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Exemptions Capital Markets

Foley Hoag LLP

SEC Updates “Qualifying Venture Capital Fund” Threshold for Section 3(c)(1) Exemption Under the Investment Company Act

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The two most common exemptions from registration under the Investment Company Act of 1940 (the “Act”) utilized by private funds are under Section 3(c)(7) and Section 3(c)(1). Funds that do not qualify for an exemption under...more

Stikeman Elliott LLP

OSC Announces New Exemptions to Support Capital Raising for Early-Stage Ontario Businesses

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On May 9, 2024, the Ontario Securities Commission (“OSC”) announced three new exemptions designed to support capital raising for early-stage businesses in Ontario through the OSC TestLab program. The initiatives include the...more

Stikeman Elliott LLP

CSA Announce Temporary SEDAR+ Filing Exemption for Foreign Issuer Private Placements

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On July 20, 2023, the Canadian Securities Administrators (“CSA”) announced a  temporary exemption (the “Exemption”) from the requirements to transmit a Form 45-106F1 Report of Exempt Distribution (“Report of Exempt...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

Stikeman Elliott LLP

Regulators Issue Temporary Exemptions from the OEO Trailer Ban

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The Ontario Securities Commission (OSC) recently announced a temporary exemption from the order execution only (OEO) trailer ban in order to facilitate client transfers and rebates of trailing commissions. Other Canadian...more

Dechert LLP

CFTC Adopts New Federal Position Limits and Amendments

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The Commodity Futures Trading Commission, by a 3-2 vote on October 15, 2020, adopted amendments to Part 150 of the CFTC Regulations (Amendments). Part 150 currently imposes federal speculative position limits on nine futures...more

Troutman Pepper

SEC Proposes Finders Exemption

Troutman Pepper on

At the October 7, 2020 open meeting of the Securities and Exchange Commission (SEC), Chairman Jay Clayton announced that the Staff of the Commission proposed to grant exemptive relief, permitting natural persons to engage in...more

Latham & Watkins LLP

The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - 2019 Edition

Latham & Watkins LLP on

Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more

Jones Day

SEC Explores Ways to Simplify, Harmonize, and Improve the Framework For Exempt Offerings

Jones Day on

The Situation: In recent years, the overall framework for exempt offerings has shifted as new exemptions from the registration requirements of the Securities Act of 1933 ("Securities Act") have been introduced and existing...more

Dechert LLP

International Capital Markets Newsletter Issue 1 – Spring 2019: Prospectus Regulation: What Changes on 21 July 2019?

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On 20 July 2017, the EU Prospectus Regulation (the “Prospectus Regulation”) entered into force. The Prospectus Regulation was created as part of a group of proposals identified in the European Commission’s Capital Markets...more

Ballard Spahr LLP

SEC Adopts Final Rule Expanding Regulation A Exemption to Exchange Act Reporting Companies

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The Securities and Exchange Commission (SEC) last week adopted a final rule amending Regulation A to broaden eligibility for its exemption from full SEC registration. ...more

Morgan Lewis

SEC Division of Corporation Finance Issues New Cross-Border Exemptions Guidance

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The US Securities and Exchange Commission’s Division of Corporation Finance has issued new cross-border exemptions guidance that replaces and updates its 2001 Telephone Interpretations through a set of 27 Compliance and...more

Farrell Fritz, P.C.

Gig Stock: Extension of Rule 701 Exemption for Compensatory Equity Proposed for Gig Economy Participants

Farrell Fritz, P.C. on

Private companies in the gig economy like Uber, Airbnb and GrubHub would love to issue compensatory equity to their platform participants, just like they’re able to do with their employees. ...more

Latham & Watkins LLP

The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States

Latham & Watkins LLP on

Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more

Stinson - Corporate & Securities Law Blog

U.S. House of Representatives Acts to Create New Category of Exempt Transaction Under the Securities Act of 1933

On November 9, 2017, the U.S. House of Representatives passed the Micro Offering Safe Harbor Act. The vote was largely along party lines, with Rep. Walter Jones from North Carolina’s third district casting the lone...more

Dechert LLP

Update on the New Prospectus Regime

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As part of its Capital Markets Union action plan, in June 2017 the EU adopted the new Prospectus Regulation (2017/1129), which overhauls the prospectus regime and is intended to improve accessibility to capital markets for...more

Skadden, Arps, Slate, Meagher & Flom LLP

Financial CHOICE Act Aims to Open Capital Markets and Reduce Regulatory Burdens

On June 8, 2017, the House of Representatives passed, by a 233-186 party-line vote (with all Democrats and one Republican voting against), the Financial CHOICE Act of 2017, a bill principally designed to reverse many features...more

Stinson - Corporate & Securities Law Blog

Three Bills Introduced in the U.S. House of Representatives Concerning Access to Capital Markets

On March 23, 2016, three bills affecting access to capital markets were introduced in the U.S. House of Representatives. H.R. 4850: Micro Offering Safe Harbor - Representative Tom Emmer of Minnesota introduced this...more

Blake, Cassels & Graydon LLP

Draft Derivatives Laws Issued for the Canadian Cooperative System Harmonize Divergent Provincial Approaches

Draft derivatives regulations and a revised draft of the uniform Capital Markets Act (CMA) were issued in August 2015 as part of the process to implement the new Cooperative Capital Market Regulatory System (Cooperative...more

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