Over the past several months, there has been an increase in credit agreements and high-yield bond indentures with provisions designed to limit the influence of lenders whose economic interest is not aligned with their investment in the loans or bonds being issued pursuant to such credit agreement or indenture.
Read MoreYesterday at the Consensus: Invest Conference in New York City, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (the “Commission”), strongly reaffirmed the guidance put forth by his agency in the last several weeks on cryptocurrencies, blockchain, and “digital asset securities”.
Read MoreOn October 17, 2018, the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (the “SEC”) issued a set of interpretations1 relating to the rules that provide an exemption from the registration requirements of the Securities Act of 1933 for certain offerings of securities by foreign private issuers2 in connection with rights offerings3 or in connection with exchange offers or business combinations,4 and the rules that provide an exemption from certain requirements of the Securities Exchange Act of 1934 in connection with tender offers for securities of foreign private issuers.5
Read MoreOn August 17, 2018, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments1 to certain disclosure requirements that have become redundant, overlapping, outdated or superseded in light of other SEC disclosure requirements, current accounting principles and standards under U.S. GAAP, and changes in the way information is accessed.
Read MoreOn July 18, the Securities and Exchange Commission adopted an amendment to Rule 701 increasing the threshold that triggers the Rule’s disclosure requirements. As background, Rule 701 provides an exemption from the registration requirements of the Securities Act for offers and sales of securities (including securities issuable under stock options and restricted stock units) by private companies (i.e., companies not subject to the reporting requirements under the Exchange Act) to their employees, officers, directors, consultants and advisors under compensatory benefit plans.
Read MoreOn June 28, 2018, the Securities and Exchange Commission voted to adopt amendments to its eXtensible Business Reporting Language (“XBRL”) requirements for operating companies and funds.1
Read MoreOn June 28, 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to the definition of “smaller reporting company” (“SRC”) in order to expand the number of companies that qualify for certain existing scaled disclosure accommodations (the “Amendments”).1
Read MoreOn June 14, 2018, the Securities and Exchanges Commission (“SEC”) marked a paradigm shift in the way that cryptocurrencies, protocol tokens, and other block-chain based digital assets (“Crypto Assets”) are being described or categorized in the securities regulatory environment.
Read MoreFinTech companies beware: your use of code that was originally developed via open-source methods may not be shielded from future copyright infringement claims by the fair use doctrine.
Read MoreMuch has already been written about the SEC’s enforcement action involving Yahoo’s failure to adequately disclose a cyberbreach.1 I am writing about something that the SEC’s announcement and order did not address and therefore has not been written about.
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