Drafting Securities Filings 2010
San Francisco and Live Webcast, November 11-12
PROGRAM SCHEDULE – DAY ONE
Morning Session: 9:00 a.m. – 12:30 p.m.
9:00
Introduction and Opening Remarks
Steven V. Bernard
9:15
Overview of the Federal Securities Laws
· Securities Act of 1933 and related forms
· Securities Exchange Act of 1934 and related forms
· Integrated disclosure system
· Regulation S-K — Summary of Line Item Disclosure
· Regulation S-X
Armando Castro, Ann Yvonne Walker
10:15
Effects of ’34 Act Registration
· Filing requirement "triggers" – Sections 12(b), 12(g) and 15(d)
· Filing requirements under Section 13
· Filing requirements under Section 14
· Filing requirements under Section 16
· Third party filings (e.g., Schedules 13D, 13G, Forms 3, 4 and 5)
Armando Castro, Ann Yvonne Walker
11:15 Networking Break
11:30
MD&A and the Annual Report to Shareholders
· Relationship to financial statements and financial disclosure
· Commission guidance on MD&A
· Enforcement actions
· Additional disclosure items for the annual report to shareholders
· MD&A drafting exercise
Steven V. Bernard, Brooks Stough
12:30 Lunch
Afternoon Session: 1:30 p.m. – 5:00 p.m.
1:30
Proxy Statements
· Overview of rules
· Preliminary and definitive filings
· Shareholder proposal process
· Annual meeting timetables
· Drafting CD&A and related compensation disclosures
· E-proxy rules
Mark A. Borges
2:30 Networking Break
2:45
The Disclosure Cycle
A. The Duty to Disclose
· Disclosure beyond the line items: the
sources of the duty to disclose
· Duty to update and duty to correct
B. Quarterly Earnings Cycle
· Earnings announcement; “outlook;” Investor/analyst call
· Quarterly report on Form 10-Q
· Regulations G and FD
C. Form 10-K Disclosure Requirements
· Summary of contents
· Coordination with proxy materials
Steven V. Bernard
4:00
Current Report on Form 8-K
· Events triggering obligation to file
· Use of 8-K to satisfy other filing requirements
· “Furnished” vs. “filed” reports
· The “safe harbor”
· 8-K “traps”
· Recent changes
Ann Yvonne Walker
5:00 Adjourn
PROGRAM SCHEDULE – DAY TWO
Morning Session: 9:00 a.m. – 12:30 p.m.
9:00
Preparing and Filing the Registration Statement; the Regulatory Process
· Form eligibility considerations (e.g., S-1, S-3)
· The drafting process and how to add value
· Making the initial filing
· Confidential treatment requests
· Incorporation by reference
· “Experts” and consents
· Section 5 and the communication rules
· Liability issues
· Risk disclosure
- Drafting risk factors
- PSLRA safe harbor rules
- "Bespeaks caution" doctrine
· Review Procedures in the Division of Corporation Finance
- Brief overview of the division
- Processing '33 Act filings
- Current Staff focus
William F. Alderman, Stephen E. Gillette, Suzanne Hayes
11:00 Networking Break
11:15
Preparing and Filing the Registration Statement; the Regulatory Process (Cont’d)
William F. Alderman, Stephen E. Gillette, Suzanne Hayes
12:30 Lunch
Afternoon Session: 1:30 p.m. – 5:00 p.m.
1:30
Current Issues in Securities Practice
· Recent legislative developments affecting the federal securities laws
· Recent judicial developments
· Review of recent and proposed SEC rule changes
Steven V. Bernard, Bruce K. Dallas and Panel
2:45 Networking Break
3:00
Ethical Dilemmas in Preparation and Review of SEC Filings
· Ethical considerations in SEC practice
· Lawyers as “gatekeepers”
· The SEC’s “reporting up” rules
· 2(e) (now 102(e)) proceedings
Suzanne Hayes, Jonathan W. Hughes
4:00
Securities Filings in M&A Transactions
· ’33 Act Issues – Form S-4
· Tender Offers – Schedules TO and 14D-9
· ”Going Private” Transactions – Schedule 13E-3
· Regulation M-A
· Exempt offerings in M&A transactions
- Regulation D and fairness hearings
Michael S. Dorf
5:00 Adjourn
FACULTY
Chairperson
Steven V. Bernard
Wilson Sonsini Goodrich & Rosati, PC
Palo Alto
William F. Alderman
Orrick, Herrington & Sutcliffe LLP
San Francisco
Mark A. Borges
Principal
Compensia, Inc.
Corte Madera, California
Armando Castro
Reed Smith LLP
Palo Alto
Bruce K. Dallas
Davis Polk & Wardwell LLP
Menlo Park, California
Michael S. Dorf
Shearman & Sterling LLP
San Francisco
Stephen E. Gillette
Jones Day
Palo Alto
Suzanne Hayes
Legal Branch Chief
Division of Corporation Finance
U.S. Securities and Exchange Commission
Washington, D.C.
Jonathan W. Hughes
Howard Rice Nemerovski Canady Falk & Rabin, PC
San Francisco
Brooks Stough
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP
Redwood City, California
Ann Yvonne Walker
Wilson Sonsini Goodrich & Rosati, PC
Palo Alto