Tag Archives: SEC

The Securities Act of 1933: A Textual Approach to Direct Listings

HARRIS BLUM—Congress enacted the Securities Act of 1933 to implement a full and fair disclosure regime in connection with public offerings of stock. The Act’s linchpin is its registration requirement, which forces companies (“issuers”) to file a registration statement with the SEC before selling shares to the public. A registration statement contains extensive disclosure about […]

GameStop: What the Actions of a Group of Redditors and the Robinhood Trading Platform Can Tell Us About the State of Securities Trading

IVAN SMERZNAK—The trading value of several stocks, most notably GameStop, has skyrocketed in recent months after members of a Reddit discussion board actively encouraged users to buy the stock to push prices higher. However, as investors rushed to participate in this upward trend, some trading platforms including Robinhood, Investment Brokers, and Charles Schwab temporarily restricted […]

SEC Unanimously Votes to Update Advertising Rules for the First Time in 40 Years

CONNOR EVANS—On December 22, 2020, for the first time in over 40 years, the SEC voted unanimously to modernize its rules governing the way investment advisers advertise their services. The 430-page amendment streamlines the current rules regarding advertising and cash solicitation into a single rule. The original rules were adopted to prevent investment advisers from […]