October 28, 2020

Corp Fin Director Bill Hinman to Depart

Yesterday, the SEC issued a press release announcing that Corp Fin Director Bill Hinman intends to leave the SEC later this year. The range of rulemaking adopted under Director Hinman’s leadership has been impressive. As high-lighted in the press release:

The Division advanced nearly 50 mission-oriented initiatives during Director Hinman’s tenure, including efforts to modernize, streamline and improve public company disclosures, the proxy process and the securities offering framework. Mr. Hinman also guided the Division and the agency in addressing emerging issues and providing timely guidance to market participants. For example, Mr. Hinman led efforts regarding the rapid innovation in digital assets, including by providing a framework that market participants could use to evaluate whether digital assets are offered and sold as securities. In addition to these proactive engagement and modernization efforts, Mr. Hinman’s oversight of the Division’s core functions, including the disclosure review program, addressed a number of novel and complex issues leading to substantial benefits for investors.

SEC Chairman Jay Clayton released a statement commending Director Hinman for all that he’s accomplished at the agency during his tenure and thanked him for his sage advice.

Upon Director Hinman’s departure, Deputy Director Shelley Parratt will serve as Acting Director as she has done in previous transitions…

SEC Open Meeting: Harmonization of Private Offerings on the Agenda for Monday

Benjamin Franklin has been credited with many famous quotes, here’s one: “don’t put off until tomorrow what you can do today.” Keeping with that mantra, sort of, the SEC continued its forward march and scheduled an open meeting for Monday, November 2nd. The topic will be of interest to those that have been waiting for action on the proposed amendments to the private offering framework – we blogged about the proposal when it was announced back in March. Here’s an excerpt from the Sunshine Act Notice:

The Commission will consider whether to adopt rule amendments to facilitate capital formation and increase opportunities for investors by expanding access to capital for small and medium-sized businesses and entrepreneurs across the United States. Specifically, the Commission will consider whether to adopt rule amendments to simplify, harmonize, and improve certain aspects of the framework for exemptions from registration under the Securities Act of 1933 to promote capital formation while preserving or enhancing important investor protections and reducing complexities in the exempt offering framework that may impede access to investment opportunities for investors and access to capital for businesses and entrepreneurs.

Tomorrow’s Webcast: “Virtual Annual Meetings: What To Do Now”

Tune in tomorrow for our webcast – “Virtual Annual Meetings: What To Do Now” – to hear Amy Borrus of CII, Doug Chia of Soundboard Governance, Dorothy Flynn of Broadridge, Carl Hagberg Independent Inspector of Elections and Editor of The Shareholder Service Optimizer and Kate Kelly of Bristol-Meyers Squibb discuss baseline best practices for virtual shareholder meetings, investor views, getting remote technology in order, how to ensure your platform allows for shareholder entry & participation, virtual “rules of conduct”, voting & tabulation issues and contingency planning.

– Lynn Jokela