The SEC adopted amendments to modernize filing fee disclosure and payment methods for closed-end funds and business development companies BDCs filing on Forms N-2 and N 14. The SEC also adopted amendments permitting payment of filing fees via ACH and debit and credit cards.
A Confidentially Marketed Public Offering CMPO is an offering of securities registered on a shelf registration statement on Form S-3 where securities are taken off the shelf and sold when favorable market opportunities arise. We discuss the advantages and disadvantages of CMPOs.
As of November 1, 2021, dealers in security-based swaps SBS whose dealing activity exceeds certain de minimis thresholds are required to register with the SEC as a security-based swap dealer SBSD and to comply with the SEC’s regulations applicable to SBS.
At least one securities class action focusing on the restatement of SPAC warrants has been filed. It remains to be seen whether stock price declines in response to restatements and/or disclosures of weaknesses by SPACs are of sufficient magnitude to prompt more lawsuits.
The SEC is increasing scrutiny of how companies evaluate and disclose ESG risk, specifically climate change. The SEC has published a sample letter to demonstrate the types of letters it intends to issue to public companies regarding their climate change disclosures.