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It’s not just mandatory climate disclosure that’s on the agenda for Acting SEC Chair Allison Lee. Last week, as reported by Reuters, in remarks to a forum for securities industry.
Bipartisan Commission Of Business, Civic, And Academic Leaders Develop A Framework For Inclusive Capitalism
New Proposal Outlines 21 Policies for More Equitable and Inclusive Outcomes for the American Worker
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WASHINGTON, Feb. 2, 2021 /PRNewswire/ The Coalition for Inclusive Capitalism, a not-for-profit organization dedicated to making capitalism work for everyone, today launched the Framework for Inclusive Capitalism: A New Compact Among Business, Government, and American Workers. The framework demonstrates the potential for business to work with labor to craft bold but pragmatic policies that equitably extend the benefits of our economic prosperity to all workers. It rests on three core objectives: create more worker opportunity, expand the workforce, and enable fair gainsharing for workers. To achieve these objectives, the framework outlines 21 policy and business practice recommendations to ensure equitable and m
Friday, January 8, 2021
On December 22, 2020, the Securities and Exchange Commission approved the New York Stock Exchange’s proposed new direct listing rules to allow companies engaging in a direct listing to raise capital directly through a primary sale of shares, in addition to, or instead of, only facilitating sales of shares by existing shareholders, as previously permitted.
These direct listing rules, originally approved by the SEC on August 26, 2020, were discussed in detail in the August 31, 2020 edition of the
Corporate & Financial Weekly Digest. However, after initially approving the direct listing rules, on August 31, 2020, the SEC stayed implementation of the rules following receipt of a letter issued by the Council of Institutional Investors (CII) pursuant to which CII stated its intention to petition for a review of the direct listing rules. CII’s objections were previously discussed in the September 4, 2020 edition of the
Tuesday, December 29, 2020
On Tuesday, December 22, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued Release No. 34 -90768 (the “Release”), approving the proposal by the New York Stock Exchange (“NYSE”) to allow primary direct listings of securities on the NYSE without going through the Initial Public Offering process. This step means that companies able to meet the listing requirements spelled out in Chapter One of the NYSE’s Listed Company Manual can become listed on the NYSE without the involvement of an underwriter or the “firm commitment” of that underwriter to purchase the securities from the company and then resell them to the public. Direct listing, thus, saves the costs of the underwriting (typically between 1% – 7% of the price offered to the public, depending on the relative strength of the company and the perceived demand of the public for the shares being offered). Direct listing also “saves” the scrutiny that the un