Today, the SEC issued an order temporarily exempting broker-dealers from the recordkeeping, reporting, and monitoring requirements of its large trader reporting rule (Rule 13h-1) that are...
On March 26, 2012, in Credit Suisse Securities (USA) LLC v. Simmonds, the U.S. Supreme Court held 8 0 that not filing a Section 16(a) disclosure statement does not toll (i.e., suspend) th...
By a vote of 380 to 41, the House of Representatives today passed the Jumpstart Our Business Startups (“JOBS”) Act, without further amendment. The JOBS Act will now be sent to Preside...
On March 22, 2012, the Senate passed the Jumpstart Our Business Startups Act (the “JOBS Act”), in substantially the same form passed by the House of Representatives on March 8, 2012, ...
Today, the U.S. Senate passed the House version of the Jumpstart Our Business Startups (“JOBS”) Act with amendments only to place further limitations on the “crowdfunding” exempti...
A number of recent studies have noted a substantial decrease in IPOs by smaller companies and a perceived lack of hospitality to smaller companies in the public markets. Commentators have...
The SEC staff has traditionally allowed non-U.S. issuers to file IPO or other first-time registration statements on a “draft” non-public basis, enabling them to avoid the scrutiny ass...
While the U.S. IPO market has slowed down in recent months, Davis Polk’s pipeline of deals in progress is strong, leading us to believe that there will be an uptick in IPO transactions ...
The staff of the SEC’s Division of Corporation Finance recently issued Disclosure Guidance on cybersecurity risks. The guidance does not impose any new disclosure obligations but rather...
The SEC’s new Large Trader Reporting Rule should be reviewed by corporations and individuals that exercise discretion over transactions in U.S.-listed listed stocks and options. Effecti...
