On September 26, 2019, the US Securities and Exchange Commission extended the ability to test the waters to all issuers by adopting the highly anticipated new Rule 163B under the Securities Act of 1933 (the Securities Act)....more
9/30/2019
/ Accredited Investors ,
Corporate Issuers ,
Emerging Growth Companies ,
Gun-Jumping ,
Internal Communications ,
Investors ,
JOBS Act ,
New Rules ,
Publicly-Traded Companies ,
Qualified Institutional Buyers ,
Rule 163B ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
One of the Securities and Exchange Commission’s priorities under Chair Clayton’s leadership has been protection of retail investors, including through rigorous enforcement of microcap fraud. Consistent with that focus,...more
On September 5, 2019, the Investor Advisory Committee will hold an open meeting (telephonic) in order to consider and address recommendations regarding the proxy process. On September 19, the Committee will hold an in-person...more
In her first speech as the SEC’s Advocate for Small Business Capital Formation, Martha Miller provided an overview of the Office’s mission, as well as the Office’s priorities. Miller noted the importance of the small...more
On March 28, 2019, the Securities and Exchange Commission’s Investor Advisory Committee will hold its next meeting, which will be open to the public and webcast. ...more
The Office of the Investor Advocate released its “Report on Activities for the Fiscal Year 2018” (the “Report”). During the 2018 fiscal year, the Investor Advocate focused significant attention on proposed Regulation Best...more
In “Squaring Venture Capital Valuations with Reality,” authors Will Gornall and Ilya Strebulaev developed a valuation model for venture capital-backed companies that relies on terms of financing rounds that were gleaned from...more
The Investor Advocate Report also included a report on the newly developed research initiative POSITIER (Policy Oriented Stakeholder and Investor Testing for Innovative and Effective Regulation). ...more
The Securities and Exchange Commission recently released its Strategic Plan for fiscal years 2018 to 2022. The plan identifies three goals. ...more
At yesterday’s open meeting, the Securities and Exchange Commission adopted an amendment to Rule 701. The Commission was mandated to adopt an amendment to Rule 701 by the Economic Growth, Regulatory Relief and Consumer...more
In a recent paper titled “Stock Market Short-Termism’s Impact,” author Mark J. Roe counters arguments that US companies are so driven by short-term objectives that they are foregoing investment in research and development and...more