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District Court Dismisses State Parties’ Challenge to SEC Rule 206(4)-5

October 8, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Kenneth A. Gross, Ki P. Hong, Matthew Bobys, Melissa L. Miles, Patricia M. Zweibel, Rachel L. Applestein, Shayla K. Parker, Charles M. Ricciardelli, Tyler Rosen, Tanya Sehgal

On September 30, 2014, Judge Beryl A. Howell of the U.S. District Court for the District of Columbia dismissed for lack a challenge to the SEC's "pay to play" Rule 206(4)-5. The court found that subject matter jurisdiction for review of the rule lies exclusively with the Court of Appeals for the District of Columbia Circuit. In addition, in dicta contained in a lengthy footnote, Judge Howell also cast serious doubt over the plaintiffs' standing to bring the suit.

Corporate Finance Alert - 2015 SEC Filing Deadlines for Companies

October 7, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Richard B. Aftanas, Brian V. Breheny, Adrian J. S. Deitz, Rajeev P. Duggal, Gregory A. Fernicola, Z. Julie Gao, Michelle Gasaway, David J. Goldschmidt, Stephan Hutter, Thomas J. Ivey, Stacy J. Kanter, Laura A. Kaufmann Belkhayat, Jonathan B. Ko, Riccardo A. Leofanti, James A. McDonald, Andrea L. Nicolas, Gregg A. Noel, Jonathan B. Stone, Alec P. Tracy, Danny Tricot, Pranav L. Trivedi, Yossi Vebman, Richard C. Witzel, Jr., Dwight S. Yoo, Michael J. Zeidel, Phyllis G. Korff

As the end of the year approaches, reporting companies should be aware of the various SEC filing deadlines for 2015. Companies also should be mindful of the 2015 financial statement "staleness" dates (when financial statements must be updated in order to consummate a securities offering).

Hong Kong v. New York: The Competition for Chinese Tech IPOs

October 2, 2014 | Skadden, Arps, Slate, Meagher & Flom LLP | Christopher W. Betts, Will H. Cai

Last month’s record-setting $25 billion New York Stock Exchange IPO by the Chinese e-commerce giant Alibaba highlighted the competition between Hong Kong and New York for offerings by China-based technology companies. Although New York historically has been the venue of choice, the Stock Exchange of Hong Kong Limited has recently made efforts to reverse this trend. Now, spurred in part by the "loss" of the Alibaba IPO, the Hong Kong exchange is considering new measures to increase its appeal.