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Foreign private issuers can no longer submit filings on a confidential basis

Holland & Knight LLP
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USA
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December 12 2011

On December 8, 2011, the Division of Corporation Finance announced that, effective immediately, the policies controlling the filings of foreign private issuers and governments would be amended

SEC settles Regulation FD violations regarding trust preferred redemption

Holland & Knight LLP
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USA
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December 12 2011

On November 22, 2011, the SEC announced a settlement regarding Regulation FD violation allegations

SEC staff to release filing review correspondence earlier

Holland & Knight LLP
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USA
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December 12 2011

On December 1, 2011, the SEC announced that, starting January 1, 2012, comment letters and response letters relating to disclosure filings reviewed by the Divisions of Corporation Finance and Investment Management will be released by the staff of the SEC "no earlier than 20 business days" following the completion of a filing review

Southern District of New York dismisses Madoff suit by foreign investors under SLUSA

Holland & Knight LLP
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USA
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December 12 2011

On November 29, 2011, the Southern District of New York (SDNY), dismissed claims by a class of foreign plaintiffs who invested in foreign feeder funds that invested in the ponzi scheme orchestrated by Bernard L. Madoff ("Madoff") and Bernard L. Madoff Investment Securities LLC ("Madoff Securities"

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

SEC considering easing restrictions on crowdfunding

Holland & Knight LLP
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USA
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September 26 2011

"Crowdfunding," where groups of people pool money, is a new method of capital raising that is gaining interest

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

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

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."