TheCorporateCounsel.net

Earlier this week, the SEC announced that the Division of Economic and Risk Analysis (DERA) has published new data and analysis on the key market areas of public issuers, exempt offerings, commercial mortgage-backed securities, asset-backed securities, money market funds, and security-based swap dealers. The announcement notes:

“These reports reflect important information that is valuable to investors, other market participants, and academics,” said Robert Fisher, Acting Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis. “Understanding these markets is critical because Americans rely on them to fund their retirements, educations, and other priorities.”

In the report about reporting issuers, it is noted that in 2023 there were 8,351 reporting issuers that filed a Form 10-K, Form 20-F or Form 40-F. There were 4,789 non-accelerated filers in that timeframe, as compared to 942 accelerated filers and 2,461 large accelerated filers. Of that group there were 2,381 WKSIs.

In the report about exempt offerings, it is clear that Regulation D remains the dominant exemption, far outstripping the number of offerings and dollar amounts raised in reliance on Regulation A and Regulation C. No surprises there!

– Dave Lynn