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SEC Enforcement Chief Speaks on Delays of Defense Counsel

By Gurbir Grewal May 17, 2022 by renholding

Ordinarily at an event like this one, I’d speak about all the ways in which we are working to protect investors, including our increased focus on the private fund space, the additional resources we’ve committed to our Crypto Assets and …

Debevoise & Plimpton Discusses SEC Guidance on Ukraine Disclosure Obligations

By Satish M. Kini, Paul M. Rodel, James C. Scoville, Robert T. Dura and Isabel Espinosa de los Reyes May 16, 2022 by renholding

On May 3, 2022, the Division of Corporation Finance (“CorpFin”) of the U.S. Securities and Exchange Commission (“SEC”) provided guidance to companies of their disclosure obligations with respect to the direct or indirect impact that Russia’s invasion of Ukraine and …

SEC Chair Gensler Talks Security-Based Swaps Market to ISDA

By Gary Gensler May 12, 2022 by renholding

Thank you for the kind introduction. It’s good to be back with the International Swaps and Derivatives Association (ISDA) again.

As is customary, I’d like to note that I’m not speaking on behalf of my fellow Commissioners or the SEC

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Does Going Private Affect Peer Firms’ Disclosures?

By Lisa A. Hinson and Jeffery Piao May 11, 2022 by renholding

Disclosure by publicly listed companies provides critical information to the capital markets and benefits not only firms’ stakeholders but also the overall economy (e.g., Badertscher et al. 2013; Shroff et al. 2017; Barrios et al. 2021). However, the number of …

SEC Chair Gensler Speaks at Conference on Financial Market Regulation

By Gary Gensler May 9, 2022 by renholding

The field of economic research is central to our work at the SEC. It helps shape every aspect of our policymaking, from the early design phase to the proposing releases to the consideration of public comments to the adopting releases.

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Do IPOs of Companies with an Innovative “Up-C” Structure Harm Public Shareholders?

By Mary Brooke Billings, Kevin Hsueh, Melissa F. Lewis-Western and Gladriel Shobe May 4, 2022 by renholding

The umbrella partnership corporation (“Up-C”) IPO structure allows an entity taxed as a partnership to go public by creating a shell corporation that sits above, and whose sole asset is units of, the historic partnership. Unlike a traditional IPO where …

Debevoise & Plimpton Discusses SEC’s Proposed SPAC Rules and Investment Banks

By Christopher Anthony, Andrew L. Bab, Morgan J. Hayes, William D. Regner and Gregory V. Gooding May 2, 2022 by renholding

The new rules relating to special purpose acquisition companies proposed by the Securities and Exchange Commission on March 30, 2022, would, if adopted, have far-reaching effects on investment banks involved in business combination transactions involving SPACs. The proposed rules aim …

SEC Commissioner Speaks on IPOs and the Rise of SPACs

By Caroline A. Crenshaw April 29, 2022 by renholding

Thank you Hal [Scott] for that kind introduction and for inviting me to speak today. I am honored to precede such an esteemed panel of practitioners and academics. As always, I must give my standard disclaimer that my remarks are

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SEC Chair Gensler Speaks on U.S. Bond Market

By Gary Gensler April 27, 2022 by renholding

Thank you. It’s good to be with City Week again. As is customary, I’d like to note that my views are my own, and I am not speaking on behalf of the Commission or SEC staff.

Since we are in

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Debevoise & Plimpton Discusses SEC Enforcement Action Highlighting Whistleblower-Related Rules

By Kara Brockmeyer, Arian June, Julie Riewe, Jonathan Tuttle and Stephen Petraeus April 26, 2022 by renholding

On April 12, the Securities and Exchange Commission (the “SEC” or the “Commission”) announced settled charges against David Hansen, the co-founder and former Chief Information Officer of a Las Vegas technology company, for violations of Rule 21F-17(a). In settling the …

Sullivan & Cromwell Discusses the Implications for Financial Institutions of Proposed SEC Climate Disclosure Rules

By Michelle Chen, Marc Trevino, Rod Gilman, June Hu and Aaron Levine April 22, 2022 by renholding

On March 21, 2022, the Securities and Exchange Commission proposed, in a 510-page release, climate-related disclosure rules for public companies. Although the proposed rules do not impose industry-specific requirements, in certain areas they would have a particularly significantly impact …

Congress Should Grant the SEC Oversight of Digital Asset Spot Markets

By Lee Reiners April 21, 2022 by renholding

The Commodity Futures Trading Commission (CFTC) has classified Bitcoin and Ether – and by extension other cryptocurrencies that are similarly structured – as commodities (courts have also upheld this classification). While the CFTC regulates commodity derivatives, they do not regulate …

The Innovation and Reporting Consequences of Financial Regulation for Young Life-Cycle Firms

By Abigail M. Allen, Melissa F. Lewis-Western and Kristen Valentine April 19, 2022 by renholding

Over the last several decades, financial regulators have increaAdd Newsed governance and reporting requirements for publicly listed firms, frequently with the goal of improving the reliability of financial information available to investors. The implicit assumption in such regulation …

Cleary Gottlieb Discusses SEC’s Proposed Climate-Change Disclosure Rules: The Climate Note to Audited Financial Statements

By Nick Grabar, Lillian Tsu and Helena Grannis April 15, 2022 by renholding

On March 21, 2022, the U.S. Securities and Exchange Commission issued for public comment a rule proposal that, if adopted, would require reporting companies to provide certain climate-related information in their registration statements and annual reports filed with the SEC. …

Arnold & Porter Discusses Today’s SEC Examination Priorities, Tomorrow’s SEC Enforcement Actions

By Christian D. H. Schultz, Jane Norberg, Daniel M. Hawke, Ellen Kaye Fleishhacker and David F. Freeman, Jr. April 14, 2022 by renholding

Rounding out a series of quarter-end announcements from the US Securities and Exchange Commission (SEC), the Division of Examinations (Exams) announced its 2022 examination priorities on March 30, 2022. These priorities reflect SEC Chair Gary Gensler’s stated view that the …

A Tokenized Future: Regulatory Lessons from Crowdfunding and Standard Form Contracts

By Darian Ibrahim April 13, 2022 by renholding

Cryptocurrencies and other digital assets (“crypto”) are surging in popularity. If cryptos are securities (“investment contracts” under the Howey test), they must be sold in accordance with the federal securities laws. This likely requires registration with the Securities and Exchange …

SEC Chair Gensler Speaks Further on Climate-Risk Disclosure Proposal

By Gary Gensler April 13, 2022 by renholding

Thank you. It’s good to be with Ceres for today’s investor briefing. As is customary, I’d like to note that my views are my own, and I’m not speaking on behalf of the Commission or SEC staff.

As you all

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Wachtell Lipton Discusses SEC’s Proposed Climate-Related Disclosure Rules and Audit Committees

By David M. Silk, Carmen X.W. Lu and Ram Sachs April 11, 2022 by renholding

The SEC’s proposed amendments to Regulations S‑K and S‑X to require new climate-related disclosures will, if adopted, require an expansion in the scope and responsibilities of audit committees. As described in our prior memo, the rules contemplate domestic and foreign …

SEC Chair Gensler Talks Registration of Security-Based Swap Execution Facilities

By Gary Gensler April 8, 2022 by renholding

Today [April 6], the Commission is considering a proposal to create a framework for the registration of security-based swap execution facilities (security-based SEFs). I am pleased to support this proposal because, if adopted, it would increase the transparency and integrity

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SEC Says “Control Deficiency” Gave Enforcement Staff Access to Privileged Documents

By Securities and Exchange Commission April 7, 2022 by renholding

The Commission has identified a control deficiency related to the separation of its enforcement and adjudicatory functions within its system for administrative adjudications. When this deficiency was identified, the Chair immediately notified the other Commissioners and directed the staff to

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