Following up on positive statements by senior SEC staffers at the recent PLI Securities Law seminar and the SEC small business forum in November, the Commission also recently issued a white paper on how things are going under updated Regulation A, now known as Regulation...
Here's a free one for my investor and venture capital friends. More and more serious players are lining up to get ready for IPOs under the new Regulation A+. We are about to see companies go public through Reg A+ directly onto national exchanges. Noted...
I was honored Thursday to speak on a panel at the SEC's annual small business capital formation forum. I also co-moderated a breakout session developing recommendations to improve regulation of smaller reporting companies. My talk on the panel provided an update on Regulation A+ and...
Today I'm attending the Practising Law Institute's Securities Regulation Institute, the annual educational gathering of mostly big law firm securities lawyers. Keith Higgins, the SEC's very capable head of Corporation Finance, disclosed some interesting stats on how Regulation A+ is going. So far, since the new...
A little known and little used part of Regulation D under the Securities Act is about to get some new attention. In what appears to be a gift to the states after somewhat eviscerating their power with the Regulation A+ changes, the SEC, on October...
We'll be back at the SEC again in a few weeks for their annual Government-Business Forum on Small Business Capital Formation (ye olde GBFSBCF). There we listen to panels in the morning, and have breakout sessions in the afternoon where recommendations are developed and presented....
Several recent articles are suggesting that "the jury is still out" on whether Regulation A+ will indeed usher in a new era of small, cost-effective IPOs. We all knew there would be, as my late sailor father used to say, a shakedown cruise as with...
Hostess Brands LLC, which makes the iconic Twinkies, cupcakes, Ding Dongs and others, is going public by merging with a public "shell" vehicle known as a special purpose acquisition company, or SPAC. Current owners Apollo Global Management and others will give up control but retain...
I have now had a chance to read the 23-page, very well-written, clear and concise DC Circuit court opinion on the Reg A+ challenge brought by two states. The ruling started with a brief history of securities law, how it started with the states but...
Very good news: the DC Circuit today rejected the effort by two states (Massachusetts and Montana) to invalidate the SEC's rules enacted to implement Regulation A+ and Title IV of the Jumpstart Our Business Startups (JOBS) Act of 2012. We are waiting to review the...