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Small Cap Series

​Regulation A+

July 01, 2014

The SEC has recently disseminated a proposed rule, which would create a new category of exemption from securities regulation, which has been dubbed “Reg. A+”(although this is not its official name). Reg. A+, as proposed, is an extension of current Regulation A, which is an exemption from the registration requirements mandated by the Securities Act of 1933 (the “Securities Act”), applicable to small public offerings of securities that do not exceed $5 million in any 12-month period. The proposed rule would add a new section to the Securities Act by allowing for an exemption for small offerings of up to $50 million of securities in one year. This would create two classes of offerings: “Tier 1”—$5 million and under (Reg. A offering); and “Tier 2”—$5 million to $50 million (Reg. A+ offering).

Small Cap Series

证监会通过关于公开推介和广告的新规则

July 10, 2013

2013年7月10日,美国证券监管委员会(“证监会”)通过了新的规则来执行《2012年促进创业企业法案》,免除了根据规则D第506条进行私募融资不得进行公开推介和广告的限制。根据新规则,如果根据规则D第506条进行的私募融资是针对第501(a) 条中的资格投资人,并且募集人采取了合理的措施确认了资格投资人的身份,那么募集人可以采取公开推介和广告的方式进行融资。

Small Cap Series

证监会执行内部监控和程序的规定

September 21, 2012

2012年7月30日,美国证券交易委员会指控中国英霞国际集团(简称“中国英霞”)的前首席财务官Ren Hu违反1934年证券交易法(简称“交易法”)下按时提交财务报表的要求、出具保证函的要求和禁止在相关报表中作出重大失实陈述的规定 。值得注意的是,证监会的指控源于Ren Hu没有参与中国英霞的财务运作,没有设计和执行公司内部控制,以及在若干公共报表的保证函中声明其设计及执行事实上并不存在的内部控制和程序。

China Series

在美国上市 中小上市公司的新进展

July 17, 2012

过去的一年美国资本市场有了很多变化,这些变化对于中小型上市公司和他们的融资能力的影响将是深远的。取决于不同的视角,这些变化可以是负面的也可以是正面的。这些变化中最重大的是创业企业融资法案(JOBS法案 )以及影响那些通过换壳上市进入美国资本市场并上升到纽交所或纳斯达克等主板市场的公司的辅助法令。其他值得关注的问题包括近期对于公司寻求存管信托资格的申请的积压,证监会对于International Power Group Ltd有利的决定 带来的潜在影响,以及证券清算公司逐步淘汰“小额股票”清算贸易和纸面证券凭证。

Small Cap Series

Jobs Act - Article 2 Small-Cap Public Company Alert

April 18, 2012

Last week, we published an article discussing the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which was signed into law by President Obama on April 5, 2012. The JOBS Act, which was written with the intent of encouraging job creation and economic growth by improving access to the public markets for a new category of issuers known as Emerging Growth Companies (“EGCs”), makes significant changes to the rules governing capital raising for such EGCs.

Small Cap Series

JUMPSTART OUR BUSINESS STARTUPS ACT OF 2012

April 11, 2012

Written with the intent to encourage funding of small businesses during the initial public offering process, the Jumpstart our Business Startups Act (the “JOBS Act”), as signed by President Obama on April 5, 2012, reduces the regulatory burden on small companies seeking to raise capital in the U.S. through revisions to the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

Small Cap Series

Emerging Trends In Securities Regulation Small-Cap Public Company Alert

March 23, 2012

The last year has seen important changes in securities regulation. The most notable of which was the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”), which expanded the powers and authority of the U.S. Securities and Exchange Commission’s (“SEC”) Enforcement Division.