The SEC’s View on SPAC Warrants
The Securities and Exchange Commission is stepping up scrutiny of special-purpose acquisition companies (“SPACs”). In various statements released over the last few weeks, the SEC has highlighted several financial reporting and governance issues raised by the merger of a SPAC and target company. Most recently, on April 12th, the SEC provided surprising guidance on the […]
Uptick in Dividend Recaps – Reduce the Risk (2021)
Thanks to an accommodative U.S. monetary policy and the market’s optimistic assessment of corporate default risk, we have entered a period that some in the fixed income industry are referring to as “The Golden Age of Credit.” Interest rates have fallen to historically low levels, even for already leveraged companies and firms with higher-risk credit […]
The Division of Examinations Names Valuation as a Focus for Digital Asset Securities
On February 26, 2021, the SEC on behalf of the Division of Examinations (“Division”), formerly known as the Office of Compliance Inspections and Examinations (“OCIE”), released a Risk Alert(1) that provides observations to assist firms in developing and enhancing their compliance practices regarding the offer, sale, and trading of digital assets that are securities (“Digital […]
SEC Adopts New Framework for Fund Valuation Practices
On December 3, 2020, the Securities and Exchange Commission (SEC) voted to adopt Rule 2a-5, a new rule to modernize fund valuation practices. The rule clarifies how fund boards can satisfy their valuation obligations, including an increase in the variety of asset classes held by funds and increase both the volume and type of data […]
Thinking about Gift & Estate Tax Planning? Here’s what you should know.
Many people are wondering how the tax code will be impacted and if there are estate planning actions they can take before the end of the year. Exemptions may decrease. The current estate gift tax exemption is $11.58 million, which is effective for five (5) years and will revert in 2026 to its sunset amount […]