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Stock Float

BCLP

FCA Primary Market Effectiveness Review

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Following on from the FCA’s consultation on the effectiveness of the Primary Market, the FCA has published final rules on, amongst other things, free float and minimum market capitalisation, which come into force on 3...more

Mayer Brown Free Writings + Perspectives

Public Float Test Date for Determining Large Accelerated, Accelerated and Small Reporting Company Filer Status

A number of public companies have experienced dramatic fluctuations in their stock price, trading volume and market capitalization as a result of the recent market downturn triggered by the COVID-19 pandemic....more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: New UK IPO Rules Encourage Independent Research, Address Perceived Conflicts of Interest

In July 2018, changes came into effect to improve the range, quality and timeliness of information available to the market and to remedy certain perceived conflicts of interest during the U.K. initial public offering (IPO)...more

Harris Beach PLLC

Easing the Burden: SEC Amendments Extend Smaller Reporting Company Status to More Businesses

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The Securities and Exchange Commission (SEC) recently approved amendments to the definition of “smaller reporting company” (SRC), which will allow more businesses to take advantage of scaled disclosure requirements in their...more

Bass, Berry & Sims PLC

SEC Comment about “Affiliate” Stockholder in Public Float Calculation

Bass, Berry & Sims PLC on

In monitoring SEC comment letters, we came across this SEC comment letter made public this month. It serves as a reminder to registrants that, when calculating a company’s public float, there is an informal presumption that a...more

Mintz

Energy & Sustainability Connections Newsletter - July 2017

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A Note from the Editors - Energy & Sustainability Connections brings the latest developments in energy investing, legal insights, company activity, and industry events straight to your inbox. This month’s Leader in the...more

Mintz - Energy & Sustainability Viewpoints

U.S. Public Companies: Calculating Your Public Float – What You Need to Know

If you are a year-end U.S. public company, your second fiscal quarter has recently come to an end, which means that it’s time to calculate your public float to see if your reporting status has changed. Here are a few things...more

Dorsey & Whitney LLP

SEC Clarifies Baby Shelf Rules

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The Securities and Exchange Commission (“SEC”) recently issued a new compliance and disclosure interpretation (the “New C&DI”) in Question 116.25 regarding the availability of Form S-3 for the registration and sale of shares...more

King & Spalding

First Circuit Dismisses Claim That Fidelity Violated Its Fiduciary Duties By Retaining Float

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In July, the Court of Appeals for the First Circuit rejected a claim that Fidelity breached its fiduciary duties by retaining “float” earned while Fidelity was handling 401(k) plan distributions. (Float is interest earned in...more

Cozen O'Connor

SEC Proposes Changing Smaller Reporting Company Definition and Streamlining Disclosure Requirements

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The Securities and Exchange Commission (SEC) recently released two separate proposals, one that aims to expand “smaller reporting company” eligibility and another that is designed to streamline disclosure requirements....more

Proskauer Rose LLP

ERISA Litigation Newsletter - July 2016

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Editor's Overview - This month we take a look at the plaintiffs' past successes in fee litigations, and the influx of such lawsuits seeking to impose heightened fiduciary standards for 401(k) plans. Regardless of the...more

Proskauer - Employee Benefits & Executive...

Fidelity Prevails In ERISA Float Litigation

The First Circuit joined the Eighth Circuit in finding that Fidelity’s practice of earning overnight “float” interest on the cash paid out to 401(k) participants redeeming shares in mutual funds did not violate ERISA’s duty...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 26

SEC/CORPORATE – SEC Division of Corporation Finance Issues C&DIs on Application of Rule 701 – On June 23, the Staff of the Division of Corporation Finance (Staff) of the Securities and Exchange Commission...more

McDermott Will & Emery

SEC Proposes New Rules That Would Make Available Scaled Disclosure to More Companies

In Depth - On June 27, 2016, the Securities and Exchange Commission (SEC) proposed amendments to its rules and regulations that would expand the number of companies that qualify as “smaller reporting companies” by...more

Akin Gump Strauss Hauer & Feld LLP

SEC Proposes Changes to Smaller Reporting Company Definition

On June 27, 2016, the SEC Staff proposed changes to the definition of “smaller reporting company” to expand the number of registrants that would qualify as smaller reporting companies (SRC). The term “smaller reporting...more

Goodwin

Federal District Court Dismisses Class Action Litigation Concerning 401(k) Provider’s Float Practices

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In In re Fidelity ERISA Float Litigation, Case No. 13-10222 (D. Mass. Mar. 11, 2015), the district court rejected an ERISA challenge to a 401(k) plan service provider’s float practices. ...more

Proskauer - Employee Benefits & Executive...

U.S. District Court Rules that Float Income Earned by Fidelity Is Not a Plan Asset

Four class actions were consolidated in the U.S. District Court for the District of Massachusetts challenging whether float income earned on monies pending a transaction was a “plan asset.” In re Fidelity ERISA Float Income,...more

Skadden, Arps, Slate, Meagher & Flom LLP

"FCA Listing Rule Changes Applicable to Premium Listed Companies"

On 2 October 2012, the Financial Conduct Authority (FCA) published a wide-ranging consultation paper (CP12/25) on the effectiveness of the listing regime which proposed a number of changes to the Listing Rules, including in...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Enhancing the Effectiveness of the Listing Regime: FCA Consultation Paper CP 13/15"

Introduction - On 2 October 2012, the Financial Conduct Authority (FCA) published a wide-ranging consultation paper (CP 12/25) on the effectiveness of the listing regime which proposed a number of changes to the...more

Katten Muchin Rosenman LLP

District Court Finds that Securities Exchange Act Covers Stock "Float" Manipulation

In a self-described “precedent-setting” order, the US District Court for the Eastern District of Pennsylvania recently found that the Securities Exchange Act of 1934 (Exchange Act) can apply to a scheme aimed at gaining...more

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