TreatiseTreatise

PLI's Guide to the Securities Offering Reforms

 by Leslie N. Silverman, Cleary Gottlieb Steen & Hamilton, LLP , Jeffrey D. Karpf
 
 Copyright: 2005

 Product Details >> 

Product Details

  • ISBN Number: 1402406584
  • Page Count: 85
  • Number of Volumes: 1
  •  

PLI’s Guide to the Securities Offering Reforms shows you how these dramatic 2005 changes have expanded permissible communications in connection with registered offerings, clarified the liability framework applicable to such offerings under the Securities Act, and streamlined the securities registration process.

You’ll get all the need-to-know reform details about “automatic shelf registration” for large issuers, a simpler and more flexible registration process; the clarification of ”gun-jumping” rules, which has benefited issuers, underwriters and their counsel by reducing uncertainty and addressing certain technologies; and the positive effects of the increase in registered offerings.

This concise, authoritative report shows you how the rules created a new class of “well-known seasoned issuers” that benefit from these reforms; created a new class of permissible written communications known as free writing prospectuses; liberalized the use of research reports around the time of an offering; and eliminated the need to deliver paper copies of final prospectuses unless specifically requested.

PLI’s Guide to the Securities Offering Reforms is a handy reference for securities practitioners and investors.
 

 

  Table of Contents
Chapter: PLI's Guide to the Securities Offering Reforms
  • I. : Introduction13
  • II. : Implications15
  • III. : New Concepts24
    • A. : Categorization of Issuers24
      • 1. : Well-Known Seasoned Issuer24
      • 2. : Seasoned Issuer26
      • 3. : Unseasoned Issuer26
      • 4. : Non-Reporting Issuer26
      • 5. : Ineligible Issuer26
    • B. : Key Definitions29
      • 1. : Written Communications29
      • 2. : Free Writing Prospectus30
  • IV. : Liberalization of Communications Rules31
    • A. : Overview of Current Rules Governing Communications31
    • B. : General Description of Reforms32
    • C. : During Any Offering Period33
      • 1. : Safe Harbor for Release of Factual BusinessInformation by All Issuers33
      • 2. : Safe Harbor for Release of Forward-LookingInformation by Reporting Issuers35
    • D. : Before Filing a Registration Statement36
      • 1. : Bright Line Exclusion for Communications MadeMore Than Thirty Days Before Filing a Registration Statement36
      • 2. : Use of Free Writing Prospectuses by WKSIsBefore Filing a Registration Statement37
    • E. : After Filing a Registration Statement38
      • 1. : Permitted Use of a Free Writing Prospectus38
        • a) : Prospectus Delivery or Availability Conditions39
        • b) : Filing Conditions41
      • 2. : Treatment of Certain Communications UnderFree Writing Prospectus Rules44
        • a) : Media Publications44
        • b) : Electronic Road Shows45
        • c) : Offers on Websites47
        • d) : Historical Information on an Issuer’s Website47
        • e) : Term Sheets47
      • 3. : Expansion of Rule 134 Safe Harbor48
    • F. : Interaction of Communications Rules with Regulation FD50
    • G. : Dissemination of Research Reports51
      • 1. : Definition of “Research Report”52
      • 2. : Rule 137 Amendments53
      • 3. : Rule 138 Amendments54
      • 4. : Rule 139 Amendments55
        • a) : Issuer-Specific Reports55
        • b) : Industry Reports56
  • V. : Interpretive Issues Regarding Liability for Prospectuses and Oral Communications56
    • A. : Overview56
    • B. : Information Conveyed by the Time of Sale57
    • C. : Information Conveyed After the Time of Sale—Termination of an Old Contract and Creation orReformation of a New Contract58
    • D. : Issuer As Seller and Resulting Section 12(a)(2) Liability59
    • E. : Underwriter Liability for Free Writing Prospectuses60
    • F. : Relationship of Interpretations to Section 11 Liability61
  • VI. : Securities Act Registration Reforms61
    • A. : Procedural Changes Regarding Shelf Offerings62
      • 1. : Information in a Prospectus62
        • a) : Rule 430B62
        • b) : Information Deemed Part of the RegistrationStatement63
        • c) : Date of Inclusion of Prospectus Supplementsin Registration Statements and New EffectiveDates63
        • d) : Amendments to Rule 41565
        • e) : Amendments to Rule 42466
        • f) : Elimination of Rule 43467
        • g) : Issuer Undertakings67
        • h) : Post-Effective Identification of Selling SecurityHolders68
      • 2. : Changes to Form S-3 and Form F-369
    • B. : Automatic Shelf Registration for Well-Known SeasonedIssuers69
      • 1. : Information Omitted from the Base Prospectus70
      • 2. : Registration of Securities to Be Offered71
      • 3. : Pay-As-You-Go Registration Fees72
    • C. : Unseasoned Issuers and Non-Reporting Issuers73
      • 1. : Amendments to Form S-1 and Form F-173
      • 2. : Elimination of Form S-2 and Form F-274
  • VII. : Prospectus Delivery Reforms74
    • A. : “Access Equals Delivery”75
    • B. : Notice of Purchase in Lieu of Delivery of Final Prospectus75
    • C. : Confirmations and Notices of Allocation Without a Final Prospectus76
    • D. : Transactions on an Exchange or Through a RegisteredTrading Facility76
    • E. : Aftermarket Prospectus Delivery77
  • VIII. : New Exchange Act Disclosure Requirements77
    • A. : Risk Factor Disclosure77
    • B. : Disclosure of Unresolved Staff Comments to Exchange Act Reports78
    • C. : Disclosure of Voluntary Filer and WKSI Status79
Appendix A: Securities Offering Reforms Explanatory Chart
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