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Financial Services Weekly News - March 2018 #2

by Goodwin on

Editor's Note - Judge Rules for Defendants in Mutual Fund Excessive Fee Lawsuit. On March 9, the U.S. District Court for the Southern District of Ohio entered summary judgment for defendants in an action brought under...more

Hong Kong Offers New Capital Markets Opportunity for Life Sciences and Healthcare Companies

by Dorsey & Whitney LLP on

Historically, the US, and, in particular, the NASDAQ market, has been the predominant place for IPOs of life sciences and healthcare companies. However, 2018 may be the year in which things start to change....more

SEC Levies $18 Million Fine On NYSE And Affiliated Exchanges For Alleged Securities Act And Exchange Act Violations

by Shearman & Sterling LLP on

On March 6, 2018, the United States Securities and Exchange Commission (“SEC”) instituted a settled administrative proceeding against the New York Stock Exchange (“NYSE”), and affiliated national exchanges NYSE American LLC...more

Reminders for Annual Meeting Proxy Materials

When finalizing proxy materials for upcoming annual shareholder meetings, we recommend that public companies consider the following requirements under the Securities and Exchange Commission (SEC) rules and stock exchange...more

Bridging the Weeks - March 2018

A US federal court, the US Department of Treasury and the Securities and Exchange Commission all issued views on the regulation of cryptocurrencies that portend increasing complexity for market participants. A defendant in a...more

NYSE Eliminates Proxy Statement Paper Filing Requirement for Proxy Materials

by Goodwin on

The Securities and Exchange Commission has approved a New York Stock Exchange proposal to eliminate the requirement to send hard copies of proxy materials to the NYSE if the proxy materials are available on the SEC’s EDGAR...more

SEC Sanctions NYSE, American and Arca Exchanges

by Dorsey & Whitney LLP on

The Commission brought its first action based on Regulation SCI regarding business continuity as part of a proceeding naming the New York Stock Exchange, NYSE American and NYSE Arca, Inc. as Respondents. The proceeding is the...more

Blog: SEC Approves Amendments To NYSE Manual Largely Eliminating Requirement To Deliver To NYSE Hard Copies Of Proxy Materials

by Cooley LLP on

On March 1, the SEC approved the NYSE’s proposal to largely eliminate the requirement to provide hard copies of proxy materials to the NYSE. Prior to approval of the amendment, listed companies were required to provide hard...more

Governance & Securities Law Focus: Latin America Edition - March 2018

by Shearman & Sterling LLP on

This newsletter provides a snapshot of the principal U.S. and selected international governance and securities law developments during the fourth quarter of 2017 that may be of interest to Latin American corporations and...more

Renren Halts Initial Coin Offering Following Pressure from Chinese Regulatory Body

Renren Inc. (NYSE ticker RENN), a Beijing-based social network company, saw rapid growth in its stock price following the release of a whitepaper (in Chinese) and publicity over its intention to engage in an Initial Coin...more

Spotify Is Bypassing a Traditional IPO in Favor of Direct Listing. Should Other Companies Follow Its Lead?

by White and Williams LLP on

First Spotify changed the music industry. Now it might change the way we think about public offerings. On Wednesday, February 28, 2018, Spotify filed its prospectus to go public through a direct listing on the New York...more

SEC Approves NYSE Rule Modifying Requirements for Physical Delivery of Proxy Materials

Just as proxy season gets into full swing, the SEC has helpfully approved a modification to the NYSE’s rules regarding physical delivery of proxy material to the Exchange. ...more

Blog: It Takes A Unicorn? SEC Approves NYSE Rule Change To Facilitate Direct Listings

by Cooley LLP on

The chatter has it that some unicorns are considering skipping the standard underwritten IPO in favor of a “direct listing.” Essentially, this process involves a registered sale by selling shareholders directly into the...more

SEC Approves NYSE Rule Changes on Listing Without an IPO

The Securities and Exchange Commission (SEC) has approved a proposal by the New York Stock Exchange (NYSE) to facilitate listing on the NYSE without a prior underwritten public offering. Section 102.01B of the NYSE Listed...more

SEC Approves NYSE Non-IPO Listing Amendments

by Goodwin on

On February 2, 2018, the Securities and Exchange Commission (SEC) approved amendments to the listing standards of the New York Stock Exchange (NYSE) that will permit companies to seek a direct listing of their common equity...more

Corporate and Financial Weekly Digest, Featuring Topics on SEC/Corporate, Broker-Dealer, Derivatives and UK/EU Developments

SEC/CORPORATE - SEC Approves NYSE Rule to Facilitate Listing Without an IPO - On February 2, the Securities and Exchange Commissions approved a New York Stock Exchange (NYSE) rule change that facilitates the listing...more

Capital Markets Alert: SEC Approves NYSE Rules to Facilitate Direct Listings

On February 2, 2018, the SEC approved the New York Stock Exchange’s proposal to permit qualifying private companies to use “direct listings” to list their shares on the NYSE and become publicly traded without conducting an...more

It’s Back (Again): SEC Approves on Accelerated Basis NYSE Proposal Allowing Listing for Certain Non-IPO Offerings

On February 2, 2018, the SEC approved on an accelerated basis the NYSE’s proposal, as modified by Amendment No. 3, to change its listing qualifications to facilitate listings for certain non-IPO offerings. Section 102.01B of...more

SEC Approves NYSE Rule Change to Facilitate Listing Without an IPO

The SEC has approved a rule change to the NYSE listing standards to facilitate the listing of an issuer without conduction an IPO. According to the NYSE, the rule change is necessary to compete for listings that might...more

Reminders for Foreign Private Issuers for the 2018 Annual Reporting Season

by White & Case LLP on

This memorandum outlines certain considerations for foreign private issuers ("FPIs") in preparation for the 2018 annual reporting season. Part I of this memorandum discusses new developments and practical action items for the...more

SEC Amends NYSE’s After Market Announcement Rule

The SEC recently approved an amendment to NYSE’s Listed Company Manual prohibiting companies from issuing material news after NYSE closes for trading – 4:00 p.m. Eastern time on normal trading days – until the earlier of (a)...more

New NYSE Rule Regarding Notification of Dividends and Stock Distributions Effective February 1, 2018

by Stinson Leonard Street on

In its annual guidance memo for listed companies, the New York Stock Exchange (NYSE) announced its new rule regarding notification of dividends and stock distributions will be effective February 1, 2018. ...more

Financial Services Weekly News - January 2018 #3

by Goodwin on

Editor's Note - “Humility and Prudence” at the CFPB. In a memo to employees of the Consumer Financial Protection Bureau (CFPB) later turned into a Wall Street Journal op-ed, Acting CFPB Director Mick Mulvaney articulated his...more

NYSE Rule Change Regarding Dividend Notifications to be Effective February 1, 2018

As we noted, the NYSE proposed, and the SEC approved, a rule change to require NYSE listed companies to provide notice to the NYSE at least ten minutes before making any public announcement with respect to a dividend or stock...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

NYSE owner Intercontinental Exchange is looking to do the as-yet inconceivable: bring some order to cryptocurrencies. The plan, announced yesterday, is to launch a data feed that pull info from cryptocurrency exchanges around...more

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