News & Analysis as of

New Guidance Securities and Exchange Commission (SEC) Capital Raising

Kohrman Jackson & Krantz LLP

SEC’s New Guidance on General Solicitation Eases Accredited Investor Verification for Private Funds

Last month, the SEC issued a No Action Letter interpreting Rule 506(c) that effectively provides a streamlined path for private fund sponsors to conduct an exempt general solicitation offering pursuant to Regulation D of the...more

Farrell Fritz, P.C.

(Minimum Investment) Size Matters, When it Comes to Rule 506(c) Verification

Farrell Fritz, P.C. on

Before 2013, issuers were prohibited from using any means of general solicitation or advertising when raising capital in the private markets.  The prohibition was perceived by many to be the single biggest impediment to...more

Ropes & Gray LLP

New SEC Staff Guidance Allows Effectiveness of Non-Automatically Effective Form S-3s before Filing of Proxy Statement

Ropes & Gray LLP on

Form S-3 registration statements filed by issuers who are not well-known seasoned issuers may now be declared effective before the filing of the proxy statement containing Part III information that was properly omitted from...more

Latham & Watkins LLP

Latham Letter Begins New Era for Private Capital Fundraising

Latham & Watkins LLP on

Interpretive guidance unlocks general solicitation in Regulation D offerings with user-friendly, bright-line approach. On March 12, 2025, Latham & Watkins obtained SEC Staff guidance on the use of general solicitation in...more

King & Spalding

SPAC Sweeps: FINRA Releases Guidance After Announcing Its Latest Series of Targeted Exams

King & Spalding on

After a period of astounding growth in the special purpose acquisition company (SPAC) market, FINRA recently joined the SEC in announcing further scrutiny of broker-dealers and their affiliates involved in SPAC offerings,...more

WilmerHale

SEC Chair Issues Statement on Investor Protection Related to Developments in China

WilmerHale on

On Friday, SEC Chair Gary Gensler issued a statement concerning investor protection related to recent developments in China. The statement summarizes risks to US investors as a result of recent government-led developments in...more

Sullivan & Worcester

SEC Publishes Sample Comments re: Stock Price Volatility

Sullivan & Worcester on

The SEC’s Division of Corporation Finance published an "illustrative letter" with sample comments that it may issue to companies seeking to raise capital in securities offerings amid market and price volatility. These will...more

Snell & Wilmer

Annual Reporting Considerations

Snell & Wilmer on

COVID-19 Considerations. Following the onset of the COVID-19 pandemic, the SEC has twice issued guidance for public companies addressing disclosure considerations in light of COVID-19.1 This guidance remains useful as...more

Perkins Coie

Blockchain Week in Review - July 2019

Perkins Coie on

U.S. Developments - Regulatory Developments - SEC and FINRA Issue Joint Statement on Digital Asset Custody Issues - On July 8, 2019, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Issues Guidance on Regulation of Initial Coin Offerings

Over the last 12 months, a growing number of start-ups, primarily those offering blockchain-based services, have raised capital utilizing so-called initial coin offerings or token sales (collectively referred to herein as...more

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