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Reporting Obligations under the Securities Exchange Act of 1934

Michael Williams — Sat, 18 May 2013 21:03:31 +0000

Become a 1934 Act reporting company is this important because you must file K’s, Q’s and 8-K’s; become subject to the insider trading system, including the short swing profits limitations of section 16(b) and ownership reports including Schedule 13-D and ownership reports on Forms 3, 4 and 5; and are subject to all of the proxy rules. Filing all these reports is expensive.

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SEC Advisory Committee on Small Business: A New Market for Small Business Stock

Michael Williams — Mon, 13 May 2013 22:10:14 +0000

A nice idea: The SEC should facilitate the creation of a separate U.S. equity market that would facilitate trading in the securities of small and emerging companies. But we can’t even get simple rules on general advertising and solicitation for accredited investors in Rule 506 placements issued by the SEC.

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The SEC and Small Business

Michael Williams — Sat, 11 May 2013 21:33:00 +0000

Look at the XBRL for financials requirement: Impose ridiculous and unnecessary costs that benefit no one and take money away from these companies that they could use to say - PROVIDE JOBS - and maybe these kinds of companies will go away.

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SEC Advisory Committee on Small Companies: Disclosure Requirements for Smaller Public Companies

Michael Williams — Sun, 05 May 2013 21:59:20 +0000

We, like the Committee, strongly believe that that regulatory relief should be provided to smaller reporting companies with respect to the Commission's disclosure requirements that place a disproportionate burden on smaller reporting companies.

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SEC Advisory Committee on Small and Emerging Companies: Specialized Disclosure Requirements

Michael Williams — Wed, 01 May 2013 22:22:32 +0000

The Committee simply asked the Commission, as it deems appropriate, to share with the Committee on Banking, Housing and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives this Committee's belief that such disclosure requirements, particularly those relating to conflict minerals and payments by resource extraction issuers, are outside of the scope of the mission of the Commission, impose disproportionate costs on small businesses without generating information useful for investors to make an informed investment decision, and have a negative effect on capital formation.

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SEC Advisory Committee on Small and Emerging Companies: Tick Size Recommendation

Michael Williams — Sun, 28 Apr 2013 17:22:52 +0000

The Committee recommended that the Commission adopt rules to increase tick size for smaller exchange-listed companies in the United States that will allow such companies, on a voluntary basis, to choose their own tick size within a limited range designated by the Commission.

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Private Placements, Regulation D and Integration

Michael Williams — Thu, 25 Apr 2013 19:07:56 +0000

If you conduct multiple private placements, you run the risk that the SEC will say that what you thought were multiple, separate Private Placements was really one big Private Placement. The SEC integrates, or combines, the multiple Private Placements.

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Small Business Still Waits for SEC Action on JOBS Act for Funding Relief

Michael Williams — Mon, 22 Apr 2013 15:29:43 +0000

It’s not the JOBS Act itself but rather the SEC’s failure to implement Rules in the JOBS Act that could be beneficial to start up and early stage companies, despite specific time deadlines in the Act itself, that has frustrated Congress’ intention in the JOBS Act.

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China Reverse Merger Litigation Update

Michael Williams — Thu, 18 Apr 2013 15:53:03 +0000

Here's an update about what's going on with litigation related to China Reverse Mergers. China MediaExpress Holdings Inc., which went public in the U.S. through a reverse merger, was a fraudulent enterprise, a Hong Kong arbitration panel ruled, awarding Starr International Co. as much as $77 million in damages. CME’s shares have been delisted.

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Using the Internet for SEC Required Disclosure under Regulation FD

Michael Williams — Mon, 15 Apr 2013 08:25:23 +0000

It is important to understand the SEC’s position on using social media to release information in the context of the 2008 release, in which the SEC noted the factors a company should consider in determining whether posting of the information on its website would satisfy Regulation FD.

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