The SEC's final rules to expand the scope of Regulation A were published in the Federal Register. The final rules, which are intended to expand the scope of Regulation A in order to facilitate smaller companies' access to capital – referred to as "Regulation A+" – are mandated by Title IV of the JOBS Act. The final rules update Regulation A's existing exemption to enable smaller companies to offer and sell up to $50 million in securities within a 12-month period, subject to eligibility, disclosure and reporting requirements. The final rules provide for two tiers of offerings: (i) Tier 1, for

SIFMA released a paper summarizing its stance on several tax policy issues that might be taken up by the Senate Finance Committee over the next year. On the domestic side, the paper raises concerns about the unintended consequences of the 7-basis-point "financial fee" on certain covered liabilities of financial firms proposed in the Obama Administration's FY 2016 budget. SIFMA opposes various proposals that would limit the deductibility of interest expenses for corporate taxpayers, noting that any bias that favors investments in debt over equity should be addressed comprehensively rather than

The SEC issued a notice denying a no-action relief request by the Clough Global Equity Fund (the "Fund"). The request asked for Opportunity Partners L.P.'s shareholder proposal and supporting statement (the "Proposal") to be omitted from the proxy materials for the Fund's 2015 Annual Meeting of Shareholders. The proposal would require the Fund to conduct a self-tender and, potentially, to liquidate. The SEC explained that it does not share the Fund's view that the Proposal may be excluded under Rule 14a-8(i)(3), nor does it believe that the Proposal "is so inherently vague or indefinite that

Trade associations from the United States and the European Union, including SIFMA, the Financial Services Roundtable and the Institute of International Bankers, issued a joint statement voicing their "strong support" for a Transatlantic Trade and Investment Partnership ("TTIP") that would include financial services regulatory coordination. The statement comes in advance of the ninth round of negotiations to be held in New York City beginning on April 20, 2015. According to the trade associations, a TTIP will provide an "incredible opportunity" to strengthen ties between the United States and

The SEC announced that David Woodcock, Regional Director of the Fort Worth office and leader of the Enforcement Division's nationwide Financial Reporting and Audit Task Force, will be leaving the SEC no later than June 2015. See: SEC Press Release.