News & Analysis as of

Sales of Securities

Holland & Knight LLP

Texas Franchise Taxpayers May Need to Consider Filing Protective Refund Claims

Holland & Knight LLP on

The issue of whether receipts from the sale of securities should be included in the franchise tax apportionment factor on a gross or net basis may be heard by the Texas Supreme Court after all. There are two cases, Citgo...more

King & Spalding

Federal Reserve System Implements TALF 2.0 in Response to Coronavirus Disease 2019 (COVID-19) Crisis

King & Spalding on

On March 23, 2020, the Board of Governors of the Federal Reserve System (the “Board of Governors”) announced the implementation of a new Term Asset-Backed Securities Loan Facility (“TALF 2.0”) in order to provide liquidity...more

Stinson - Corporate & Securities Law Blog

Nasdaq Proposes Trading Halt For Certain Unusual Trading Characteristics

Nasdaq has proposed new Rule 5120 permitting Nasdaq to halt trading in a security and request information from the company regarding the number of unrestricted publicly held shares when Nasdaq observes unusual trading...more

Kramer Levin Naftalis & Frankel LLP

Avoiding Board Observer Liability Under Section 11 of the Securities Act of 1933

Lenders and other constituencies will under certain circumstances request and be granted “board observer” rights pursuant to a loan agreement or other contract. The potential legal liability of board observers under various...more

Cadwalader, Wickersham & Taft LLP

The Same, Only Better: Eighth Circuit Affirms Peabody Chapter 11 Plan Backstopped Rights Offering Despite Alleged Disparate...

On August 9, 2019, in a unanimous decision (written by a former bankruptcy judge), the Eighth Circuit Court of Appeals affirmed the confirmation of the Peabody Energy Chapter 11 plan (“Plan”) with a prominent backstopped...more

Dechert LLP

Research Reports of Certain Covered Investment Funds Now Receive Safe Harbor Protection from Being Deemed Offers or Sales

Dechert LLP on

Pursuant to new Rule 139b (Rule) under the Securities Act of 1933, the publication of a “research report” on “covered investment funds” by an unaffiliated broker-dealer will not be deemed an “offer for sale or offer to sell”...more

Mayer Brown Free Writings + Perspectives

2019 FINRA Priorities Letter

In this year’s priorities letter identifying the areas of focus for FINRA examinations during the year, FINRA notes that it will review online distribution platforms. Specifically, the letter notes that some firms are...more

Skadden, Arps, Slate, Meagher & Flom LLP

Cryptocurrency Litigation Update: Court Allows Government’s Criminal Case Against REcoin Founder to Proceed

On September 11, 2018, Judge Raymond J. Dearie of the U.S. District Court for the Eastern District of New York issued a new decision in U.S. v. Zaslavskiy, No. 1:17-cr-00647-RJD-RER, Dkt. No. 37 (E.D.N.Y. Sept. 11, 2018),...more

Mayer Brown Free Writings + Perspectives

SEC Issues Concept Release on Compensatory Offerings

On July 18, 2018, the Securities and Exchange Commission issued a concept release soliciting public comment on potential ways to modernize compensatory offerings and sales of securities, consistent with investor protection. ...more

Carlton Fields

Chief Compliance Officers Beware

Carlton Fields on

In recent years, financial regulators have increasingly taken enforcement action against chief compliance officers (CCOs) and others in compliance oversight roles, rather than just against their employers....more

Bass, Berry & Sims PLC

Chris Lazarini Comments on Covenant of Good Faith and Fair Dealing

Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which the plaintiff claimed Merrill Lynch acted improperly in selling shares held as collateral for a loan when plaintiff had not defaulted on the loan. The...more

Baker Donelson

Small Business Securities Bulletin: 505 Is Not Alive: SEC Adopts New and Amended Rules Governing Intrastate and Small Offerings

Baker Donelson on

As we have discussed in prior Bulletins, pursuant to Section 5 of the Securities Act of 1933 (Securities Act) and state securities laws, any offer and sale of a security must be registered with the Securities and Exchange...more

Dechert LLP

SEC Issues C&DIs on CEO Pay Ratio Disclosure, Exempt Offerings Under Rule 701 and Sales of Securities Under Rule 144(d)

Dechert LLP on

Item 402(u) of Regulation S-K allows a company to identify its median employee by using annual total compensation or any other compensation measure that is consistently applied (a “CACM”) to all employees included in the...more

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