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SEC reproposes new shelf eligibility requirements for asset-backed securities

Holland & Knight LLP
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USA
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August 8 2011

On July 26, 2011, the SEC re-proposed rules containing new shelf eligibility requirements for asset-based securities (ABS

SEC adopts new short form criteria to replace credit ratings

Holland & Knight LLP
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USA
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August 8 2011

On July 26, 2011, the SEC adopted new rules in response to Section 939A of the Dodd-Frank Wall Street Consumer Reform and Protection Act (the “Dodd-Frank Act”

Court of Appeals rules on Section 13(d) issues in CSX case

Holland & Knight LLP
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USA
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August 8 2011

In a long-awaited opinion, on July 18, 2011, the U.S. Court of Appeals for the Second Circuit ruled on certain Section 13(d) issues in the CSX case, CSX Corp. v. Children’s Investment Fund Management (UK) LLP

SEC revises Dodd-Frank rulemaking timetable

Holland & Knight LLP
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USA
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August 8 2011

The SEC has revised its rulemaking timetable with respect to corporate governance and exempt offerings

GAO publishes study on securities fraud liability of secondary actors

Holland & Knight LLP
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USA
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August 8 2011

On July 21, 2011, the GAO published a study on securities fraud liability of secondary actors

Proposed legislation to reorganize the SEC

Holland & Knight LLP
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USA
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September 26 2011

On September 15, 2011, at a hearing titled "Fixing the Watchdog: Legislative Proposals to Improve and Enhance the Securities and Exchange Commission," the House Committee on Financial Services considered two legislative proposals that would reorganize the SEC

Division of Corporation Finance issues new guidance on reverse mergers

Holland & Knight LLP
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USA
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September 26 2011

On September 14, 2011, the staff of the Division of Corporation Finance issued a new form of guidance titled CF Disclosure Guidance: Topic No. 1 "Staff Observations in the Review of Forms 8-K Filed to Report Reverse Mergers and Similar Transactions."

Second Circuit finds goodwill and loan loss reserves are non-actionable opinions

Holland & Knight LLP
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USA
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September 26 2011

In Fait v. Regions Financing Trust, No. 10-2311-cv, 2011 WL 3667784 (2d Cir. Aug. 23, 2011), the Second Circuit affirmed the dismissal of claims under sections 11 and 12 of the Securities Act of 1933 for the complaint's failure to plead a materially false statement of fact

SEC proposes rule to prohibit conflicts of interest in certain asset-backed securities transactions

Holland & Knight LLP
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USA
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September 26 2011

On September 19, 2011, the SEC voted unanimously to propose rules intended to prohibit material conflicts of interest between those who package and sell asset-backed securities (ABS), and those who invest in them