In Case You Missed It - Interesting Items for Corporate Counsel - June 2018

Stoel Rives LLP
Contact
LinkedIn
Facebook
X
Send
Embed

Stoel Rives LLP

  1. Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act, the acronym for which doesn’t spell anything pithy, late last month. The EGRRCPA (ugh!), here, pulls back regulations implemented by the Dodd-Frank Act and does a few other modest things. Law firm memos describing the EGRRCPA generally and the likely effect of specific provisions abound.
  • General summaries are here, here, and here.
  • A description of the likely prod to bank M&A activity that should result from raising from $50 billion to $250 billion the quantitative definition of “systemically important financial institutions,” which are subject to enhanced regulation, is here.
  • A description of the provisions that allow public companies to use Regulation A+ to raise money, and why that’s probably unimportant because public registration on Form S-3 is an even easier way to raise money – sort of the whole point of being public, actually – is here.
  • The EGRRCPA also includes a provision that directs the SEC to increase from $5 million to $10 million (and inflation adjust) the Rule 701 threshold at which a company must provide enhanced disclosures to employees. Analysis is here.
  1. Irrespective of our skepticism about the usefulness of Regulation A+, a recent study, available here, suggests it may actually be helping companies to raise money. Huh.
  2. The SEC hasn’t engaged in much substantive rule-making in the last, say, 509 days. It has, though, taken care of a few housekeeping items, including replacing earlier “telephone interpretations” with CDIs. 45 new CDIs related to proxy rules are posted here, and an analysis of interpretations that were substantively changed in the conversion from telephone interpretations to CDIs is here.
  3. Notwithstanding what we just said about SEC inaction, the SEC, along with the Treasury Department, the Federal Reserve, the FDIC and the CFTC, recently proposed amendments (here) “to simplify and tailor” the Volcker Rule, which prohibits insured banks from proprietary trading and investing in hedge funds and private equity funds, “to increase efficiency, reduce excess demands on available compliance capacities at banking entities, and allow banking entities to more efficiently provide services to clients.” A summary of the proposed rule is here.
  4. Although the 2018 proxy season is largely in the rearview mirror, note that Institutional Shareholder Services has updated its FAQs for U.S. Proxy voting policies and procedures, here, including updates on how to engage with ISS and updates on a handful of substantive issues. A summary is here.
  5. Finally, if you are still sitting on the cryptocurrency/ICO sidelines, missing out on can’t-lose investment opportunities, check out the website here, like, immediately! Act now to invest in Howeycoins! (Honestly, working on the site must have been the best staff assignment at the SEC ever. The SEC’s press release about the site is here.)
Send Print Report

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Stoel Rives LLP | Attorney Advertising

Written by:

Stoel Rives LLP
Stoel Rives LLP
Contact
more
less

Stoel Rives LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign Up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide