AmLegal Sec Reg

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1、SECURITYREGULATION•AdvantagesofmandatorydisclosureoChicagoSchoolArgument:Lackofinfo!discount!toavoiddiscount,issuerswilldisclosevoluntarily!noneedforregulationoHowever,bunchofotherreasonsformandatorydisclosure:"Coordinationproblems(consistencyinformandtimingofdisclosure)•Whatifi

2、ssuersdiscloseprofitv.revenuev.assets•Whatifissuersusesdifferentaccountingmethods(GAAPv.InternationalFinancialReportingStandards)"Agencyproblems•Itmaybeinthecompany’sbestinteresttodisclosure,butcompanycan’titselfdisclose,ithastodisclosethroughmanager!managermightnotwanttodisclos

3、e•Whywouldmanagerslimitsoropposedisclosure?oDisclosure!publicmonitoringonmanagers"Positiveexternalities•InvestorcanevaluatewhethertoinvestinCorpAwhilelookingatthedisclosureofCorpB"Reducescostandduplicationofresearch•Voluntarydisclosuremightjustbetweentheissuerandtheinvestors•Man

4、datorydisclosuretargetsthepublicatlarge!reducescostofresearch•TheSecurities&ExchangeCommission(SEC)oTheindependentagencythatadministersthefederalsecuritieslawoCreatedbytheSecuritiesExchangeActof1934o5CommissionersappointedbythePresidentoFivedivisions:"Corporatefinance"Tradingand

5、Markets"Investmentmanagement"Enforcement"Risk,StrategyandFinancialInnovationoBroadpower:Powersincluderule-making,reviewoffilings,supervisionofbrokersandSROs,andlitigation•OtherKeyRegulatoryPlayersoFINRAoSROsoPublicCompanyAccountingOversightBoardoCreditRatingAgenciesPUBLICOFFERIN

6、GIntroduction•TheEconomicsofPublicOfferingsoWhydoissuersgopublic?"Needforadditionalcapital"Needtocreateliquidityforexistingowners"Createpaymentsourceforacquisitionsandothertransaction•MucheasiertousesharesasconsiderationifthecompanyispubliclytradedoSourcesofcapital"Internalfinan

7、cing"Founderadditionalfinancing"Bankfinancing"Privateplacement(VC,PE)"Publiccapitalmarket•Notethattoday,privatecapitalaremuchmoreavailablethanbefore,solessneedtogopublic.Besides,today’ssecregimposesmoreburdensomeobligationsonpubliccompanies.SousingIPOasameanstoraisecapitalisless

8、ofareasonnowadays.•TheOfferingProcess–Underwrit