HSE Securities and Capital Markets Newsletter – Fall 2021

Editor’s Message 

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Over the summer we began to see the policy focuses of Chair Gensler and some of the other Commissioners take shape in actions taken by the SEC. For example, in August the SEC pursued a case of first impression based on “shadow trading” theory, which potentially widens the pool of those who could be liable for insider trading. Read more about this case below. We also saw the SEC enforcement staff focus on “alternative data providers” indicating a comfort into moving in previously opaque areas of the market. Gensler’s emphasis on board diversity was reflected in new Nasdaq listing standards, which we highlight in this newsletter. The SEC has already made a focus on climate change disclosure through the comment letter process, and we expect a greater focus on climate change-related disclosure in Form 10-K filings during the upcoming proxy season and a greater focus on diversity and other social issues in the proxy statement. We will be providing more guidance on the upcoming proxy season in our next newsletter.

The HSE Securities and Capital Markets team has also been taking shape during the last few months as we welcomed Siddharth Bahl, Luke Catalano, Andrew Glidden, and Scott Mosley to our group. We are excited to have each of these skilled attorneys join our growing Securities practice. As always, we appreciate the opportunity you provide us to serve your legal needs and look forward to helping you navigate the changing SEC regulatory environment.

Alex McClean
Practice Group Leader, Securities and Capital Markets Group

In the News

As leaders in the legal and business communities, our attorneys regularly provide thought leadership to inform the public on a variety of relevant topics. Over the past quarter our Securities and Capital Markets team was featured in media outlets and at events listed below:


Press Releases

Event Recaps

LD Micro Main Event – SPAC Talk: What To Know Before You Dive In
HSE Securities and Capital Markets attorneys, Alex McClean and Chris Murillo, along with Ritesh Veera from Maxim Group and Sougata Banerjee from Marcum LLP, recently presented at the 14th annual LD Micro Main Event in Los Angeles. Their presentation focused on important legal and financial aspects of SPACs to consider before you decide to dive into the SPAC pool. The LD Micro Main Event, a sold-out, three-day investor conference, featured over 150 companies presenting to investors and executives from around the world. 

Accessing Capital Markets Webinar – Session IV | Financial Reporting and Financial Control Considerations When Raising Capital
In September, we hosted the fourth session in our Accessing Capital Markets Webinar series with Deloitte, Kei Advisors, and Maxim Group. We discussed the critical role of financial reporting, internal control, and disclosure controls in raising capital in the public or private markets. Listen to a recording of the webinar.

Legal Insights

We regularly provide insight on a range of important securities and regulatory developments through our LEGALcurrents. Below are links to some of our recent articles.

Executive Compensation Forum

IAC Recommends Changes to 10b5-1 Plans
by Christopher M. Potash

Following up on our article from the summer edition, this update reviews the changes to Rule 10b5-1 plans which were recommended by the SEC’s Investor Advisory Committee in September. 

View the article.

HSE Views

What To Do in Q4 to Make Annual Reporting Season Less Painful
The spooky topic for this newsletter article is…Annual Reporting Season! While it may send chills down your spine to think about this too early, there are some tasks that can be done after the third quarter 10-Q has been filed that will make your life easier this winter.

Please click here to view.


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