News & Analysis as of

Securities & Exchange Commission Emerging Growth Companies

The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and... more +
The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and encourage capital formation. The Commission is headed by five presidentially-appointed Commissioners who oversee the Commission’s five divisions: Division of Corporation Finance, Division of Trading and Markets, Division of Enforcement, Division of Investment Management, and the Division of Risk, Strategy and Financial Information.  less -

SEC Staff Guidance on Financial Information in Registration Statements

The Staff of the Division of Corporation Finance recently posted additional guidance regarding the financial information that an EGC may omit from its draft registration statements, as well as guidance for non-EGC issuers. ...more

Not a Token Gesture: Compensating Service Providers with Virtual Property

by Morrison & Foerster LLP on

Questions surrounding the use of virtual currencies and other digital tokens (“tokens”) as compensation came to the forefront last month following formal guidance from the U.S. Securities and Exchange Commission (“SEC”) on...more

Next SEC Advisory Committee Meeting Scheduled

The SEC Advisory Committee on Small and Emerging Companies will hold its next meeting on Wednesday, September 13, 2017 at 9:30 a.m. ET. ...more

Initial coin offerings – something new under the regulatory sun?

by DLA Piper on

FinTech Regulation - In our financial services updates at the beginning of the year (see here), we outlined a few regulatory pointers for FinTech coming out of a speech by the Chair of the Financial Stability Board (FSB)....more

Changes From the SEC: Confidentiality is Key

In a recent effort to foster increased public offering activity, the U.S. Securities and Exchange Commission (SEC) announced on June 29, 2017 that it will permit all companies to submit voluntary draft registration statements...more

SEC Issues Guidance on Initial Coin Offerings

by Cozen O'Connor on

On July 25, 2017, the Securities and Exchange Commission (SEC) Division of Enforcement issued an investigative report on a hot new fundraising phenomenon being used by emerging companies, venture capital funds, and hedge...more

Howey Got Here: SEC Issues Guidance on Token Offerings

by Morrison & Foerster LLP on

The Howey test lives on—now in a lesson in what not to do when it comes to token offerings. Token offerings, also known as “initial token offerings,” “token launches,” “token sales,” “initial coin offerings,” or “ICOs,”...more

The SEC (Sort of) Extends EGC Benefits to All Issuers

by White & Case LLP on

On June 29, 2017, the Securities and Exchange Commission ("SEC") extended to all issuers some of the benefits that Congress granted to emerging growth companies ("EGCs") in 2012 under the Jumpstart Our Business Startups Act...more

Mid-Year IPO Trends - July 2017

Practical Law Company recently reviewed trends in the U.S. IPO market for the first half of 2017. In the first five months of 2017, 46 IPO issuers identified themselves as emerging growth companies (EGCs). Under the JOBS...more

SEC Commences Expanded Nonpublic Review of Registration Statements

by Dechert LLP on

The U.S. Securities and Exchange Commission recently announced1 an expansion of nonpublic review of draft registration statements for initial public offerings, initial registrations of classes of securities under Section...more

SEC Allows Non-EGCs to Submit Certain Draft Registration Statements for Confidential Review

by Baker Donelson on

Effective July 10, 2017, the Securities and Exchange Commission's Division of Corporation Finance began accepting draft registration statement (DRS) submissions from issuers filing registration statements in connection with...more

SEC to Allow Issuers to File Draft Initial Registration Statements on a Nonpublic Basis

On June 29, 2017, the Securities and Exchange Commission (“SEC“) announced that it would begin to allow issuers to file draft initial registration statements under the Securities Act of 1933 (the “Securities Act“) on a...more

SEC Expands Confidential Review Process for Draft Registration Statements

by Cozen O'Connor on

On June 29, 2017, the Securities and Exchange Commission (SEC) announced that, beginning July 10, 2017, the SEC Division of Corporation Finance will permit all issuers to confidentially submit draft registration statements...more

SEC Extends to Non-EGCs Process For Nonpublic Review of Registration Statements

by Hogan Lovells on

On June 29, the SEC announced that its Division of Corporation Finance will allow all companies to submit for nonpublic review draft registration statements relating to initial public offerings and other specified...more

SEC Staff Expands Confidential Review Procedures for Registration Statements under the Securities Act and Exchange Act

by K&L Gates LLP on

On June 29, 2017, the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC Staff”) issued an announcement (the “Announcement”) expanding its confidential review process in several areas,...more

SEC Expands Use of Confidential Submissions of Draft Registration Statements

by Foley & Lardner LLP on

The U.S. Securities and Exchange Commission (SEC) recently announced that, beginning on July 10, 2017, the Division of Corporation Finance (the Division) will permit all companies to submit draft registration statements, on a...more

Corporate and Financial Weekly Digest - Volume XII, Issue 26

SEC/CORPORATE - SEC Expands Nonpublic Review of Draft Registration Statements - On June 29, the Division of Corporation Finance (Division) of the Securities and Exchange Commission announced that, beginning on July 10,...more

SEC Allows All Companies to Submit Confidential Initial Registration Statements

On June 29, 2017, the SEC announced that starting on July 10, 2017 all companies can take advantage of confidential SEC review of certain registration statements submitted in connection with an IPO. Confidential SEC review...more

Raising Capital from Individual Investors Using Regulation A+

by Varnum LLP on

Raising capital is essential to startups, and a new option to fundraising allows you to raise money from individual investors through the Securities and Exchange Commission's (SEC) Regulation A+. We'll explore the different...more

SEC Confidential Submission Procedures Expanded Beyond Emerging Growth Company Issuers Beginning July 10, 2017

Last week, the Staff of the Securities and Exchange Commission (SEC) announced that, beginning on July 10, 2017, the SEC will accept voluntary draft registration submissions from all issuers for nonpublic review. This...more

SEC Expands Confidential Submission Process to All IPOs

by Bracewell LLP on

The Staff of the Division of Corporation Finance of the Securities and Exchange Commission announced that it will permit all companies to submit draft registration statements relating to initial public offerings (IPOs) for...more

SEC to Review Draft Registration Statements on a Nonpublic Basis

by Smith Anderson on

Effective July 10, 2017, the U.S. Securities and Exchange Commission will review draft registration statements for initial public offerings and follow-on offerings within the first year of initial registration on a nonpublic...more

All Issuers Eligible to Confidentially Submit Draft IPO Registration Statements

by Dorsey & Whitney LLP on

One of the more utilized provisions of the Jumpstart Our Business Startups Act (JOBS Act) has been the confidential submission of IPO registration statements by Emerging Growth Companies (EGCs) to the Securities and Exchange...more

SEC Expands Popular JOBS Act Benefit to All Companies Filing Registration Statements

by Ballard Spahr LLP on

Starting July 10, 2017, all companies filing certain registration statements may take advantage of a popular benefit currently allowed only to Emerging Growth Companies (EGCs) under the Jumpstart Our Business Startups (JOBS)...more

SEC to Permit All Issuers to Submit Confidential Draft Registration Statements

The U.S. Securities and Exchange Commission (SEC) announced on June 29, 2017, that the staff (staff) of the Division of Corporation Finance will accept draft registration statement submissions from all companies for nonpublic...more

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