To assist our clients in understanding new market trends, market practice and regulatory developments, our Capital Markets Group has prepared an ongoing series of Memos, Podcasts and Webinars. Topics include a guide to capital markets opportunities, considerations for issuers and underwriters navigating U.S. and international markets and the benefits of PIPE (private investments in public equity) transactions as pandemic restrictions continue.
Partner Contacts: Nicolas Bourtin, Catherine M. Clarkin, Jared M. Fishman, Julia M. Jordan, Marc Treviño and Benjamin H. Weiner
RECENT CLIENT GUIDANCE
| S&C Critical Insights – European Capital Markets Activity During COVID-19 June 30, 2020 – S&C partners Carsten Berrar, John Horsfield-Bradbury and Krystian Czerniecki discuss the future of European capital markets, and how issuers can adjust to the impact of the COVID-19 crisis. Topics include lessons learned from capital raisings in recent months, such as the importance of European companies considering accessing U.S. markets to monitor disclosures of comparable U.S. companies and how valuation analysis will differ for IPOs due to the COVID-19 crisis. Listen to our Podcast |
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SEC Issues Additional COVID-19 Disclosure GuidanceJune 25, 2020 – On June 22, the SEC issued additional guidance (“Disclosure Guidance Topic No. 9A”) setting forth further views of the Division of Corporation Finance regarding operations, liquidity and capital resources disclosures that companies should consider with respect to business and market disruptions related to COVID-19. Disclosure Guidance Topic No. 9A supplements Disclosure Guidance Topic No. 9, which provided the Division of Corporation Finance’s initial views on disclosure and other securities law obligations that companies should consider with respect to COVID-19, and is discussed in our memorandum to clients dated March 30, 2020, available here.
Read our Memo
COVID-19 Crisis: European Capital Markets Developments GuideMay 15, 2020 – This Guide provides answers to common questions in relation to the effects of COVID-19 on European capital markets activity and on related considerations for issuers and underwriters. The Guide is based on the S&C Navigating the Covid-19 Crisis European webinar series held on April 30, 2020.
Read Our Guide
Week of April 27, 2020
April 29, 2020 – S&C Critical Insights – S&C Capital Markets Co-Heads Discuss “PIPE” Transactions (Podcast)
Week of April 20, 2020
April 22, 2020 – COVID-19 Crisis: Capital Markets Opportunities Guide (Guide)
April 20, 2020 – S&C Critical Insights – The Value of PIPE Transactions During COVID-19 (Podcast)
April 20, 2020 – S&C Critical Insights – Temporary Measures Announced to Assist U.K. Issuers (Podcast)
April 20, 2020 – Ari Blaut Authors Lexis Practice Advisor Article on Investment Grade Debt Offerings (Article)
Week of April 13, 2020
April 15, 2020 – UPDATE — UK's FCA Announces Temporary Measures Designed to Assist Issuers (Memo)
April 15, 2020 – Ari Blaut, Krishna Veeraraghavan and Lindsey Meyer Co-author Lexis Practice Advisor Practice Note on PIPEs (Book)
April 13, 2020 – Court Endorses Establishment of Eligibility Criteria for Paycheck Protection Program Loans (Memo)
April 13, 2020 – Federal Reserve COVID-19 Response (Memo)
Week of April 6, 2020
April 9, 2020 – S&C Critical Insights – Australian Legislative and Regulatory Developments During Covid-19 (Podcast)
April 9, 2020 – S&C Critical Insights – U.K. Corporate Financing Facility During COVID-19 (Podcast)
April 9, 2020 – Impact of COVID-19 on Quarterly Reporting; New Statement from SEC Chairman and Director of Division of Corporation Finance (Memo)
April 9, 2020 – SEC Staff Updates COVID 19 Shareholder Meeting Guidance: Updated Guidance Relaxes Notice and Access Timing Requirements When Delays Are Unavoidable (Memo)
April 7, 2020 – U.K. Covid Corporate Financing Facility: U.K. Government Initiative Offers Short-Term Sterling Liquidity for Non-Financial Companies That Make a Material Contribution to Economic Activity in the U.K. (Memo)
Week of March 30, 2020
March 31, 2020 – Disclosure Requirements on COVID-19 Impact for Issuers in Europe (Memo)
March 30, 2020 – SEC Issues COVID-19 Disclosure Guidance and Extends Conditional Relief from Reporting Requirements (Memo)
Week of March 23, 2020
March 29, 2020 – CARES Act Limits Share Repurchases: Coronavirus Aid, Relief, and Economic Security Act Contains Limitation on Share Repurchases for Companies Receiving Assistance (Memo)
Week of March 16, 2020
March 18, 2020 – PIPEs: Key Issues to Consider (Memo)
March 18, 2020 – French Financial Markets Authority Announces Ban on Short Selling on All French Trading Venues (Memo)