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Regulation of Securities: SEC Answer Book, Fifth Edition

Regulation of Securities: SEC Answer Book, Fifth Edition

By Steven Mark Levy
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Overview

The new Fifth Edition of Regulation of Securities: SEC Answer Book is your guide to understanding and complying with the day-to-day requirements of the federal securities laws that affect all publicly traded companies and other issuers of securities. Whether you are a lawyer, accountant, officer, director, or investor, you will find helpful answers to most regulatory questions you are likely to encounter—in readable, plain English. The convenient Q&A format is ideal for beginners seeking a general understanding of a topic, as well as seasoned professionals grappling with critical issues. Twice-yearly supplements keep this valuable reference—now in its 15th year—current in this rapidly evolving field, and enhance its role as a core holding for every securities and corporate governance library.

This new edition not only brings your book up to date, but reflects a significant expansion and improvement over the previous edition.  Two new chapters have been added, covering going public (Chapter 2) and exemptions from Securities Act registration (Chapter 3).  The remaining chapters have been rewritten, reorganized, and renumbered to reflect major developments and to add clarity. They include:

  1. Understanding Securities Regulation
  2. Going Public
  3. Exemptions from Securities Act Registration
  4. Electronic Filing
  5. Periodic Reports
  6. Disclosure Items
  7. Beneficial Ownership Reports: Sections 13(d) & 13(g)
  8. Insider Reports: Section 16(a)
  9. Short-Swing Profits: Section 16(b)
  10. Audit Committee
  11. Executive Compensation
  12. Proxies
  13. Shareholder Proposals
  14. Tender Offers
  15. Going Private: Rule 13e-3
  16. Resales of Restricted Securities: Rule 144
  17. Resales to Institutional Investors: Rule 144A
  18. Corporate Website
  19. Securities Fraud
  20. Insider Trading
  21. Whistleblower Awards
  22. Securities Litigation & Enforcement
  23. Broker-Dealers
  24. Investment Advisers
Last Updated 04/20/2017
Update Frequency Updated semi-annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781454880370
SKU 10046079-7777
Table of Contents

List of Questions

Chapter 1
Understanding Securities Regulation

  • Federal Securities Laws
  • Definition of Security
  • Securities Act of 1933
  • Securities Act—Liability
  • Securities Exchange Act of 1934
  • Securities Exchange Act—Liability
  • Securities and Exchange Commission
  • SEC Rulemaking
  • No-Action Letters
  • Securities Industry & Self-Regulation
  • Securities Industry—SEC Examination
  • Security-Based Swap Markets
  • Public Company Accounting Oversight Board (PCAOB)

Chapter 2
Going Public

  • Introduction
  • Pros & Cons of Going Public
  • Selecting an Underwriter and Advisors
  • Preparing the Registration Statement
  • SEC Review and Comment
  • Listing on an Exchange
  • Blue Sky and FINRA Clearance
  • Pre-IPO Communications Restrictions
  • Preliminary Prospectus & Free Writing Prospectus
  • Marketing the IPO
  • Closing the IPO

Chapter 3
Exemptions from Securities Act Registration

  • Introduction
  • Exempt Securities
  • Exempt Transactions Generally
  • Intrastate Offering Exemption
  • Private Offering Exemption
  • Regulation A Exemptions
  • Regulation D Exemptions
  • Crowdfunding Exemption
  • Integration Doctrine
  • Resales of Restricted Securities
  • PIPE Transactions

Chapter 4
Electronic Filing

  • Introduction
  • Electronic Filing—Basics
  • Hardship Exemptions
  • Preparing Electronic Submissions
  • Modular Submissions & Segmented Filings
  • XBRL
  • Interactive Data

Chapter 5
Periodic Reports

  • Introducing Exchange Act Reporting
  • Integrated Disclosure System
  • Disclosure Controls & Procedures
  • Annual Report: Form 10-K
  • Quarterly Report: Form 10-Q
  • Distribution Report: Form 10-D
  • Section 302 Certification
  • Section 906 Certification
  • Accelerated Filing for Larger Companies
  • Current Report: Form 8-K
  • Transition Report
  • Amendments
  • Duty to Update
  • Confidential Treatment
  • Enforcement
  • FCPA Accounting Provisions

Chapter 5A
Financial Statements

  • Understanding Financial Statements
  • GAAP & the FASB
  • Balance Sheet
  • Income Statement
  • Statement of Cash Flows
  • Footnotes & MD&A
  • Earnings Release & Conference Call
  • Earnings Guidance
  • Independent Audit
  • Audit Report
  • Financial Restatement
  • SEC Investigation & Enforcement
  • Compensation Forfeiture (Clawback)

Chapter 6
Disclosure Items

  • Introduction
  • Using Plain English
  • Non-GAAP Financial Measures—Item 10(e)
  • Performance Graph—Item 201(e)
  • Management’s Discussion & Analysis—Item 303
  • MD&A for Off-Balance Sheet Arrangements—Item 303(a) or (c)
  • Changes In & Disagreements With Accountants—Item 304
  • Market Risk of Owning Derivatives—Item 305
  • Internal Control over Financial Reporting (SOX 404)—Item 308
  • Executive Compensation—Item 402
  • Security Holdings of Beneficial Owners—Item 403
  • Related Person Transactions—Item 404
  • Insider Reporting Delinquencies—Item 405
  • Code of Ethics—Item 406
  • Corporate Governance—Item 407
  • Risk Factor Disclosure—Item 503(c)
  • Exhibits—Item 601
  • Environmental Disclosure
  • Cybersecurity
  • Corporate Political Spending
  • Specialized Corporate Disclosure
  • Scaled Disclosure for Smaller Reporting Companies

Chapter 7
Beneficial Ownership Reports: Sections 13(d) & 13(g)

  • Overview
  • Subject Securities
  • Beneficial Ownership
  • Acquisition of Securities
  • Formation of a Group
  • Schedule 13D
  • Schedule 13G
  • Amendments
  • Enforcement

Chapter 8
Insider Reports: Section 16(a)

  • Introduction
  • How & When to Report
  • Electronic Filing & Website Posting
  • Joint & Group Reporting
  • Enforcement
  • Officers and Directors
  • Beneficial Owners
  • Trusts & Trustees
  • Derivative Securities
  • Equity Swaps
  • Issuer Disclosure of Reporting Delinquencies—Item 405

Chapter 9
Short-Swing Profits: Section 16(b)

  • Understanding Section 16(b)
  • Six-Month Period
  • Purchase & Sale
  • Standing to Sue
  • Statute of Limitations
  • Calculating Profits
  • Indemnification or Tax Deduction for Profits Disgorged
  • Exemptions
  • Short-Selling Prohibition: Section 16(c)
  • Insider Trades During Pension Plan Blackouts

Chapter 10
Audit Committee

  • Overview
  • Administering the Accounting Engagement
  • Proxy Statement Disclosure
  • Pre-Filing Review of Quarterly Financials
  • Auditor Required Communications with Audit Committee
  • Financial Expert Disclosure
  • Up-the-Ladder Reporting
  • False Statements to Accountants or Auditors
  • Improper Influence on Conduct of Audits
  • Listed Companies’ Audit Committees: Rule 10A-3
  • Overseeing the Internal Audit
  • Liability
  • Whistleblower Protections
  • PCAOB Inspections & the Audit Committee

Chapter 11
Executive Compensation

  • Introduction
  • Compensation Committee
  • Say-on-Pay Vote
  • Say-on-Frequency Vote
  • Golden Parachute Vote
  • Pay vs. Performance
  • Pay Ratio Disclosure
  • Hedging by Employees & Directors
  • Compensation Clawbacks
  • Compensation Restrictions for Covered Financial Institutions
  • Broker Discretionary Voting

Chapter 12
Proxies

  • Understanding Proxy Regulation
  • Proxy Defined
  • Solicitation Defined
  • Exempt Solicitations
  • Proxy Statement—Schedule 14A
  • Information Statement—Schedule 14C
  • Proxy Card
  • Annual Report to Security Holders
  • Filing Proxy Materials with the SEC
  • Delivering Proxy Materials to Shareholders
  • Shareholder List
  • Proxy Access
  • Solicitation Before Furnishing Proxy Statement
  • Auditor Independence Disclosure
  • Shareholder Communications with Directors
  • Proxy Advisors
  • Antifraud

Chapter 13
Shareholder Proposals

  • Introduction
  • Eligibility to Submit a Proposal
  • Procedure for Submitting a Proposal
  • Substantive Grounds for Excluding a Proposal
  • Procedure for Excluding a Proposal
  • Enforcement

Chapter 14
Tender Offers

  • Overview
  • Tender Offer Defined
  • Commencement
  • Early Commencement for Exchange Offers
  • Pre-Commencement Communications
  • Preparing & Filing Schedule TO
  • Disseminating Schedule TO Information to Security Holders
  • Security Holder Protections
  • Subsequent Offering Period
  • All Holders/Best Price Rules
  • Disclosure by the Target—Schedule 14D-9
  • Issuer Repurchases & Tender Offers
  • Antifraud
  • Inside Information
  • Cross-Border Transactions
  • Mini-Tender Offers
  • Five Business Day Debt Tender Offers
  • State Regulation

Chapter 15
Going Private: Rule 13e-3

  • Overview
  • Sarbanes-Oxley & Going Private
  • Scope of Rule 13e-3
  • Subject Persons
  • Exceptions to Rule 13e-3
  • Schedule 13E-3
  • Fairness Disclosure
  • Disclosure to Security Holders
  • Dissemination
  • Liability

Chapter 16
Resales of Restricted Securities: Rule 144

  • Understanding Rule 144
  • Affiliate
  • Person
  • Restricted Securities
  • Debt Securities
  • Conditions to be Met
  • Current Public Information
  • Holding Period for Restricted Securities
  • Limitation on Amount of Securities Sold
  • Manner of Sale
  • Form 144—Notice of Proposed Sale
  • Securities of Shell Companies
  • Rule 145—Business Combination Transactions

Chapter 17
Resales to Institutional Investors: Rule 144A

  • Introducing Rule 144A
  • Interaction with Other Exemptions
  • Eligible Securities
  • Eligible Buyers
  • Information Requirement
  • Notice to Buyer
  • Liability
  • Relation to State Law
  • PORTAL Market
  • Rule 144A Equity Offerings

Chapter 18
Corporate Website

  • Overview
  • Format & Readability
  • Document Delivery
  • Access Equals Delivery
  • Proxy Materials
  • Regulation FD Considerations
  • Electronic Shareholder Forums
  • Offshore Transactions
  • Website Interactive Data
  • Liability

Chapter 19
Securities Fraud

  • Understanding Rule 10b-5
  • Materiality
  • Scienter
  • In Connection with Purchase or Sale
  • Presumptions of Reliance
  • Loss Causation & Economic Loss
  • Statute of Limitations
  • Multiple Defendants
  • Contribution & Indemnification
  • Forward-Looking Statements
  • Stock Buybacks—Rule 10b-18
  • Liability for Analysts’ Statements
  • Selective Disclosure—Regulation FD
  • Regulation FD Enforcement
  • Non-GAAP Financial Measures—Regulation G

Chapter 20
Insider Trading

  • Overview
  • Material Nonpublic Information
  • Classical Theory
  • Misappropriation Theory
  • Tipper & Tippee Liability
  • Rule 10b5-1(c) Trading Plans
  • High-Frequency Trading
  • Enforcement
  • Penalties
  • Insider Trading by Federal Officials

Chapter 21
Whistleblower Awards

  • Overview
  • Definitions
  • Award Payment
  • Eligibility
  • Submitting Original Information
  • Confidentiality of Submissions
  • Claiming an Award
  • Appeals
  • Anti-Retaliation Protection
  • Acts That Impede Whistleblowing

Chapter 22
Securities Litigation & Enforcement

  • Introduction
  • SEC Investigations
  • Wells Process
  • Cooperating with the SEC
  • SEC Administrative Proceedings
  • SEC Injunctive Actions in Federal Court
  • Criminal Prosecution
  • Corporate Criminal Liability
  • Corporate Compliance Program
  • Asserting the Fifth Amendment
  • Search & Seizure
  • Derivative Actions
  • Securities Class Actions
  • Shareholder Litigation Involving Mergers & Acquisitions
  • SEC as Defendant

Chapter 23
Broker-Dealers

  • Introduction
  • Definitions of Broker/Dealer
  • SEC Registration
  • Forms BD & BDW
  • FINRA Membership
  • SIPC Membership
  • State Requirements
  • Financial Responsibility
  • Duty to Supervise
  • Antifraud
  • Anti-Money Laundering
  • Market Manipulation
  • Large Traders
  • Examination
  • Discipline
  • Arbitration

Chapter 24
Investment Advisers

  • Introduction
  • Definition of Investment Adviser
  • Family Office
  • Registration
  • Exemptions from Registration
  • Form ADV
  • Antifraud
  • Fiduciary Duty
  • Performance Compensation
  • Supervision, Compliance & Recordkeeping
  • Anti-Money Laundering
  • Form PF
  • Examination & Enforcement
  • Municipal Advisors

Table of Cases

Index

Volumes