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Regulation of Securities: SEC Answer Book, Fifth Edition 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 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 17th year—current in this rapidly evolving field, and enhance its role as a core holding for every securities and corporate governance library.

Note: Online subscriptions are for three-month periods.

Pages 1190
Last Updated 04/15/2019
Update Frequency Semi-annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781454880370
SKU 10046079-7777
Publish Frequency Semi-annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
SKU 000000000010071641
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