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Sep 15, 2020

‘Accredited Investor’: Regulatory Design, the Revised Definition, and the Unfinished Result

On Wednesday, August 26, 2020, the U.S. Securities and Exchange Commission (SEC), by a vote of three to two, adopted amendments to the definition of “Accredited Investor.” That definition, as noted in an August 26, 2020, statement by SEC Chairman Jay Clayton had “largely remained unchanged for over 35 years.”» Read More

Sep 10, 2020

When the Tank Is Empty: Auditing in the Time of COVID-19

The COVID-19 pandemic resulted in the shutdowns of much of the economic activity in the United States by mid-March 2020. Although there were and remain some variances among the several states, in general, businesses were shut, buildings were almost empty, and factories and warehouses (except for Amazon, according to media reports) were still.» Read More

Sep 02, 2020

Direct Listing on the New York Stock Exchange: “Undertaking” Underwriting

NOTE: This has been updated on September 4, 2020, at noon.

On August 26, 2020, the U.S. Securities and Exchange Commission (“SEC”) approved (an approval now stayed) a proposed rule change to amend Chapter One of the Listed Company Manual of the New York Stock Exchange LLC (“NYSE”) to allow primary direct listings of securities on the NYSE.» Read More

Mar 18, 2020

Coronavirus (COVID-19) Exemption for Certain Money Manager (Investment Adviser) Filing and Delivery Requirements

The United States Securities and Exchange Commission (“SEC”) issued an Order this week for those SEC-registered investment advisers (among other advisers set forth in the Order) that are affected by the coronavirus (COVID-19) that provides relief “to filing or delivery obligations, as applicable, for which the original due date is on or after the date of [the] Order but on or prior to April 30, 2020.”» Read More

Dec 11, 2018

The Expanding Scope of the Committee on Foreign Investment in the United States

In 1975, President Gerald Ford, by Executive Order, created an interagency committee, the Committee on Foreign Investments in the United States (“CFIUS”), to review national security implications of investments by foreigners in U.S. businesses.  CFIUS is chaired by the Secretary of the Treasury.» Read More