U.S and Trans-Border Securities Regulation

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Impact of Sarbanes-Oxley (cont’d) Corporate Governance Practices Section 402 – No Loans to Insiders Section 404 – Internal Control Certifications Section 406 – Code of Ethics Section 409 – “Real Time” Disclosure (c) 2013 Michael K. Krebs All Rights Reserved
Impact of Sarbanes-Oxley (cont’d) 404 Internal Control Certifications Section 404 of SOX requires a company’s independent accounting firm to satisfactorily complete an audit of the company’s “internal control over financial reporting” (ICOFR). Effectiveness of a company’s ICOFR is evaluated using suitable control criteria, such as the COSO (Committee of Sponsoring Organizations of the Treadway Commission) criteria. This is a relatively expensive process, especially for most companies that are not large accelerated filers. (c) 2013 Michael K. Krebs All Rights Reserved
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U.S and Trans-Border Securities Reg
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Overarching concepts 1) “Issuer
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Interstate Commerce Within U.S.? In
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Interstate Commerce (cont’d) Simi
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Interstate Commerce (cont’d) Reg.
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Interstate Commerce (cont’d) F3 o
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Materiality (cont’d) Basic v. Lev
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Materiality (cont’d) Matrixx Init
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GAAP (vs. IFRS) IFRS - “Internati
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Securities Act Overview How would y
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Securities Act Overview (cont’d)
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Section 5 §5(c) It is unlawful …
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Stocks Key Components of §2(a)(1)
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Section 4 §4 exempts some transact
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What is a “Security”? Very broa
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Section 2(a) of the ’33 Act §2(a
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Promissory Notes Many extensions of
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Reves v. Ernst & Young, 494 U.S. 56
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What is a “Security”? Loan Part
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Howey Test for Investment Contracts
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Howey Test - Applied: SEC v. ETS Pa
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Howey Test - Applied: SEC v. Edward
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The Reves Test compared to the Howe
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Partnership and LLC Interests Invol
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What is a “Security”? Common St
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Stock in Closely Held Businesses P
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Guarantees as Securities §2(a)1-
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Dodd-Frank Act (July 2010) Changes
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Securities exempt from §5 registra
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Government Securities §3(a)2 Impor
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Commercial Paper -- §3(a)3 “Any
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Exempt Bank Securities (cont’d) T
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Limits on Bank Securities Exemption
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Private Placements §4(2), §3(b) S
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Basic Principle Underlying the Secu
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What is a “sale”? § 2(a)(3) -"
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What is a “sale”? Special Situa
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What is a “sale”? Special Situa
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Implications of SEC registration? W
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Lessons from Facebook IPO 1. Prepar
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Lessons from Facebook IPO 2. Potent
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Exempt Transactions How do “start
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Exempt Transactions Private placem
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Our Focus in Session 2 Private pla
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Session 2 - Exempt Transactions Fun
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4(2) - Private Placements transacti
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4(2) Analysis 1953 Ralston Purina S
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Private Placements - Regulation D 1
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Regulation D - Important JOBS Act C
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Private Placements - Regulation D H
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Private Placements - “Crowdfundin
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Crowdfunding Portal A funding porta
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Sample Restrictive Legend THE SHARE
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Session 2 - Exempt Transactions Mer
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Session 2 - Exempt Transactions Mer
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Session 2 - Exempt Transactions Eme
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Session 2 - Exempt Transactions Eme
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Intrastate Offerings - and Rule 147
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Rule 701 Rule 701 (Benefit Plans/C
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Rule 701 (cont’d) Value of optio
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Session 2 - Private Placements Goog
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Session 2 - Private Placements Goog
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Session 3 Agenda Planning for an In
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Planning for an IPO Restrictions on
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Section 5 Rubric 5(c) It is unlawfu
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Session 3 - What Can Be Done During
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How are the rules different for a W
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WSKI S-3 Eligibility General Instru
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WSKI S-3 Eligibility (cont’d) 5.
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Other Categories of Issuers under S
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Emerging Growth Companies An issuer
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What is a Foreign Private Issuer? A
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Other Categories of Issuers under S
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How are gun jumping rules different
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The “Elephant in the Corner” -
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Rescission rights under Section 12(
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Strict liability under Section 11 S
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Section 11 Plaintiffs Who may sue u
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Section 11 Defendants Scope of join
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Section 11 Defenses (cont’d) Out
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Section 11 Due Diligence Defense Wh
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BarChris Section 11 Due Diligence D
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Section 11 Due Diligence Defense (c
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What about Section 12(a)(2)? Establ
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Was Gustafson v. Alloyd Co. correct
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When might control persons be vicar
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“Aiding and Abetting” (cont’d
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Indemnification or Contribution und
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Criminal Liability Under the Securi
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Litigation concerning violations of
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IPO Securities Litigation (cont’d
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IPO Securities Litigation (cont’d
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IPO Securities Litigation Refusal t
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IPO Securities Litigation 2009 Sett
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Related Antitrust Case Contemporane
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Alleged Antitrust Law Violations S
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U.S. Supreme Court Rules Securities
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Session 4 Agenda How does a company
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Basic Principles Underlying the Sec
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Understanding SEC Disclosure Regime
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Session 4 Life Cycle of a Typical I
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Session 4 Life Cycle of A123 System
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Timeline (cont’d) Session 4 Life
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Session 4 - Understanding SEC Discl
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Session 4 -Understanding SEC Disclo
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SEC Regulation S-K Reg. S-K, Rule 1
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Don’t Forget Regulation C! For ex
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What did Facebook Disclose? USE OF
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What did bluebird bio Disclose? USE
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What did LinkedIn Disclose? LINKEDI
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luebird bio Disclosure regarding Em
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What did Graña y Montero Disclose?
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Another Overarching Principle - Int
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“Three Amigos” of Integrated Di
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Primary ’33 Act Examples of Incor
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What is meant by the phrase “plai
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“Plain English” (cont’d) In d
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What did Grana y Montero Corp. Do?
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A Few Words About “Free Writing
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“Free Writing” (cont’d) In c
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After the Road Show . . . Do underw
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After the Road Show . . . The “Gr
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When/how must a prospectus be deliv
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Session 5 Agenda How does a company
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Session 5 - Understanding SEC Regis
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Review of S-3 Eligibility Why does
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S-3 Eligibility (cont’d) 3. Regis
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S-3 Eligibility (cont’d) Current
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Understanding SEC Registration Regi
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Objectives of Integrated Disclosure
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Review of Regulation S-K Reg. S-K,
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Objectives of Integrated Disclosure
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Primary ’33 Act Examples of Incor
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10-K Disclosure: Geography Part I:
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10-K Disclosure: MD&A Objective of
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Session 5 - Understanding SEC Regis
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Shelf Registrations and Due Diligen
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A Few Words About the Automatic She
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“Registered Direct Offering” A
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Advantages of a “registered direc
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“Confidentially Marketed Public O
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Elements of CMPOs (cont’d) Confid
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Elements of an “at the Market Off
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Elements of an “at the Market Off
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Core Principles (cont’d) 4. Discl
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Core Principles (cont’d) 7. Issue
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Resale of Securities • How do inv
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Exempt Transactions - Key Principle
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Session 6 - Resale of Securities St
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Primary Ordinary Course Trading Exe
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Pivotal Role of “Underwriter” C
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Resale of Securities How do investo
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Resale of Securities Rule 144 - “
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Resale of Securities Rule 144(a)(3)
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Who are Control Persons? Control Pe
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Control Persons/Affiliates Rules of
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Resale of Securities Rule 144 - Eff
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Session 6 - Resale of Securities Ru
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Session 6 - Resale of Securities Ba
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Session 6 - Resale of Securities Ba
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Resale of Securities What if Rule 1
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Resale of Securities Rule 144 - “
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Session 6 - Resales of Securities S
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Resale of Securities May Rule 144 b
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Session 6 - Exempt Transactions Stu
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Session 6 - Resale of Securities So
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Resale of Securities Are there spec
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Resale of Securities Rule 144(a)(3)
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Session 6 Agenda Part 1 How do inve
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Session 6 (Part 2) - Private Placem
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PIPE—Private Investment in Public
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PIPE—Private Investment in Public
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Session 6 (Part 2) - Reg. S Study P
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Session 6 (Part 2) - Reg. S Regulat
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Regulation S - Rule 903(a): Reg. S
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Reg. S Regulation S - Rules 904 and
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Session 6 (Part 2) - Reg. S Study P
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Note about JOBS Act and Foreign Pri
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Session 6 - Exempt Transactions Stu
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Same facts as 6.16 Session 6 (Part
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Registration and Reporting Under Se
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Securities Exchange Act Overview (c
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Securities Exchange Act Overview (c
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Session 7 - Registration and Report
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A few words about “holders of rec
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A few words about “holders of rec
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JOBS Act Change: Holder of Record T
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JOBS Act Change: “Holder of Recor
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Page 601 and 602: Registration and Reporting Under Se
Page 603 and 604: Registration and Reporting EDGAR (C
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Page 643 and 644: Origins of Sarbanes-Oxley Act (cont
Page 645 and 646: Origins of Sarbanes-Oxley Act (cont
Page 647 and 648: Impact of Sarbanes-Oxley Certificat
Page 649 and 650: CEO/CFO Certifications - Penalties
Page 651: Impact of Sarbanes-Oxley (cont’d)
Page 667 and 668: Foreign Corrupt Practices Act Enact
Page 669 and 670: Foreign Corrupt Practices Act (cont
Page 679 and 680: Reg. FD Overview (cont’d) Reg. FD
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Page 685 and 686: Reg. FD Overview (cont’d) 4. Exce
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Page 689 and 690: Reg. FD Compliance Programs Element
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Page 693 and 694: Reg. FD Enforcement Who may bring a
Page 695 and 696: Reg. FD Enforcement SEC has been vi
Page 697 and 698: Reg. FD Enforcement - Siebel Case S
Page 699 and 700: Reg. FD Enforcement - Siebel Case C
Page 701 and 702: Attorney Conduct Rules Under Federa
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Attorney Conduct Rules Under Federa
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MD&A Overview Practical Guidance Pa
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MD&A Overview Objective: “To prov
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MD&A Overview Overview of Item 303:
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MD&A Overview Overview of Item 303
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MD&A Overview Overview of Item 303
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MD&A Overview Elements of MD&A - In
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MD&A Overview Item 303 of Reg. S-K:
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MD&A Overview Item 303 of Reg. S-K:
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MD&A Overview Three-Step Test: 1.
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MD&A Overview When is an effect
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MD&A Overview When is an effect
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MD&A Overview More about SAB 99 (co
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MD&A Overview Cautionary Tales Or
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MD&A Overview Cautionary Tale No. 1
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MD&A Overview • Revenue Recogniti
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MD&A Overview • Operating Expense
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MD&A Overview Concluding observatio
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Session 8 Agenda Part 1 Woe to be a
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Rule 10b-5 and Insider Trading Poli
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Rule 10b5-1(b): Rules 10b5-1 and 10
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Rule 10b5-1 Plans Reason for plans
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Section 16 Reporting and Short-Swin
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Section 402 (a/k/a 13(k)) Prohibite
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Section 306 of Sarbanes Oxley Black
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Proxy Regulation Under Securities E
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Proxy statement as vehicle for soci
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Google: Summary Compensation Table
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Foreign Private Issuers - Securitie
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Foreign Private Issuers - Securitie
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Rule 802 - Exchange Offers and Busi
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Foreign Private Issuer Registration
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Foreign Private Issuers - Exchange
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Level I ADRs Level I ADRs - Traded
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Level III ADRs “Offering Facility
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Session 9 Agenda Part 1 Mergers and
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Mergers and Acquisitions under Exch
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UNITED STATES SECURITIES AND EXCHAN
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CAREY INTERNATIONAL TO BE ACQUIRED
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Rule 13E-4 Transaction: Option Exch
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Rule 13E-4 Transaction: Option Exch
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Schedule 13D Treatment of Derivativ
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Schedule 13D Recent Developments (c
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Rule 10b-5 and Related Matters Basi
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Rule 10b-5 and Related Matters Prim
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Rule 10b-5 and Related Matters Liab
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Rule 10b-5: Basic Elements False o
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Rule 10b-5: “In connection with .
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Compare: Rule 10b-5: “Reliance .
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Rule 10b-5: “Reliance . . .”
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“Loss Causation . . .” (cont’
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Rule 10b-5: “Purchaser/Seller . .
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Rule 10b-5: “Scienter or Fault”
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Rule 10b-5: Recklessness? Post-PSLR
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Rule 10b-5: Recent Developments Rec
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Rule 10b-5: Recent Developments Sec
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Rule 10b-5: Recent Developments Sar
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Rule 10b-5: Statute of Limitations
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Rule 10b-5: Issuer Duty to Update v
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Session 9 - Rule 10b-5 Study Proble
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TO BE ADDED Session 9 - Rule 10b-5
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TO BE ADDED Session 9 - Rule 10b-5
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Insider Trading Liability What is t
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Insider Trading Liability “Classi
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Insider Trading Liability Evolution
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Rule 10b5-2 (cont’d) (1) A person
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Tipper Liability: Insider Trading:
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Tipper/Tippee Liability Study Probl
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Tipper/Tippee Liability Study Probl
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Insider Trading: Non-Equity Securit
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TO BE ADDED Insider Trading: Study
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U.S and Trans-Border Securities Regulation

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