Helping Clients Access the Capital Markets and Stay Apprised of Regulatory Developments

SEC Provides Guidance on Performance Metrics in MD&A; Proposes Financial Disclosure Changes

The Securities and Exchange Commission, on January 30, 2020, issued guidance to reporting companies about the use of key performance indicators and other metrics, including those that are non-GAAP financial measures, in Management’s Discussion and Analysis.

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SEC Issues Year-End Guidance for Audit Committees

On December 30, 2019, the SEC issued a Statement of the Chairman, the Director of the ‎Division of Corporation Finance and the Chief Accountant to remind audit committees, in ‎anticipation of the year-end financial reporting season, of their responsibilities and to assist them ‎by identifying some specific areas of focus.‎

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SEC Proposes to Broaden and Update Accredited Investor Definition

On December 18, 2019, the Securities and Exchange Commission, on a 3 to 2 vote, proposed ‎amendments to the definition of “accredited investor” in order to update that definition and ‎expand the investors that would qualify as accredited investors able to participate in private ‎offerings.‎ ‎ The definition of “accredited investor” is important principally for determining who ‎can invest in private offerings under Rule 506(b) without limitation as to number and without ‎any information required as a condition of the exemption and as to who is eligible to invest in an ‎offering with general solicitation under Rule 506(c).‎

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Locke Lord QuickStudy: New York’s Blue Sky Law (Martin Act) Statute of Limitations Extended to 6 Years

On August 26, 2019, New York Governor Andrew Cuomo signed into law a significant change affecting New York’s blue sky law (the Martin Act),extending the period during which the Attorney General of New York can take action for violations of the Act to 6 years from the 3 year statute of limitations that the New York Court of Appeals determined was applicable in 2018 in People v. Credit Suisse Sec. (USA) LLC. This change restores the longer period the Attorney General thought it had to investigate and bring actions.

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