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On April 16, 2021, the US Securities and Exchange Commission issued a release reopening the comment period on its 2016 proposal for a mandatory universal proxy to be used for all contested director...
Thursday, December 31, 2020 1 to Rule 144, including changes related to the filing of Form 144. 2 The proposed amendments also include a minor change to Forms 4 and 5. These proposed amendments will be subject to a 60-day comment period after they are published in the Federal Register, which has not happened as of the date of this alert. This alert summarizes the key aspects of the proposed changes. Proposed Amendment to Rule 144 The Holding Period for Securities Acquired Upon Conversion or Exchange of Certain Market-Adjustable Securities Issued by Unlisted Issuers Would Not B...
On 22 December 2020, the Securities and Exchange Commission (the SEC) proposed various amendments 1 to Rule 144, including changes related to the filing of Form 144. 2 The proposed amendments also include a minor change to Forms 4 and 5. These proposed amendments will be subject to a 60-day comment period after they are published in the Federal Register, which has not happened as of the date of this alert. This alert summarizes the key aspects of the proposed changes. Proposed Amendment to Rule 144 The Holding Period for Securities Acquired Upon Conversion or Exchange of Certain Market-Adjust...
Letting Qualified Experts Expand the Pink to Avoid the Grey: Proposed Conditional Waiver to SEC Rule 15c2-11 Thursday, December 31, 2020 As discussed at length in my October 29, 2020, blog post, “Keeping Securities Disclosures in the Pink: Amendments to SEC Rule 15c2-11,” the U.S. Securities and Exchange Commission (‘SEC”) on September 16, 2020, adopted amendments (the “Amendments”) to its Rule 15c2-11 under the Securities Exchange Act of 1934, as amended (the “’34 Act”) which governs how broker-dealers may participate in trading markets for unregistered (not lis...
To embed, copy and paste the code into your website or blog: In its 2019 Concept Release on Harmonization of Securities Offerings,1 the US Securities and Exchange Commission (SEC) included a section requesting comment regarding resale exemptions, including Rule 144. While the SEC addressed a number of the key issues relating to the exempt offering framework that were first identified in the Concept Release in a rulemaking earlier this year,2 the SEC had not until recently addressed any of the resale exemptions. On December 22, 2020, the SEC proposed amendments to Rule 144 and Form 144 (the P...