News & Analysis as of June 4, 2025

Capital Formation

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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SEC to Expand Confidential Filing Privileges

Sheppard Mullin Richter & Hampton LLP on 3/7/2025

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

SEC Expands Confidential Review Process to Facilitate Capital Formation

DLA Piper on 3/6/2025

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

SEC Announces Measures to Facilitate Capital Formation

Akin Gump Strauss Hauer & Feld LLP on 3/6/2025

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

SEC Staff Expands Confidential Submission Options for Issuers

Latham & Watkins LLP on 3/5/2025

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

Regulation A+ SEC Developments - Recent SEC Enforcement Proceedings and SEC Comment Letter Trends

Goodwin on 7/18/2023

In March 2015, the Securities and Exchange Commission (SEC) adopted amendments to Regulation A, which expanded the Regulation A exemption from the Securities Act of 1933 (the Securities Act) registration for public offerings...more

SEC Harmonizes and Improves “Patchwork” Private Offering Framework

Mintz - Securities & Capital Markets... on 11/13/2020

On November 2, the SEC adopted amendments designed to harmonize and simplify the existing, complicated framework of private offering exemptions—the primary method by which private companies raise capital. The amendments...more

SEC “Harmonizes” Exempt Offering Framework

Buchalter on 11/10/2020

On November 2, 2020, the Securities and Exchange Commission voted to harmonize, simplify, and improve the current tangled framework for exempt securities offerings, a move intended to promote capital formation and expand...more

New Proposed SEC Rule Would Allow Finders to Receive Commissions Without Registering as a Broker Dealer

Hinshaw & Culbertson LLP on 11/4/2020

In order to clarify various no action letters and court decisions, the Securities and Exchange Commission (SEC) has proposed an rule that would allow two classes of “finders” to avoid having to register as a broker-dealer or...more

SEC proposes exempting certain finders from broker registration

Eversheds Sutherland (US) LLP on 10/29/2020

On October 7, 2020, the US Securities and Exchange Commission (SEC) proposed granting exemptive relief from the broker registration requirement in Section 15 of the Securities Exchange Act of 1934, as amended (the Exchange...more

SEC Proposes Exemption for Certain Finders Assisting with Capital Raising

Neal, Gerber & Eisenberg LLP on 10/12/2020

SEC Chairman Jay Clayton recently noted that: “Many small businesses face difficulties raising the capital they need to grow and thrive . . . [and] finders may play an important role in facilitating capital formation for...more

SEC Reporting Companies Now Regulation A+ Eligible

Farrell Fritz, P.C. on 12/27/2018

On December 19, 2018, the Securities and Exchange Commission issued final rules to permit reporting companies under the Securities Exchange Act to offer securities under Regulation A (affectionately referred to often as...more

New Law Allows for Regulation A+ Offerings by Reporting Companies

Dorsey & Whitney LLP on 6/13/2018

On May 24, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Act”) was signed into law. One of the purposes of the Act is to encourage capital formation by directing the Securities and Exchange...more

Capital Formation Bills Advance to House for Consideration

Mayer Brown Free Writings + Perspectives on 6/7/2018

Today, the House Financial Services Committee advanced six bills for House consideration, including H.R. 5054, H.R. 5756, and H.R. 5877....more

SEC to ICO Players: Our Game, Our Rules

Schwabe, Williamson & Wyatt PC on 9/13/2017

On July 25, 2017, the U.S. Securities and Exchange Commission (the “SEC”) published an investigative report (the “Report”) cautioning market participants that the offer and sale of digital assets such as “coins” or “tokens,”...more

House Passes Creating Financial Prosperity for Businesses and Investors Act

Stinson - Corporate & Securities Law Blog on 12/7/2016

On Monday, the House of Representatives passed the Creating Financial Prosperity for Businesses and Investors Act (H.R. 6427) (the “Act”) by a vote of 398 to 2. The Act is actually a compilation of six measures that were...more

Three Bills Proposing Amendments to the Federal Securities Laws Gain Traction in Congress

Stinson - Corporate & Securities Law Blog on 2/4/2016

The U.S. House of Representatives passed three bills on February 1, 2016 that propose changes to the federal securities laws, including the Securities Act of 1933 (’33 Act) and Securities Exchange Act of 1934 (’34 Act)....more

JOBS Act Quick Start – A Brief Overview of the JOBS Act, 2016 Update

Morrison & Foerster LLP - JOBS Act on 2/1/2016

Many market participants were taken by surprise by the enactment of the Jumpstart Our Business Startups (JOBS) Act. The JOBS Act, HR 3606, was passed by the United States House of Representatives on March 8, 2012. On March...more

Coming to America – A Guide for FPIs

Latham & Watkins LLP on 6/23/2015

In this Issue: - The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - Chapter 1: Background - Chapter 2: Unregistered Global Offerings – Regulation S, Rule 144A and...more

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