June 25, 2019
On June 5, 2019, a bill was introduced to Congress that, if passed, would strengthen disclosure requirements for foreign companies listed on U.S. exchanges. The “Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges” (“EQUITABLE Act”) would require foreign companies with securities listed on a U.S. exchange to utilize outside accounting firms who make their audits available for inspection to the Public Company Accounting Oversight Board (“PCAOB”) in the same manner that U.S. regulators can review firms from almost all other jurisdictions. If the proposed bill becomes law, after its effective date, companies that use a foreign public accounting firm which the PCAOB is unable to inspect or investigate would be prohibited from having an initial listing on any U.S. exchange, or, if they are currently listed on a U.S. exchange, would be delisted after a grace period of three years. PCAOB published a list identifying each issuer whose PCAOB-registered auditor is located in a jurisdiction where PCAOB is denied access to conduct inspections. According to the list, approximately 200 public companies could be immediately impacted if the proposed bill becomes law, most of which are Chinese companies.
May 07, 2019
HTFL has been a leader in advising issuers, underwriters and investors in the use of Regulation A (Reg A), which was implemented as part of the Jumpstart Our Business Startups (JOBS) Act. In June 2017, HTFL represented TriPoint Global Equities, LLC, and its online division BANQ® (www.banq.co) in their role as lead managing selling agent and bookrunner in the first Reg A plus IPO on the New York Stock Exchange (NYSE) and since that time the firm has participated in several Reg A IPOs on the Nasdaq and OTC Markets. HTFL has been instrumental in providing sound counsel to issuers and underwriters as they navigate the securities laws and in their interaction with the SEC, FINRA, NASDAQ and the NYSE.
April 09, 2019
On March 20, 2019, the Securities
and Exchange Commission (“SEC”) adopted amendments to simplify disclosure requirements
under Regulation S-K for companies and investment advisors. These amendments are
intended to improve the readability and navigability of SEC documents and to discourage
disclosure of immaterial information. The final amendments include approximately
30 changes. The summary below highlights their key aspects.