LexisNexis® Legal Newsroom
WSJ on #JOBSAct and Shells

On Monday, the Wall Street Journal reported that one of the apparently unintended consequences of the Jumpstart our Business Startups (JOBS) Act is that shells and SPACs can designate themselves as emerging growth companies with scaled back disclosure and no auditors to attest to your financial controls...

What Will Regulation S-K Study Show?

As we know, the SEC is required by the Jumpstart our Business Startups (JOBS) Act to conduct a study of the key disclosure regime of the Securities Exchange Act of 1934, contained in Regulation S-K. Pretty much every SEC filing connects you to disclosure requirements in S-K, whether for public offerings...

Tick Sizes to Remain Unchanged: SEC

The SEC has now released its study, required by the Jumpstart our Business Startups (JOBS) Act, on whether tick sizes (the minimum allowed spread between bid and ask prices in trading) should be increased from the current one cent. They recommended not to increase tick sizes. Many have argued that...

Reg D Proposals Soon?

As we know, the Jumpstart Our Business Startups (JOBS) Act requires the SEC to promulgate new rules to eliminate the ban on general solicitation and advertising in Regulation D private offerings, so long as only accredited investors ultimately purchase in the offering. This is a very dramatic change...

Go Twitter IPO!

Social media giant Twitter starts trading following its IPO today. One hopes the lessons of the Facebook IPO debacle are learned. In fact Facebook is now trading $14 above its IPO price, after a very disappointing start. Plus Twitter is choosing a day following a record high on the Dow Industrials index...

What to Watch in the World of D&O

Every year just after Labor Day, I take a step back and survey the most important current trends and developments in the world of Directors’ and Officers’ liability and D&O insurance. This year’s survey is set out below. Once again, there are a host of things worth watching in the...

JOBS Act Provisions Fuel IPO Surge, Raise Concerns

All eyes may be on the record-setting IPO of Chinese Internet firm, Alibaba, but the real IPO story for 2014 may be the significant number of IPOs this year involving smaller companies. The number of companies completing IPOs this year is on pace for the highest annual level since 2007, a surge in initial...

Congress: Preempt All State Oversight of Public Offerings

It started with the National Securities Markets Improvement Act of 1996 (lovingly known as “NSMIA” pronounced “nissmeeya”). That law said federal SEC oversight of public offerings on the major national exchanges is sufficient and the states do not also need to review, weigh in...

5 Reasons SEC Regulation A+ Is Revolutionary

March 25 was a significant day for the world of IPOs, small business and the small-cap markets. The SEC voted unanimously to adopt final rules implementing changes to Regulation A which were mandated by the Jumpstart our Business Startups (JOBS) Act of 2012. It took a while to get the rules completed...

Massachusetts Sues SEC to Stop Regulation A+

On the Friday before Memorial Day weekend, William Galvin, the Secretary of the Commonwealth of Massachusetts, filed a petition in Washington DC against the SEC requesting that the court stop the implementation and enforcement of the SEC’s changes to Regulation A. They are asking the court to hold...