News & Analysis as of

Securities Act of 1933 › Securities and Exchange Commission (SEC) › Registration Statement

The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better... more +
The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better access to material information prior to investing 2) ensure that transactions are not based on fraud. In order to effectuate its dual goals, the Act requires that any offer or sale of securities is registered with the SEC. less -
Fenwick & West LLP

Tokenized Real-World Assets: Pathways to SEC Registration

Fenwick & West LLP on

Demand for tokenized real-world assets (RWAs) is rapidly growing across the decentralized finance (DeFi) community, with growing interest among existing crypto-native participants and across the traditional finance industry...more

Morgan Lewis - ML Benefits

Publicly Traded Companies: Don’t Forget to Register Plan Interests in Deferred Compensation Plans

Morgan Lewis - ML Benefits on

Publicly traded companies generally file registration statements on Form S-8 to register the offering of the company’s stock pursuant to the company’s equity incentive plans under the Securities Act of 1933, as amended...more

Holland & Knight LLP

SEC v. Ripple: When a Security Is Not a Security

Holland & Knight LLP on

In a monumental decision that will likely have substantial ramifications for crypto industry developers, securities practitioners, and millions of investors and token purchasers alike, on July 13, 2023, the U.S. District...more

Jones Day

Supreme Court: Even in a Direct Listing, Section 11 Requires Plaintiffs to Trace Shares to Registration Statement - The Court's...

Jones Day on

A unanimous Supreme Court has confirmed that a claim brought under section 11 of the Securities Act of 1933 ("1933 Act") requires that a plaintiff plead and prove that the shares purchased were issued pursuant to an allegedly...more

Proskauer - Corporate Defense and Disputes

Supreme Court Requires Traceability for Securities Act Claims Arising from Direct Listings

Proskauer - Corporate Defense and Disputes on

The U.S. Supreme Court held that purchasers of shares sold to the public through a direct listing cannot sue under Section 11 of the Securities Act of 1933 unless they can trace their shares to an allegedly defective...more

Morgan Lewis

US Supreme Court to Hear Appeal Regarding Securities Act Claims in Direct Listings

Morgan Lewis on

The US Supreme Court recently agreed to hear an important appeal of a US Court of Appeals for the Ninth Circuit decision interpreting Sections 11 and 12(a)(2) of the Securities Act of 1933 in the context of a direct stock...more

Cadwalader, Wickersham & Taft LLP

Securities Litigation Update: Divided Ninth Circuit Permits Direct-Listing Investors to Assert Securities Act Claims, Despite...

Cadwalader, Wickersham & Taft LLP on

On September 20, 2021, in Pirani v. Slack Technologies, Inc., a divided panel of the U.S. Court of Appeals for the Ninth Circuit held that investors who purchase stock in a “direct listing”—in which pre-existing shares are...more

Womble Bond Dickinson

SEC Proposes to Ease Restrictions on Compensatory Offerings to Employees, “Platform Workers” and Other Service Providers

Womble Bond Dickinson on

Last week, the Securities and Exchange Commission (the “SEC”) proposed amendments that would ease restrictions on compensatory securities offerings to employees and other service providers under Rule 701 and Form S-8, both...more

Hinshaw & Culbertson LLP

SEC Adopts Exempt Offering Rule Changes That Increase Offering Limits and Harmonize Exempt Offerings

Hinshaw & Culbertson LLP on

The Securities and Exchange Commission (SEC) on November 2, 2020, adopted a set of amendments to simplify and improve the exempt offering framework. The amendments are designed to make it easier for issuers to access the...more

Jones Day

Court Rules That Sales of Digital Tokens Were Illegal Unregistered Securities Offerings

Jones Day on

Federal court grants summary judgment to the SEC on its claim that sales of digital tokens constitute investment contracts under the Securities Act. On September 30, 2020, U.S. District Judge Alvin Hellerstein granted...more

Goodwin

SEC Adopts Third Round of Disclosure Modernization

Goodwin on

The Securities and Exchange Commission has adopted the third group of amendments to its disclosure requirements, originally proposed in August 2019 and discussed in an earlier Goodwin client alert. The amendments, which are...more

Dorsey & Whitney LLP

SEC Creates New File Transfer System for Supplemental Materials and Rule 83 Confidential Treatment Requests

Dorsey & Whitney LLP on

The SEC announced last week that in light of COVID-19 concerns, the Division of Corporation Finance is providing a temporary secure file transfer process for the submission of (i) supplemental materials that are requested by...more

Goodwin

SEC Deems Digital-Currency Investment Vehicle a Reporting Company

Goodwin on

On January 21, 2020, Grayscale Bitcoin Trust (the “Trust”) became the first digital currency investment vehicle to attain the status of an SEC reporting company. The Trust’s sponsor, Grayscale Investments, LLC (“Grayscale”),...more

Allen Matkins

ETF Plaintiffs Find No Footing For Pursuit Of '33 Act Claims In California Court

Allen Matkins on

Section 11 of the Securities Act is an anti-fraud statute. Like its Exchange Act cousin, Section 10(b), Section 11 requires (i) an omission or misrepresentation, and (2) that the omission or misrepresentation be material,...more

Ward and Smith, P.A.

Availability and Benefits of Shelf Offerings for Public Issuers

Ward and Smith, P.A. on

Public issuers may benefit from the use of shelf offerings as an efficient, cost-effective alternative to Form S-1 in order to register shares as part of a primary offering, secondary offering, or as a benefit to its...more

Mayer Brown Free Writings + Perspectives

NYSE Proposes Allowing Companies to Raise Capital in Direct Listings

Mayer Brown Free Writings + Perspectives on

On November 26, 2019, the New York Stock Exchange (“NYSE”) filed with the Securities and Exchange Commission (“SEC”) a proposed rule change that would allow companies to simultaneously go public through a direct listing and...more

Foley Hoag LLP - Public Companies & the Law

Let's talk about gun jumping . . .

Foley Hoag LLP - Public Companies & the Law on

WeWork, rebranded as The We Company earlier this year, officially withdrew its IPO registration statement on September 30, 2019. The company has had an unusually rocky ride from its August 14, 2019 public filing to an outcome...more

A&O Shearman

New York State Court Dismisses Securities Act Claims, Despite Holding That Claims Did Not "Sound In Fraud" And No Heightened...

A&O Shearman on

On September 26, 2019, Justice Saliann Scarpulla of the New York State Supreme Court, County of New York, Commercial Division, dismissed a putative class action against a dental products and services company and certain of...more

Stinson - Corporate & Securities Law Blog

New SEC Rule Permits All Issuers to “Test-the-Waters”

Stinson - Corporate & Securities Law Blog on

The SEC issued new rules in a release captioned “Solicitations of Interest Prior to a Registered Public Offering.” New Rule 163B enables all issuers to engage in test-the-waters communications with qualified institutional...more

Dechert LLP

SEC Proposes Relaxed Registration, Communications and Offering Requirements for Business Developments Companies and Registered...

Dechert LLP on

The U.S. Securities and Exchange Commission on March 20, 2019 proposed a package of reforms to the securities registration, offering and communications requirements under the Securities Act of 1933, applicable to business...more

Vedder Price

SEC Proposes Closed-End Fund Offering Reform

Vedder Price on

On March 20, 2019, the U.S. Securities and Exchange Commission (“SEC”) proposed a series of reforms to the registration and offering processes for registered closed-end investment companies (“Registered CEFs”). The proposal...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Proposes Securities Offering Reforms for Business Development Companies and Registered Closed-End Investment Companies

Skadden, Arps, Slate, Meagher & Flom LLP on

On March 20, 2019, the Securities and Exchange Commission (SEC) voted to propose a series of rule and form amendments, as directed by Congress under the Small Business Credit Availability Act (SBCA) and the Economic Growth,...more

Troutman Pepper

Proposed Rule Would Allow Expanded Solicitations of Interest Prior to a Registered Public Offering

Troutman Pepper on

On February 28, the Securities and Exchange Commission proposed a new rule under the Securities Act of 1933. The new rule 163B would expand the availability to follow-on and other registered offerings and to all issuers of...more

WilmerHale

Mutual Fund Sponsors Beware: Recent SEC Staff Guidance could Result in Lapse in Registration

WilmerHale on

In a footnote to an April 2, 2019 SEC Staff guidance, the Staff requested that mutual funds file a delaying amendment to postpone the effective date of their registration statements if a fund is unable to submit responses to...more

BakerHostetler

SEC Solicits Comments to Expand Pre-Filing Communications of Offers to Sell Securities

BakerHostetler on

On February 19, 2019, the Securities and Exchange Commission (SEC) voted to propose a new rule under the Securities Act of 1933 (the Securities Act), and amendments to Rule 405 (together, the Proposed Rule), to expand the...more

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