Title I of the JOBS Act mandated that a study be conducted on the impact of decimalization. This study was delivered earlier in the year, and the SEC announced that it would call for a roundtable to discuss the impact of decimalization and consider alternatives. The roundtable will be held at the SEC on February… Continue Reading
On December 17, 2012, the SEC issued an order granting approval of the Public Company Accounting Oversight Board’s Auditing Standard No. 16, “Communications with Audit Committees,” and related and transitional amendments to PCAOB. Auditing Standard No. 16 will replace the temporary auditing standard regarding auditor communications with the audit committee that the PCAOB adopted shortly… Continue Reading
In a recent update regarding the last meeting of the FINRA Board of Governors (see http://www.finra.org/Industry/Regulation/Guidance/CommunicationstoFirms/P197425), FINRA noted that the Board had authorized FINRA to issue an interim form to seek essential information from prospective funding portals intending to apply for membership with FINRA pursuant to the JOBS Act. Funding portals would file the interim… Continue Reading
Knowledge is power, and now, with the eBook version of MoFo’s FAQs, you can be even more powerful. We’ve taken our popular FAQs containing questions and answers about securities offerings, securities filings, etc. and created an ebook that you can download on your iOS, Kindle, Android or Nook device and readily access and search. Imagine… Continue Reading
Recently, Senators John Thune and Pat Toomey and a number of other senators joined the chorus urging the Securities and Exchange Commission to move forward with Rule 506 rulemaking. The letter also expresses concern with any overly prescriptive investor verification test. This is consistent with letters from the House. The text of the letter: http://www.toomey.senate.gov/?p=press_release&id=772.
Earlier this week, FINRA Rule 5123 relating to private placements became effective, and FINRA released a set of FAQs (see http://www.finra.org/Industry/Compliance/RegulatoryFilings/PrivatePlacements/FAQ/index.htm) to provide market participants with additional guidance. The FAQs clarify that only private placements that are made to institutional accredited investors are exempt from the filing requirements, while those made to accredited investors that… Continue Reading
Recently, Congressmen Scott Garrett, Kevin McCarthy and Patrick McHenry wrote to urge Chairman Schapiro to consider, in connection with the SEC’s Rule 506 rulemaking, the regulatory burden that may be imposed by a complex investor verification process and noted that lawmakers did not contemplate a burdensome verification process when the JOBS Act was being considered. … Continue Reading
The SEC announced that its staff will host a roundtable early next year to discuss the impact of decimal-based stock trading on small and mid-sized companies, market professionals, investors, and U.S. securities markets. The roundtable will be held on Feb. 5 at the SEC’s Washington, D.C., headquarters, and will be open to the public and… Continue Reading