1. Will Reg A Offering Limits Increase Six-Fold?
From the National Venture Capital Association:
Today the House Financial Services Committee will hold a hearing to examine “A Proposal to Increase the Offering Limit Under SEC Regulation A”. The proposal seeks to raise the offering limit from $5 million to $30 million under which companies can be exempted from certain regulatory requirements when accessing the public markets. The current $5 million dollar limit has been in place since 1992.
2. Bad Tech Support.
The Securities and Exchange Commission has filed charges against Jeffry J. Temple, a former “information systems” employee for a Delaware-based law firm. The SEC alleges that he:
accessed material nonpublic information in the course of his employment and then traded in advance of at least 22 merger and acquisition public announcements involving 20 companies that retained his former employer as counsel in some capacity.
Keeping an eye on your “i.t. guys”?
3. No Bylaw Band Aid
The Delaware Supreme Court recently ruled in Airgas, Inc. v. Air Products and Chemicals, Inc. (Nov. 23, 2010) that shareholders cannot effectively reduce the uncompleted term of a director by amending its bylaws. The case ensured that Airgas, Inc. can continue using staggered terms as a ploy for fending off an unwelcome takeover.