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So far Thomas Law LLC has created 14 entries.

Congress Codifies New Resale Exemption

On December 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation Act (“FAST Act”), which includes several securities law related provisions.  Among the most notable of these provisions is the addition of new Section 4(a)(7) to the Securities Act of 1933, which essentially codifies the so-called “Section 4(a)(1-1/2)” exemption for private resales of restricted securities.  With certain exceptions, the new Section 4(a)(7) exempts from registration any resale transaction that meets the following requirements:

  • Each purchaser is an accredited investor;
  • No general solicitation occurs; and
  • In the case of an issuer that is not a reporting company, the issuer makes available (at the request of the seller) to the seller and the prospective purchaser certain information about the issuer and the securities.
By |December 7th, 2015|Securities Law|
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SEC Proposes Amendments to Reg ATS

The SEC last week proposed amendments to Regulation ATS to enhance operational transparency and regulatory oversight of alternative trading systems (ATS’s) that trade stocks listed on a national securities exchange (NMS stocks), including “dark pools.”  The proposed amendments can be found here: http://www.sec.gov/rules/proposed/2015/34-76474.pdf.

By |November 23rd, 2015|Securities Law|
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SEC Adopts Crowdfunding Rules and Proposes Amendments to Rule 504

The SEC today adopted Regulation Crowdfunding, permitting individuals to invest in securities-based crowdfunding transactions.  The new crowdfunding rules will be effective in May 2016.  The SEC also proposed amendments to Rule 504 to increase the aggregate amount of money that may be offered and sold pursuant to the rule from $1 million to $5 million and to apply bad actor disqualifications to Rule 504 offerings.  The SEC’s press release, with links to the final and proposed rules, can be found here: http://www.sec.gov/news/pressrelease/2015-249.html.

By |October 30th, 2015|Securities Law|
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SEC Adopts Regulation A+

As required by the JOBS Act, the SEC today adopted new rules that update and expand Regulation A, an existing exemption from registration for smaller issuers of securities.  The updated exemption, commonly referred to as “Regulation A+,” will enable smaller companies to offer and sell up to $50 million of securities in a 12-month period, subject to eligibility, disclosure and reporting requirements.  The final rule can be found here: http://www.sec.gov/rules/final/2015/33-9741.pdf.

By |March 25th, 2015|Securities Law|
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