News & Analysis as of

Securities and Exchange Commission (SEC) Capital Formation

Goodwin

What’s Happening at the SEC?

Goodwin on

Hello, this is Dave Lynn, and I’m a partner in Goodwin’s Capital Markets practice and chair of the firm’s Public Company Advisory practice. This is New Directions, a series of discussions about the impact and trajectory of...more

Katten Muchin Rosenman LLP

March Brings New Beginnings: SEC Approves Multi-Share Class Exemptive Relief for Private BDCs and Certain Registered Closed-End...

Since March 12, 2025, the US Securities and Exchange Commission (SEC) has approved multiple applications for multi-share class exemptive relief for private business development companies (BDCs) and certain registered...more

Cohen & Gresser LLP

Reading the Tea Leaves on Registration and Disclosure Requirements

Cohen & Gresser LLP on

The Securities and Exchange Commission (SEC) under the current Trump administration has swiftly adopted a new agenda. Some of the first initiatives dealt with shareholder engagement and shareholder proposals. These...more

Baker Botts L.L.P.

SEC Expands Eligibility For Confidential Draft Registration Statement Submissions

Baker Botts L.L.P. on

On March 3, 2025, the staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (the “SEC”) announced significant enhancements to the ability of issuers to submit draft...more

BCLP

Can You Keep A Secret? SEC Expands Availability of Confidential Submissions of Draft Registration Statements

BCLP on

The SEC has declared its intent to “return[] to its narrow mission to facilitate capital formation, while protecting investors and maintaining fair, orderly, and efficient markets.” The new accommodations will allow any...more

Sheppard Mullin Richter & Hampton LLP

SEC to Expand Confidential Filing Privileges

The U.S. Securities and Exchange Commission (SEC) has announced significant changes to its confidential filing procedures, aiming to support capital formation and provide greater flexibility for companies planning public...more

Cozen O'Connor

SEC Expands Availability of Confidential Review Process to Encourage Flexibility in Capital Formation

Cozen O'Connor on

On March 3, 2025, the Securities and Exchange Commission (SEC) staff issued guidance that expands the existing accommodations available to companies to submit draft registration statements to the SEC for confidential,...more

DLA Piper

SEC Expands Confidential Review Process to Facilitate Capital Formation

DLA Piper on

Companies seeking to raise capital through a public offering are encouraged to note the US Securities and Exchange Commission (SEC)’s announcement on March 3, 2025 that the staff of the Division of Corporation Finance (SEC...more

Orrick, Herrington & Sutcliffe LLP

SEC Expands Confidential Registration Statement Filing Process

The SEC announced that companies can now submit registration statements for confidential review before public filing in connection with most registered offerings. This expansion builds on the confidential filing process that...more

Akin Gump Strauss Hauer & Feld LLP

SEC Announces Measures to Facilitate Capital Formation

In March 2025, the U.S. Securities and Exchange Commission (SEC) announced that it is expanding the accommodations available for issuers that submit draft registration statements for nonpublic review. The SEC’s Division of...more

Latham & Watkins LLP

SEC Staff Expands Confidential Submission Options for Issuers

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The SEC Staff has expanded the ability of issuers to make confidential submission of draft registration statements and clarified the procedures for making confidential submissions. This new policy takes effect immediately....more

Cooley LLP

Corp Fin expands opportunities for nonpublic review of draft registration statements

Cooley LLP on

Yesterday, the SEC announced that Corp Fin was “further facilitating capital formation by enhancing the accommodations available to companies for nonpublic review of draft registration statements.” You might recall that, in...more

Mayer Brown Free Writings + Perspectives

Additional SEC Staff Accommodations for Confidential Submissions of Registration Statements

Yesterday, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission announced a new policy permitting confidential submission of registration statements in additional circumstances in order...more

Latham & Watkins LLP

SEC Explores Regulatory Changes to Make It Easier to Raise Capital, Invest in Private Funds, and Be a Public Company

Latham & Watkins LLP on

The Acting SEC Chairman announced regulatory priorities designed to help companies raise capital, widen investment options available to retail investors, and reduce regulatory burdens on smaller public companies....more

Foley Hoag LLP - Public Companies & the Law

SEC Brings Enforcement Actions for Failures to Timely File Form D

On December 20, 2024, the Securities and Exchange Commission (the “SEC”), announced settled charges against two private companies and one registered investment adviser for failing to timely file Forms D, a violation of Rule...more

Mayer Brown Free Writings + Perspectives

SEC Advisory Committee to Discuss Capital Challenges for Small Businesses

The Securities and Exchange Commission’s (SEC) Small Business Capital Formation Advisory Committee will meet on February 25, 2025 to discuss capital-raising challenges for emerging fund managers and smaller public companies...more

Cooley LLP

Commissioner Mark Uyeda designated as acting SEC Chair

Cooley LLP on

The SEC has announced that Commissioner Mark T. Uyeda has been designated Acting Chair of the SEC. As you know, Paul Atkins has been nominated to serve as Chair, following his confirmation by the Senate. Uyeda said that he...more

Foley Hoag LLP - Public Companies & the Law

2024 OASB Report on IPO Activity and Small Public Companies

The SEC Office of the Advocate for Small Business Capital Formation has released its Annual Report for Fiscal Year 2024, shedding light on the current state of initial public offerings (IPOs) and the challenges faced by small...more

Morris, Manning & Martin, LLP

SEC's Advocate for Small Business Capital Formation Explores the Use of Rule 506(c) Offerings by Alternative Investment Managers

A recent report from the SEC's Office of the Advocate for Small Business Capital Formation presents a study on how the Rule 506(c) exemption under Regulation D of the Securities Act of 1933 is used in fundraising by venture...more

Mayer Brown Free Writings + Perspectives

Crowdfunding Report Shows Increasing Reliance on Regulation CF Deals & Disparities in Participation by Women & Minorities

Introduced under Title III of the JOBS Act, Regulation Crowdfunding (“Regulation CF”) was promulgated to allow startups and emerging companies to raise capital from a wider pool of investors through equity crowdfunding...more

Mayer Brown Free Writings + Perspectives

Small Business Capital Formation Committee Submits Accredited Investor Definition Recommendations to SEC

On May 1, 2024, the SEC Small Business Capital Formation Committee submitted its accredited investor definition recommendations to the SEC.  Currently, an investor may qualify as an accredited investor by meeting certain...more

Mayer Brown Free Writings + Perspectives

The SEC and Capital Formation

Not long ago, the SEC hosted the Annual Small Business Forum.  The Forum provides an opportunity to consider a broad array of issues affecting private companies as well as smaller public companies seeking to raise capital and...more

Mayer Brown Free Writings + Perspectives

Upcoming SEC Small Business Advisory Committee

The Securities and Exchange Commission announced an upcoming meeting of its Small Business Capital Formation Advisory Committee on May 6, 2024.  The meeting will include a discussion of Regulation Crowdfunding (Reg CF) and...more

Farrell Fritz, P.C.

Making Finders Keepers: Unregistered Broker-Dealers and the Need for Reform

Farrell Fritz, P.C. on

Identifying potential investors is one of the most difficult challenges facing early-stage companies.  The range of amounts sought at this stage is typically greater than what could be provided by the founders and friends and...more

Mayer Brown Free Writings + Perspectives

House Passes Expanding Access to Capital Act

On March 8, 2024, the House of Representatives passed the Expanding Access to Capital Act, H.R. 2799, which we had previously posted on the blog. ...more

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