Tune in tomorrow for the webcast – “JOBS Act Update: Where Are We Now” – that will analyze evolving market practices and the latest from the SEC including last week’s proposal to eliminate the ban on general solicitation in Rule 506 and 144A offerings. The program features SEC Corp Fin Deputy Director Lona Nallengara, SEC Trading and Markets Deputy Director Jim Burns, Wilson Sonsini’s Steve Bochner, Latham & Watkin’s Joel Trotter, Davis Polk’s Michael Kaplan and Dave Lynn of Morrison & Foerster and TheCorporateCounsel.net.
Check out this WSJ article entitled “Warning to Investors: We’re an ‘Emerging’ Company” which states that 55% of investment bankers surveyed “…said they believe the new law’s easing of regulatory requirements increases “the chances of scandals at these businesses.”
SEC’s Filing Fees Going Up 19% for Fiscal Year 2013
On Friday, the SEC issued its 7th fee advisory for the year (along with this methodology). Right now, the filing fee rate for Securities Act registration statements is $114.60 million (the same rate applies under Sections 13(e) and 14(g)). Under the fee advisory, this rate will rise to $136.40 per million, a 19% pop. A pretty hefty price hike, unlike last year’s minimal decline.
As noted in the SEC order, the new fees will go into effect on October 1st like last year (as mandated by Dodd-Frank) – which is a departure from years before that when the new rates didn’t become effective until five days after the date of enactment of the SEC’s appropriation for the new year, which often was delayed well beyond the October 1st start of the government’s fiscal year as Congress and the President battled over the government’s budget.
On Friday, the FASB posted draft taxonomy on US GAAP, seeking comment by October 29th.
Our September Eminders is Posted!
– Broc Romanek