Daniel Zimmerman Quoted in Compliance Reporter on Prospects for Tender Offer Rule Changes
Daniel Zimmerman, senior counsel in Akin Gump’s corporate practice, was quoted in the Compliance Reporter story “SEC Changes Boost Tender Offer Reform Prospects,” looking at a possible change at the Securities and Exchange Commission as a result of the presidential election.
With President-elect Donald Trump promising to undo various regulations and rules affecting the financial services industry, Zimmerman, who formerly worked in the SEC’s Division of Corporation Finance, said, “It will be very interesting to see how the vacant SEC Commissioner positions will be filled following the elections. The SEC’s focus may be very different than it has been in response to recent regulatory mandates, including the Dodd-Frank Act, [Jumpstart Our Business Startups] Act, and [Fixing America’s Surface Transportation] Act.”
One area where the SEC may act, Zimmerman said, is in “modernizing the tender offer rules, particularly as they apply to debt restructurings. The current tender offer rules were primarily designed to address the needs of common stock investors and there has been a longstanding desire for greater clarity and procedural flexibility for debt tender offers.”