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SEC adopts final amendments for M&A financial statement disclosure

USA - May 22 2020 Yesterday, once again without an open meeting, the SEC voted (with a dissent from Commissioner Allison Lee) to adopt amendments to the requirements…

Nasdaq proposes new rules to address emerging market listings; Holding Foreign Companies Accountable Act

USA - May 21 2020 Yesterday, the SEC formally announced its July 9 roundtable on emerging markets. In the announcement, the SEC observed that, “while the U.S…

SEC Enforcement investigating potential federal securities law violations by PPP borrowers

USA - May 20 2020 It’s not just the Justice Department that’s looking into PPP loans—although there appears to be plenty of that going on—the SEC’s Division of…

SEC Chair Clayton addresses Financial Stability Oversight Council

USA - May 19 2020 At the end of last week, SEC Chair Jay Clayton addressed the Financial Stability Oversight Council, focusing on three areas: market function, market…

SEC Enforcement Co-Director discusses COVID-19-related enforcement priorities

USA - May 13 2020 In his keynote address to Securities Enforcement Forum West 2020, SEC Enforcement Co-Director Steven Peikin discussed some of the efforts of the…

Nasdaq delays rule change expediting delisting process for certain bid price compliance issues

USA - May 13 2020 In April, the SEC approved a Nasdaq rule change to expedite delisting (1) for securities with a closing bid price at or below $0.10 for ten…

SBA provides “safe harbor” for PPP loans under $2 million

USA - May 13 2020 New FAQ 46 from the SBA provides a “safe harbor” for borrowers of less than $2 million under the Paycheck Protection Program provisions of the CARES…

Another Caremark claim survives dismissal

USA - May 12 2020 Are the allegations in Hughes v. Hu an example of the SEC/PCAOB's recent cautionary Statement on emerging market risks come to life? (See this PubCo…

House Subcommittee insists certain public companies return PPP loans

USA - May 9 2020 As discussed in this PubCo post, in April, the Treasury Department issued a series of FAQs related to loans made under the Paycheck Protection…

Proposal to amend the DGCL to provide relief regarding stockholders’ meetings

USA - May 7 2020 On April 6, the Governor of Delaware signed an emergency order applicable to public reporting companies addressing the urgent need of many companies…