Topic
Securities
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Securities Law Prof Blog
New Securities Law Articles in Print
The following law review articles relating to securities regulation are now available in paper format:Sofia Aizenman, Note, The Art World of Digital Assets: How Non-Fungible Tokens Create a Loophole in…
SEC Actions
This Week In Securities Litigation (Week of May 30, 2023)
Memorial Day is a time to remember. Originally established during the civil war, it was intended to look back and remember those who have served the nation. There is no…
China Law Insight
“互换通”：主要法律文件制备的问题梳理
By King & Wood
作者：马绍基 萧乃莹 费思 周昕 苏萌 牟牧 席索迪 市场翘首以盼的“北向互换通”交易已于2023年5月15日正式启动。在过去几周，一大批“互换通”规则相继浮出水面后，监管指引和框架日益明晰，因此本文章旨在讨论“互换通”境内外投资者可能需要考虑的主要法律文件制备问题。 阅读更多
China Law Insight
美国并购实战指引：注册权协议（REGISTRATION RIGHTS AGREEMENT）
By King & Wood
作者：王兴华 罗华 刘宁 富江洲 如上篇中提到，注册权是公司授予特定股东的合同权利，在满足一定的条件下，股东可要求公司向美国证监会（SEC）注册其股份，以便可以在公开市场予以出售，从而快速地变现退出。一般来讲，如果某股东要退出公司，他可以向特定第三方转让其股份，该转让行为（Resale）需要符合公司注册地的公司法、公司章程和股东协议等，同时这种定向转让通常符合证券法下的豁免条款（如1933年证券法第4(a)(1)条）。但是，若股东想在公开市场上出售股份，即向不特定的第三方出售股份，则受到证券法的约束。1933年证券法第5条规定，任何证券的出售除非受到豁免，均应向美国证监会（SEC）注册，只有完成注册的股份才可以在公开市场上进行出售。因此，注册权协议的目的即赋予股东要求公司注册其股份的权利，以便其在公开市场上进行出售。另外，需要注意的是，美国证券法下的注册是针对特定股份的注册，不是对公司/发行人（Issuer）所有股份的注册，即在上市公司其他股东手里仍然可能存在未注册的股份，这部分股份属于受限股份，未经注册或符合豁免，不可以上市流通，这与中国法语境下上市公司的股份全流通是不同的。换句话说，注册权是属于特定股东的权利，如果某股东的股份没有注册权，则通常不会因别的股东行使注册权而成为注册的股份，从而上市流通。如果该股东的股份没有注册权，他可以向特定第三方进行转让，或者按照证券法豁免条款（如根据SEC144规则）在公开市场进行出售。 与上篇股东协议不同，上篇提到并购语境下的股东协议与少数股权融资交易中的股东协议存在较大差别，但对于注册权协议而言，两种语境下的注册权协议相差不大，只是立场不同，一个是从公司/大股东角度，一个是从相对的小股东角度。 阅读更多
The D&O Diary
Key SPAC-Related Litigation Developments
As I have chronicled on this blog (most recently, here), a wave of litigation has followed in the wake of the SPAC boom in late 2020 and early 2021. Since…
Securities and Investment Blog
The Evolution of a Wells Process and the Anticipated SEC Sweeps
By sheilar-carrollsecuritiesandinvestmentblog-blogsp
The Wells Process has a long history dating back to 1972 when SEC Chairman William J Casey appointed John Wells along with two others to the “Wells…
The D&O Diary
A Detailed Look at the 2022 Securities Litigation Against Life Sciences Companies
In the latest edition of its annual report, the Sidley Austin law firm takes a detailed look at important securities litigation developments in 2022 relating to life sciences companies. The…
SEC Actions
This Week In Securities Litigation (Week of May 22, 2023)
The Commission filed 14 new proceedings last week. Most of those actions centered on violations of Regulation A which provides a limited exemption from the registration requirements under certain circumstances.…
Subject to Inquiry
FINRA Enforcement Previews Initial CAT Enforcement Philosophy
By Noreen Kelly, Nellie E. Hestin, Helen J. Moore, McGuireWoods LLP
On May 18, 2023, during an “Ask FINRA Senior Staff” panel held as part of FINRA’s 2023 Annual Conference, Christopher Kelly, Acting Head of FINRA Enforcement, provided a first look…
SEC Actions
Commission Settles Ten Unregistered Sale of Securities Actions
Regulation A created a limited exemption from the registration requirements of Section 5, Securities Act for those who comply with the dictates of the Regulation. Generally it requires that certain…