Deal Diary
Akin Deal Diary is a collection of insights and analysis on hot topics impacting companies, funds, dealmakers and directors brought to you by Akin attorneys.
Filter by Category
Search Results
Deal Diary
The Securities and Exchange Commission (SEC) recently adopted final rules (available here; also see the fact sheet and press release) representing
significant changes to special purpose acquisition companies (SPACs), shell companies and the disclosure of projections. These rules aim to enhance
disclosures, protect investors and align the regulatory framework for SPACs with traditional IPOs. The following summarizes the key aspects of these rules.
significant changes to special purpose acquisition companies (SPACs), shell companies and the disclosure of projections. These rules aim to enhance
disclosures, protect investors and align the regulatory framework for SPACs with traditional IPOs. The following summarizes the key aspects of these rules.
Deal Diary
On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) issued a final rule amending the so-called “Names Rule” (found here) that is
“designed to modernize and enhance” protections under Rule 35d-1 of the Investment Company Act of 1940. The final rule is part of the SEC’s holistic efforts
to regulate environmental, social and governance (ESG) matters, and is the SEC’s latest attempt to curb greenwashing in U.S. capital markets. The
amendments require registered investment funds that include ESG factors in their names to place 80% of their assets in investments corresponding to those
factors, thereby extending to ESG funds the SEC’s long-standing approach of regulating the names of registered funds to ensure they are marketed to
investors truthfully. Fund complexes with more than $1 billion in assets will have two years from the final rule’s effective date (60 days after publication in the
Federal Register) to comply, while fund complexes with less than $1 billion in assets will be given a compliance period of 30 months. ...
“designed to modernize and enhance” protections under Rule 35d-1 of the Investment Company Act of 1940. The final rule is part of the SEC’s holistic efforts
to regulate environmental, social and governance (ESG) matters, and is the SEC’s latest attempt to curb greenwashing in U.S. capital markets. The
amendments require registered investment funds that include ESG factors in their names to place 80% of their assets in investments corresponding to those
factors, thereby extending to ESG funds the SEC’s long-standing approach of regulating the names of registered funds to ensure they are marketed to
investors truthfully. Fund complexes with more than $1 billion in assets will have two years from the final rule’s effective date (60 days after publication in the
Federal Register) to comply, while fund complexes with less than $1 billion in assets will be given a compliance period of 30 months. ...
Deal Diary
As discussed in our prior publication (found here), the Securities and Exchange Commission (SEC) adopted amendments on December 14, 2022, regarding
Rule 10b5-1 insider trading plans and related disclosures. On May 25, 2023, the SEC issued three new compliance and disclosure interpretations (C&DIs)
relating to the Rule 10b5-1 amendments.
Rule 10b5-1 insider trading plans and related disclosures. On May 25, 2023, the SEC issued three new compliance and disclosure interpretations (C&DIs)
relating to the Rule 10b5-1 amendments.