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|FINALLY... SEC Finalizes Crowdfunding Rules|
Martha Culp, Jason R. Mirmelstein; Chambliss, Bahner & Stophel, P.C.;
November 30, 2015, previously published on November 12, 2015On October 30, 2015, the U.S. Securities Exchange Commission ("SEC") adopted final rules which will allow companies to offer and sell equity and securities through a crowdfunding exemption in the Jumpstart Our Businesses Act ("JOBS Act"). These rules will likely become effective...
|New Tips for Tipsters: A Quick Review Of the More Vital Variations to the Osc's Proposed Whistleblower Program|
Suzanne Kittell, Laura Paglia, Caitlin Sainsbury; Borden Ladner Gervais LLP;
November 27, 2015, previously published on November 10, 2015The Ontario Securities Commission published the Proposed OSC Policy 15-601 Whistleblower Program for comment on October 28, 2015, containing some noteworthy changes since Staff's Consultation Paper 15-401 on February 3, 2015 as we summarized here. It is open for comment until January 16, 2016.
|Getting it Right: CSA Amends the Prospectus-Exempt Rights Offering Regime|
Melanie Cole, Daniel Everall; Aird & Berlis LLP;
November 27, 2015, previously published on November 12, 2015A rights offering is a granting of subscription rights to existing security holders of an issuer. The issuer raises capital when the subscription rights are exercised. As rights offerings constitute a distribution under securities laws, unless an exemption is available, issuers must undertake the...
|OSC Releases New Policy for Whistleblower Program for Public Comment|
Thomas A. Fenton; Aird & Berlis LLP;
November 27, 2015, previously published on November 12, 2015On October 28, 2015, the Ontario Securities Commission (the “OSC”) published Proposed OSC Policy 15-601 Whistleblower Program(the “Policy”), which describes a whistleblower program (the “Program”) designed to encourage the reporting of serious securities-related...
|SEC Adopts Regulation Crowdfunding to Facilitate Early Capital Raises|
Barbara A. Jones, Ira N. Rosner, John K. Wells; Greenberg Traurig, LLP;
November 27, 2015, previously published on November 17, 2015On Oct. 30, 2015, the Securities and Exchange Commission (SEC) adopted Regulation Crowdfunding by a 3-1 vote. The rules were adopted despite concerns expressed in comment letters to the SEC that capital raising through crowdfunding could lead to fraudulent activities, and thereby place...
|Bonds May Be the Next Wave of FINRA Claims|
Denis C. Dice; Marshall Dennehey Warner Coleman & Goggin, P.C.;
November 25, 2015, previously published on December 1, 2015Interest rates have been at an all time low for approximately the last nine years. The Federal Reserve has artificially reduced interest rates in an effort to stimulate the economy and provide additional liquidity. In addition, the stock market has been in a bull market since March of 2009. This...
|What Data Related to Your Reportable Derivative Transactions Will Be Disseminated Publicly in July 2016?|
Carol E. Derk, Michael Taylor; Borden Ladner Gervais LLP;
November 24, 2015, previously published on November 11, 2015With the publication of proposed amendments (the Amendments) to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (the TR Rule), the answer to that question has become clearer. The Amendments also introduce new exemptions from the reporting obligations under the TR Rule of certain...
|From Last Resort to Land of Opportunity? Canada's Rights Offering Regime Revamped|
Andrew Powers; Borden Ladner Gervais LLP;
November 24, 2015, previously published on November 11, 2015Under the current regime, rights offerings are widely viewed by reporting issuers as a financing method of last resort due to the length and unpredictability of the offering timeline and the sorely outdated capital raising limits. The Amendments significantly address the issues that made rights...
|SEC Settles Charges Against Recidivist Violators of Advisers Act Custody Rule|
Sutherland Asbill Brennan LLP;
November 23, 2015, previously published on November 20, 2015Earlier this week, the SEC announced that it had agreed to settle charges against a private fund adviser, as well as its two owners and former chief compliance officer, relating to repeat violations of the Advisers Act Custody Rule. The settlement is notable for the substantial penalties imposed on...
|SEC Issues Guidance Limiting Exclusion of Shareholder Proposals|
Bachar Mahmoud, Michael R. Neidell; Olshan Frome Wolosky LLP;
November 19, 2015, previously published on November 18, 2015On October 22, 2015, the Staff of the Securities and Exchange Commission (the “Staff”) issued Staff Legal Bulletin No. 14H (the “Bulletin”), which provides guidance on how the Staff will evaluate arguments for excluding Rule 14a-8 shareholder proposals from reporting...