical Guidelines, which contains proposed guidance on...more

Latham & Watkins LLP

EU Automotive Rules Under Review: Results of the Public Consultation

Latham & Watkins LLP on

The European Commission (EC) has published the results of its public consultation on the review of the Motor Vehicle Block Exemption Regulation (MVBER). Key Points: ..The automotive sector is under surveillance as it has...more

ArentFox Schiff

Impacts of Stimulus Legislation on the Bankruptcy Code: Debtor Eligibility and Preference Exceptions

ArentFox Schiff on

The recently-passed Consolidated Appropriations Act, 2021 (the “CAA”) augments the CARES Act by expanding the existing Paycheck Protection Program (“PPP”) and adding additional stimulus programs in an attempt to lay some...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Adopts Amendments To Exempt Offering Framework

The Securities and Exchange Commission (SEC) recently adopted final rules that significantly revise the exempt offering framework, expanding access to capital markets for both issuers and investors. Key changes include the...more

Akin Gump Strauss Hauer & Feld LLP

CFTC Expands Availability of 3.10(c)(3) Registration Exemption for Non-US Commodity Pool Operators and Commodity Trading Advisors

Commodity Futures Trading Commission (CFTC) Regulation 3.10(c)(3) currently provides an exemption from registration for non-U.S. commodity pool operators (CPOs) and commodity trading advisors (CTAs), if they solely operate...more

Cozen O'Connor

SEC Votes to Harmonize and Improve “Patchwork” Exempt Offering Framework

Cozen O'Connor on

On November 2, 2020, the U.S. Securities and Exchange Commission (the SEC), by a 3 – 2 vote, amended certain rules under the Securities Act of 1933 (the Securities Act) in order to harmonize, simplify, and modernize the...more

Mayer Brown Free Writings + Perspectives

Exempt Offering Framework Amendments

On November 2, 2020, the U.S. Securities and Exchange Commission (SEC) voted to adopt amendments proposed in March 2020 that harmonize and modernize the exempt offering framework (referred to as the Amendments). As with...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Adopts Proxy Rule Amendments Relating to Proxy Voting Advice Businesses

On July 22, 2020, the U.S. Securities and Exchange Commission (SEC), by a 3-1 vote, adopted amendments to the federal proxy rules relating to proxy voting advice businesses (proxy advisors). The amendments categorize the...more

FordHarrison

Payroll Protection Program Update : Documenting Compliance with Agency Requirements and Guidance to Qualify for the Business...

FordHarrison on

The CARES Act created the Paycheck Protection Program (“PPP”), which amended the Small Business Act (“SBA”) to provide short term loans to companies with fewer than 500 employees and other companies (such as those in the...more

Akin Gump Strauss Hauer & Feld LLP

SEC Proposes Changes to Rules Governing Integration of Exempt Offerings and General Solicitation

On March 4, 2020, the Securities and Exchange Commission (SEC) published a release entitled “Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets” (the...more

Eversheds Sutherland (US) LLP

On track with the SEC - staff proposes rules on streamlining private exemptions

On March 4, 2020, the Securities and Exchange Commission (the SEC) issued a proposed rule (the “Proposed Rule”) on ways to “simplify, harmonize, and improve certain aspects of the exempt offering framework to promote capital...more

Burns & Levinson LLP

Raising Capital: Overview of Exemptions to Registration of Securities in Private Placements

Burns & Levinson LLP on

These are uncertain times. Even before the world-wide COVID-19 pandemic, companies seeking to raise capital in the cannabis industry were facing challenges. However, some experts and insiders I’m hearing from are bullishly...more

Skadden, Arps, Slate, Meagher & Flom LLP

Exempt Offerings Move Towards Expanding Capital Access and Investment Opportunities

On March 4, 2020, the Securities and Exchange Commission (SEC) announced proposed amendments to the exempt offering framework. The proposals target harmonization, simplification and improvement of the existing rules and...more

Cozen O'Connor

SEC Proposes to Expand Private Offerings

Cozen O'Connor on

On March 4, 2020, the Securities and Exchange Commission (SEC) proposed broad changes to the current private offering framework. Recognizing the growing market for private investments, this is the latest in a series of recent...more

Mayer Brown Free Writings + Perspectives

SEC Proposes Rule Changes to Exempt Offering Framework

On March 4, 2020, the Securities and Exchange Commission (“SEC”) proposed amendments to the current framework of registration exemptions and safe harbors. ...more

Cooley LLP

Blog: SEC posts proposal to harmonize private securities offering exemptions

Cooley LLP on

As seems to be common practice these days, the SEC cancelled its open meeting scheduled for yesterday morning and instead went ahead and posted its proposal to amend the rules to harmonize and simplify the framework for...more

Burr & Forman

Proposed SEC Rule 195 Token Incubation Safe-Harbor

Burr & Forman on

SEC Commissioner Hester Peirce earlier this month proposed a draft SEC Rule 195 as a safe-harbor for developmental token offerings, providing a registration exemption for three-years to allow the token’s network to achieve...more

Goodwin

SEC Commissioner Peirce Proposes Safe Harbor for Blockchain Developers

Goodwin on

Speaking at the International Blockchain Congress in Chicago on February 6, 2020, SEC Commissioner Hester Peirce proposed a safe harbor from U.S. securities laws so that developers of blockchain protocols could offer and sell...more

Seyfarth Shaw LLP

SEC Commissioner Peirce Proposes Three Year “Safe Harbor” For Tokens

Seyfarth Shaw LLP on

Seyfarth Synopsis: On Thursday, February 6, 2020, SEC Commissioner Hester Peirce proposed rules which, if certain conditions are met, would, for three years, exempt (1) the offer and sale of tokens from most provisions of the...more

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