In its Annual Report, the SEC Investor Advocate identified several areas of concern for investors, including: (i) reverse factoring; (ii) dual-class share structures and (iii) LIBOR transition issues.
News & Insights
The SEC Office of the Investor Advocate set forth its priorities for protecting and promoting the interests of retail investors in its annual report on objectives for the coming fiscal year.
The SEC Division of Trading and Markets has provided no-action relief to NetRoadshow, under the provisions in Exchange Act Rule 15c2-12 ("Municipal Securities Disclosure"), which allowed electronic road shows to be provided to retail investors in connection with municipal securities offerings without the underwriters of the offering being required to treat such road shows as a part of the preliminary or the final official statement. Lofchie Comment : The incoming letter provides interesting historical background as to the development of electronic road shows, as well as the treatment of such
SIFMA submitted the attached comments to the MSRB on revised draft rule amendments and on a revised draft interpretive notice on retail order periods (see MSRB 2012-50 ) which propose amendments to MSRB Rules G-11 (on primary offering practices), G-8 (on books and records), and G-32 (on disclosures in connection with primary offerings), as well as an interpretive notice concerning the application of MSRB Rules G-17 and G-30 to retail order periods. SIFMA stated that it supports the proposed rule changes to the extent they would protect dealers that "follow issuers' instructions, clarify issuer