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Category: Securities Law

SEC Adopts The T+2 Trade Settlement Cycle

Introduction and brief summary of the rule On March 22, 2017, the SEC adopted a rule amendment shortening the standard settlement cycle for broker-initiated trade settlements from three business days from the trade date (T+3) to two business days (T+2). The change is designed to help enhance efficiency and reduce risks, including credit, market and liquidity risks,… Continue reading “SEC Adopts The T+2 Trade Settlement Cycle”

SEC Grants Accelerated Approval to FINRA Rule Amendment Regarding Minimum Quotation Size Requirements for OTC Equity Securities

EC granted accelerated approval to an amendment to FINRA rule 6433 related to the minimum quotation size for OTC equity securities.  Rule 6433 applies to all market makers.  Rule 6433 sets forth the specific minimum quotation size requirements in tiers that are based on the price of the OTC equity security being quoted by the market… Continue reading “SEC Grants Accelerated Approval to FINRA Rule Amendment Regarding Minimum Quotation Size Requirements for OTC Equity Securities”

Filing Deadlines for Exchange Act Quarterly and Annual Reports

Companies subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are required to file quarterly reports on Form 10-Q and annual reports on Form 10-K.  In additional articles, I will discuss in depth the contents and specific disclosure requirements of both forms.  However, in summary, the quarterly… Continue reading “Filing Deadlines for Exchange Act Quarterly and Annual Reports”

SEC Advisory Committee On Small And Emerging Companies Recommends Modernizing Rule 147 for Intrastate Crowdfunding Offerings

On September 23, 2015, the SEC Advisory Committee on Small and Emerging Companies (the “Advisory Committee”) met and finalized its recommendation to the SEC regarding the modernization of the Rule 147 Intrastate offering exemption.  The recommendations are focused on facilitating recently enacted and future state-based crowdfunding initiatives. I have written about the Advisory Committee on numerous… Continue reading “SEC Advisory Committee On Small And Emerging Companies Recommends Modernizing Rule 147 for Intrastate Crowdfunding Offerings”

SEC Issues Advertising Guidance Related to State-Specific Crowdfunding

As required by Title III of the JOBS Act, on October 23, 2013, the SEC published proposed crowdfunding rules.  The SEC has dubbed the new rules “Regulation Crowdfunding.” The entire 584-page text of the rule release is available on the SEC website.  As of today, it is unclear when final rules will be released and… Continue reading “SEC Issues Advertising Guidance Related to State-Specific Crowdfunding”

Crowdfunding Act Signed Into Law

On April 5, 2012 President Obama signed the JOBS Act into law.  In accordance with the JOBS Act requirement that all crowdfunding platforms (i.e. websites and intermediaries)  be a member of a national securities association, the new self regulatory organization (SRO), The Crowdfunding Intermediary Regulatory Association (CFIRA) has already been formed.   The CFIRA will be charged with ensuring investor… Continue reading “Crowdfunding Act Signed Into Law”