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Venture Briefing: SEC Votes to Ease Smaller Companies' Accounting Requirements Venture Briefing: SEC Votes to Ease Smaller Companies' Accounting Requirements

Venture Briefing: SEC Votes to Ease Smaller Companies' Accounting Requirements

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SEC Votes to Ease Smaller Companies' Accounting Requirements
The U.S. Securities & Exchange Commission voted to ease accounting requirements for smaller public companies, with the SEC to collect comment from the public over the next two months prior to any final regulation. Under the SEC proposal, public companies with less than $100 million in annual revenue would not be required to have an outside auditor attest to the effectiveness of their internal financial controls, a key requirement of the Sarbanes-Oxley Act of 2002.
(Source: Westport News, 2019-05-09) Read the full article
SEC Creates Office to Give Relief to Small Businesses
The Securities and Exchange Commission, under Chairman Jay Clayton, has taken an outsized focus on ensuring small businesses have the opportunity to flourish, and a new office within the agency is taking that mission directly to Main Street. Friday marks the 100th day since the creation of the agency's Office of the Advocate for Small Business Capital Formation (OASB), a long title for an office with a relatively simple mission: Make sure the regulatory system works for the majority of U.S. job creators who are looking to raise funding.
(Source: Fox Business, 2019-05-10) Read the full article
DOJ Unveils Guidelines for Company Compliance Programs
The Justice Department, for years, has weighed the strength of compliance programs as a factor when deciding whether to bring charges against a company or appoint an independent monitor. Prosecutors released new evaluation guidelines that aim to provide more transparency about what prosecutors want to see from companies under investigation.
(Source: The Wall Street Journal, 2019-05-01) Read the full article
SEC Proposes Changing Financial Disclosures for Acquisitions
The Securities and Exchange Commission has proposed a rule to amend financial disclosure requirements for the acquisition and disposition of businesses. The proposed amendments are designed to improve the information that investors receive regarding the acquisition or disposition of businesses, reduce the complexity and compliance costs of these financial disclosures and provide more timely access to capital.
(Source: Financial Regulation News, 2019-05-07) Read the full article
New Accounting Rules Have CFOs Adjusting Performance Benchmarks
New international lease accounting rules are prompting some finance chiefs to overhaul how they benchmark corporate performance -- a challenging move that could disenfranchise investors married to metrics once used to compare performance to past results. Companies in more than 140 countries that require the application of International Financial Reporting Standards must transition this year to new lease accounting rules.
(Source: The Wall Street Journal, 2019-05-02) Read the full article
Vendors Can Be a Significant Risk to Company Cyberattacks
Organizations are ramping up cybersecurity investments in response to the ever-climbing threat of data breaches and cyberattacks. But a recent research report released by eSentire found that indeed, vendors present a significant cyber risk to organizations.
(Source:, 2019-05-02) Read the full article
Active Investing Through Private Equity Challenges Stock Market
Private equity has taken center stage in active investing, and that means the stock market and its investors could face more challenges — especially in a recession. Analysts say this shift introduces potential problems, including the drying up of liquidity in public markets and fewer high-growth opportunities for retail investors, as companies easily raise money privately, opting out of listing on exchanges.
(Source: CNBC, 2019-05-11) Read the full article
Startup Aims to Make Angel Investing Easier by Automating Process
Angel investors in many parts of the country typically create special-purpose vehicles in order to take part in seed investing rounds. With Digital SPV, the process of managing a large angel investment is automated.
(Source: Miami Herald, 2019-04-29) Read the full article
American V.C.s Placed $22 Billion in Chinese Startups in 2018
For all the political tensions about trade, American-based venture capitalists are still pouring money into Chinese start-ups. Venture capital flows between the U.S. and China hit an estimated $22 billion last year, topping the year's $18 billion in completed two-way foreign direct investment for the first time, according to a report by the U.S.-China Investment Project.
(Source: CNBC, 2019-05-08) Read the full article
SoftBank to Launch Its Second $100B Vision Fund
SoftBank, the biggest backer of unicorn real estate startups, is planning its second Saudi-backed $100 billion Vision Fund. SoftBank has been a major player in the venture capital scene, giving startups an option to avoid publicly listing their companies.
(Source: The Real Deal, 2019-05-09) Read the full article
Recent FINRA Guidance and Request for Comments


Erik Hansen
Erik Hansen

On May 9, 2019, the Financial Industry Regulatory Authority ("FINRA") issued guidance to member firms related to suspicious activity monitoring and reporting obligations under FINRA Rule 3310 (Anti-Money Laundering Compliance Program). The updated guidance provides a lengthy, but not exhaustive, list of examples of money laundering red flags for firms to consider incorporating into their anti-money laundering programs. Read full article here.


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Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them.  We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies.  In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

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