TreatiseTreatise

Securities Law and Practice Deskbook (6th Edition)

 by Gary M. Brown
 
 Copyright: 2012-2017
 Last Updated: September 2017

 Product Details >> 

Product Details

  • ISBN Number: 9781402418969
  • Page Count: 682
  • Number of Volumes: 1
  •  

In one concise volume, the sixth edition of Securities Law and Practice Deskbook features step-by-step checklists for advisers in the securities arena. This practical treatise enables securities counsel to help corporate entities:

  • Deal effectively with the Securities Act registration process—focusing on the procedures, disclosure requirements, and documents involved, including the drafting of prospectuses and the due diligence necessary to ensure accuracy
  • Handle registration and reporting under the Exchange Act, including the revisions made by the Sarbanes-Oxley, Dodd-Frank and JOBS Acts
  • Issue securities under the various exemptions from Securities Act registration—including discussions ofRegulation A, Regulation D and the“crowdfunding” regulations
  • Handle resales of restricted and control securities—including a comprehensive Rule 144 “decision tree”
  • Minimize liability risks under the Exchange Act—by understanding what triggers violations of Regulation FD, Rule 10b-5, Section 16(b) and “clawback” rules relative to incentive based compensation

Securities Law and Practice Deskbook also covers legislative, regulatory and judicial changes that:

  • Allowed streamlined and confidential registration procedures for “emerging growth companies”
  • Revised Regulation D, including allowing general solicitation in certain offerings and revising the net worth standard for qualification as an accredited investor; and expanded “bad actor” disqualification and disclosures
  • Increased the SEC’s ability to impose penalties in cease-and-desist proceedings
  • Heightened the requirements for bringing securities class actions under Rule 10b-5
Significantly revised proxy disclosures and requirements relative to executive compensation (e.g., “say-on-pay”; “pay for performance” and “pay ratio” disclosure)
  Table of Contents
  Preface
Chapter 1: Approaching Securities Law
  • § 1:1 : Introduction1-1
  • § 1:2 : Historical and Cultural Perspective1-1
    • § 1:2.1 : History Repeats Itself1-1
    • § 1:2.2 : Origins of the Federal Securities Laws1-4
  • § 1:3 : Sources of Federal Securities Law1-7
  • § 1:4 : Government Publications1-12
  • § 1:5 : Private Publications1-17
  • § 1:6 : State Securities Law1-18
  • § 1:7 : Special Position of Securities Lawyers1-19
Chapter 2: Business Context of Securities Act Registration
  • § 2:1 : Introduction2-2
  • § 2:2 : Reasons Companies Register Securities2-2
    • § 2:2.1 : Advantages of Registration or Being Publicly Held2-2
      • [A] : Economy2-2
      • [B] : Control2-4
      • [C] : Creation of a Public Market2-4
      • [D] : Improved Access to Capital2-5
      • [E] : Prestige2-6
      • [F] : Estate Planning2-6
      • [G] : Executive Recruiting and Retention2-7
      • [H] : Acquisitions2-8
    • § 2:2.2 : Disadvantages of Registration or Being Publicly Held2-8
      • [A] : Expense2-8
      • [B] : Disclosure of Information2-9
      • [C] : Loss of Management Flexibility2-10
      • [D] : Income Expectations2-11
      • [E] : Increased Liability2-11
      • [F] : Restrictions on “Insiders”2-12
      • [G] : Potential for Loss of Control2-12
  • § 2:3 : Functions of Securities Firms2-13
    • § 2:3.1 : Underwriting2-13
    • § 2:3.2 : Acting as Dealer, Broker, and Market Maker2-15
    • § 2:3.3 : Investment Banking2-15
  • § 2:4 : Steps in a Registered Offering2-16
Chapter 3: Regulatory Framework of Securities Act Registration
  • § 3:1 : Introduction3-2
    • § 3:1.1 : Statutory Framework3-2
    • § 3:1.2 : Categories of Issuers3-3
      • [A] : Generally3-3
      • [B] : Waiver of Ineligible Issuer Status3-5
  • § 3:2 : Prefiling Period3-7
    • § 3:2.1 : Statutory Scheme3-7
      • [A] : Generally3-7
      • [B] : Emerging Growth Companies3-10
    • § 3:2.2 : What Is an Offer?3-11
      • [A] : Section 2(a)(3)3-11
      • [B] : Conditioning the Market3-12
      • [C] : General Exceptions3-17
      • [D] : Special Situations3-23
  • § 3:3 : Waiting Period3-24
    • § 3:3.1 : Statutory Scheme3-24
      • [A] : Generally3-24
      • [B] : For Emerging Growth Companies3-28
    • § 3:3.2 : What Is a Sale?3-28
    • § 3:3.3 : What Is a Prospectus?3-30
      • [A] : Indirect Offers3-31
      • [B] : Exceptions3-34
      • [C] : Free Writing Prospectuses3-37
      • [D] : Electronic Road Shows3-39
      • [E] : Websites3-40
      • [F] : Research Reports3-41
    • § 3:3.4 : Preliminary Prospectus Delivery Requirements3-43
  • § 3:4 : Posteffective Period3-45
    • § 3:4.1 : Statutory Scheme3-45
    • § 3:4.2 : Section 5(b) and Defective Prospectuses3-47
    • § 3:4.3 : Final Prospectus Delivery Requirements3-48
  • § Table 3-1 : Summary of Communication Rules3-54
Chapter 4: Securities Act Registration Process
  • § 4.1 : Statutory Scheme4-2
  • § 4.2 : Commission Procedures4-4
    • § 4.2:1 : Confidential Submission of Draft Registration Statements4-4
    • § 4.2:2 : Review and Comment Procedure4-8
    • § 4.2:3 : Delaying and Accelerating Effectiveness4-12
    • § 4.2:4 : Refusal Orders, Stop Orders, and Withdrawal of Registration Statements4-15
  • § 4.3 : Disclosure Requirements4-16
    • § 4.3:1 : Registration Statement Forms4-16
    • § 4.3:2 : Rules, Regulations, and Industry Guides4-19
    • § 4.3:3 : Shelf Registration4-22
      • [A] : Background and History4-22
      • [B] : Shelf Registration Generally4-24
        • [B][1] : Rule 4154-24
        • [B][2] : Rule 430B Base Prospectus Requirements4-25
      • [C] : Shelf Registration Procedures for Well-Known Seasoned Issuers (WKSIs)4-26
  • § 4.4 : Registration Statement Drafting and Filing4-27
  • § 4.5 : Perspectives4-31
Chapter 5: Reach of Securities Act Regulation
  • § 5:1 : Introduction5-1
  • § 5:2 : What is a Security?5-2
    • § 5:2.1 : Statutory Scheme5-2
    • § 5:2.2 : Investment Contract5-3
      • [A] : Investment of Money5-5
      • [B] : Common Enterprise5-6
      • [C] : Expectation of Profits5-8
      • [D] : Solely from the Efforts of Others5-10
    • § 5:2.3 : Unless the Context Otherwise Requires5-15
  • § 5:3 : What is a Sale?5-22
    • § 5:3.1 : Pledges5-23
    • § 5:3.2 : Acquisitions5-23
    • § 5:3.3 : Spin-Offs and “Free” Stock Give-Aways5-25
Chapter 6: Securities Act Registration Exemptions
  • § 6:1 : Introduction6-3
    • § 6:1.1 : Statutory Exemptions6-3
    • § 6:1.2 : The Commission’s Power of Exemption6-4
      • [A] : Section 3(b)(1)6-4
      • [B] : Section 3(b)(2)6-5
      • [C] : Section 4(a)(5)6-6
      • [D] : Sections 4(a)(6) and 4A6-8
      • [E] : Section 286-9
  • § 6:2 : Private Placements: Section 4(a)(2)6-9
  • § 6:3 : Intrastate Offerings6-18
    • § 6:3.1 : Statutory Exemption—Section 3(a)(11)6-19
    • § 6:3.2 : Rule 1476-21
    • § 6:3.3 : Rule 147A6-26
  • § 6:4 : Regulation A6-27
    • § 6:4.1 : Historical Background6-27
    • § 6:4.2 : Current Regulation A6-29
  • § 6:5 : Regulation D6-39
    • § 6:5.1 : Current Regulation D6-39
      • [A] : Generally6-39
      • [B] : Key Concepts6-41
        • [B][1] : Accredited Investors6-41
        • [B][2] : “Bad Actor” Disqualification and Waivers6-42
        • [B][3] : Disclosure Requirements6-48
        • [B][4] : “Insignificant Deviations”6-49
      • [C] : The Exemptive Rules6-50
        • [C][1] : Rule 5046-50
        • [C][2] : Rule 505 (repealed effective May 22, 2017)6-51
        • [C][3] : Rule 506(b)6-52
        • [C][4] : Rule 506(c)6-53
      • [D] : Filing6-58
    • § 6:5.2 : Proposed Pending Changes6-59
      • [A] : Proposed Changes to Form D6-60
      • [B] : Additional Rule 507 Disqualification Provisions6-62
      • [C] : Legends and Other Disclosure Requirements for General Solicitation Materials6-62
      • [D] : Mandatory Submission of Written General Solicitation Materials6-63
  • § 6:6 : Regulation Crowdfunding6-64
    • § 6:6.1 : Generally6-64
    • § 6:6.2 : Provisions Relative to Issuers and Investors6-65
      • [A] : Issuer Eligibility/Types of Securities That May Be Offered6-65
      • [B] : Offering/Selling Limit for Issuers6-65
      • [C] : Purchasing Limit for Investors6-66
      • [D] : Exemption from Section 12(g)6-66
      • [E] : Resale Restrictions6-67
      • [F] : Intermediaries6-67
      • [G] : Disclosures and Reporting6-68
      • [H] : Ongoing Disclosures6-70
      • [I] : Advertising and Publicity6-71
      • [J] : Promoter Compensation6-71
    • § 6:6.3 : Provisions Relative to Crowdfunding Intermediaries6-72
      • [A] : Status; Limitation on Activities; Registration6-72
      • [B] : Limitation on Financial Interests in Issuer6-73
      • [C] : Diligence Requirements6-73
      • [D] : Account Opening; Educational Materials; Electronic Delivery6-74
      • [E] : Compliance with Investment Limit6-74
      • [F] : Acknowledgment of Risk6-75
      • [G] : Communication Channels6-75
      • [H] : Issuer Information6-75
      • [I] : Escrow of Offering Proceeds6-76
      • [J] : Cancellation of Commitments6-76
      • [K] : Compensation; Payments to Third Parties6-77
    • § 6:6.4 : Liability Issues6-77
    • § 6:6.5 : Conclusion6-78
  • § 6:7 : Other Regulatory Exemptions6-79
    • § 6:7.1 : Regulation CE6-79
    • § 6:7.2 : Rule 701: Compensatory Benefit Plans and Contracts6-80
    • § 6:7.3 : Rules 801 and 802: Cross-Border Rights Offerings, Exchange Offers, and Business Combinations6-80
    • § 6:7.4 : Regulation S6-81
  • § 6:8 : Choosing Among the Exemptions6-82
  • § Table 6-1: : Regulation D Exemptions6-84
Chapter 7: Resales of Securities Under the Securities Act
  • § 7:1 : Introduction7-1
  • § 7:2 : Control and Restricted Securities7-3
  • § 7:3 : Public Resales Outside Rule 1447-7
    • § 7:3.1 : Sales of Control Securities7-7
    • § 7:3.2 : Sales of Restricted Securities7-12
  • § 7:4 : Public Resales Under Rule 1447-14
  • § 7:5 : Private Resales of Control and Restricted Securities7-19
    • § 7:5.1 : Resales Under Rule 144A7-19
    • § 7:5.2 : Resales Under the “4(a)(1½) Exemption”7-21
    • § 7:5.3 : Resales Under Securities Act Section 4(a)(7)7-24
    • § 7:5.4 : Other Related Issues7-26
  • Table 7-1 : Rule 144 Decision Tree7-28
  • Table 7-2 : Comparison of Rule 144A, the 4(a)(1½) Exemption and Section 4(a)(7) for Private Resale Transaction7-29
Chapter 8: Liability for Securities Act Violations
  • § 8:1 : Introduction8-1
  • § 8:2 : Criminal and Other Governmental Actions8-1
  • § 8:3 : Civil Liability8-6
    • § 8:3.1 : Section 118-6
    • § 8:3.2 : Section 128-14
      • [A] : Section 12(a)(1)8-14
      • [B] : Section 12(a)(2)8-17
      • [C] : Section 12(b)8-23
    • § 8:3.3 : Section 158-23
    • § 8:3.4 : Section 178-25
      • [A] : Section 17(a)8-25
      • [B] : Section 17(b)8-31
  • § 8:4 : Contribution and Indemnification8-33
Chapter 9: Registration and Periodic Reporting Under the Exchange Act
  • § 9:1 : Introduction9-1
  • § 9:2 : Commission’s General Exemptive Authority9-2
  • § 9:3 : Registration of Securities Under the Exchange Act9-2
  • § 9:4 : Periodic Reporting Under the Exchange Act9-7
  • § 9:5 : Foreign Corrupt Practices Act9-16
  • § 9:6 : Regulation FD9-18
    • § 9:6.1 : Background9-18
    • § 9:6.2 : Compliance9-19
      • [A] : Generally9-19
      • [B] : Social Media (Netflix Investigation)9-20
  • § 9:7 : Sarbanes-Oxley Act of 20029-21
Chapter 10: Regulation of Proxy Solicitations
  • § 10:1 : Introduction10-2
  • § 10:2 : Statutory Scheme10-3
  • § 10:3 : Proxy Solicitation Generally10-4
    • § 10:3.1 : Existing Framework10-4
    • § 10:3.2 : Proposed Changes: Review of “Proxy Plumbing”10-8
  • § 10:4 : Particular Issues Under the Federal Proxy Rules10-10
    • § 10:4.1 : Executive Compensation and Related-Party Transaction Disclosure10-10
      • [A] : General Disclosure Requirements10-10
      • [B] : 2009 Rule Changes10-12
      • [C] : Changes Mandated by Dodd-Frank10-15
        • [C][1] : Say-on-Pay10-15
        • [C][2] : Compensation Committee Independence and Related Matters10-17
        • [C][3] : Pay for Performance10-21
        • [C][4] : Pay Ratio Rule10-24
          • [C][4][a] : Basic Disclosure Requirement10-24
          • [C][4][b] : Companies Covered by the Pay Ratio Disclosure10-25
          • [C][4][c] : Compliance Dates10-25
          • [C][4][d] : When Disclosure Is Required10-27
          • [C][4][e] : Scope of Employee Population Included in the Calculation10-28
          • [C][4][f] : Non-U.S. Employee Exclusionary and Adjustment Provisions10-30
          • [C][4][g] : Foreign Data Privacy Law Exemption10-30
          • [C][4][h] : De Minimis Exemption10-31
          • [C][4][i] : Cost of Living Adjustments10-32
          • [C][4][j] : Annualization and FTE Adjustments10-33
          • [C][4][k] : When and How Often Determined10-34
          • [C][4][l] : Methodology for Identifying the Median Employee10-35
          • [C][4][m] : Determination of Total Compensation10-36
          • [C][4][n] : Additional Disclosure Permitted but Not Required10-38
          • [C][4][o] : Status of Disclosures—“Furnished” Versus “Filed”10-38
        • [C][5] : Clawback Provisions10-38
    • § 10:4.2 : Governance Disclosures10-39
      • [A] : General Disclosure Requirements10-39
      • [B] : 2010 Dodd-Frank Changes10-44
        • [B][1] : Disclosures Regarding Chairman and CEO Structures10-44
        • [B][2] : Voting by Brokers10-44
        • [B][3] : Disclosure Regarding Employee and Director Hedging10-45
    • § 10:4.3 : Proposals of Security Holders10-47
    • § 10:4.4 : Direct Shareholder Access10-61
    • § 10:4.5 : Internet Availability of Proxy Materials10-63
      • [A] : Introduction10-63
      • [B] : “Notice Only” Option10-65
      • [C] : “Full Delivery” Option10-65
      • [D] : Intermediaries10-66
      • [E] : Other Soliciting Persons—Non-Issuers10-67
  • § 10:5 : False or Misleading Statements10-68
    • § 10:5.1 : Materiality10-69
    • § 10:5.2 : Causation10-70
    • § 10:5.3 : Degree of Fault Required10-73
    • § 10:5.4 : Other Liability Issues10-74
  • § Table 10-1 : Acme Corporation: Annual Meeting/Report/Proxy Timetable10-76
Chapter 11: Regulation of Tender Offers
  • § 11:1 : Introduction11-1
  • § 11:2 : Williams Act and Its Rules11-3
  • § 11:3 : What is a Tender Offer?11-8
  • § 11:4 : Issues in Williams Act Litigation11-10
    • § 11:4.1 : Who May Bring Suit?11-10
      • [A] : Section 13(d)11-10
      • [B] : Section 14(e)11-15
    • § 11:4.2 : Conduct Proscribed by Section 14(e)11-18
    • § 11:4.3 : Other Liability Issues11-21
  • § 11:5 : State Regulation of Tender Offers11-23
Chapter 12: Fraud Under Rule 10b-5 and Related Issues
  • § 12:1 : Introduction12-1
  • § 12:2 : The “In Connection With” Requirement12-5
  • § 12:3 : Reliance and Causation12-10
  • § 12:4 : “Purchaser-Seller” Requirement12-17
  • § 12:5 : Fault Required—Scienter12-19
  • § 12:6 : Persons Subject to Trading Restraints12-27
  • § 12:7 : Issuers’ Duty to Disclose12-39
  • § 12:8 : Materiality12-44
  • § 12:9 : Damages and Penalties12-47
  • § 12:10 : Statute of Limitation12-51
  • § 12:11 : Controlling Person Liability12-54
  • § 12:12 : Aiding and Abetting and Conspiracy12-54
  • § 12:13 : Contribution12-60
  • § 12:14 : Related Issues12-60
    • § 12:14.1 : Under the Sarbanes-Oxley Act12-60
    • § 12:14.2 : Under the Dodd-Frank Wall Street Reform and Consumer Protection Act12-64
Chapter 13: Disgorgements Under Exchange Act Section 16(b) and Securities Law “Clawback” Provisions
  • § 13:1 : Exchange Act Section 1613-1
    • § 13:1.1 : Introduction13-1
    • § 13:1.2 : Persons Liable13-6
      • [A] : Titles13-7
      • [B] : Deputization13-8
      • [C] : Beneficial Ownership13-10
      • [D] : Exemptions13-14
    • § 13:1.3 : What Constitutes a Purchase or Sale?13-17
    • § 13:1.4 : Timing of Purchases and Sales13-20
    • § 13:1.5 : Standing to Sue13-23
    • § 13:1.6 : Calculation of Profits13-23
  • § 13:2 : Clawbacks Under Sarbanes-Oxley Section 30413-26
  • § 13:3 : Clawbacks Under Dodd-Frank Section 95413-34
  • § 13:4 : Sarbanes-Oxley Blackout Trading Prohibition13-38
Chapter 14: Regulation of the Securities Business
  • § 14:1 : Introduction14-1
  • § 14:2 : Regulation of Stock Exchanges and FINRA14-2
  • § 14:3 : Regulation of Brokers and Dealers14-5
  • § 14:4 : Margin Requirements14-11
  • § 14:5 : Market Manipulation and Stabilization14-12
  • § 14:6 : Fairness Opinions14-14
  • § 14:7 : Regulation of Financial Products14-16
  • § 14:8 : Additional Regulation As Investment Advisers14-16
  • § 14:9 : Regulation Initiated by Dodd-Frank14-17
Appendix A: Securities Act of 1933 (Selected Provisions)
Appendix B: Exchange Act of 1934 (Selected Provisions)
  Table of Authorities
  Index

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