U.S. Securities and Exchange Commission building in Washington, D.C. Jan. 5, 2019. Amended Rule 15c2-11 and Its Potential Impact on the Securitization Market
Rule 15c2-11 was recently amended by the Securities and Exchange Commission to provide for additional disclosure by broker-dealers to potential investors and the staff of the SEC has made it clear that it views Rule 15c2-11 as applying to both equity and fixed income securities. The SEC's most recent no-action letter regarding Rule 15c2-11 raises a few potential issues for the securitization market.
February 03, 2022 at 11:00 AM
6 minute read
Rule 15c2-11 under the U.S. Securities Exchange Act of 1934 was adopted in 1971. At the time Rule 15c2-11 was adopted, the asset-backed securitization market did not exist. The Rule has been viewed historically by many in the market as being aimed at sales of equity securities by brokers and dealers. Rule 15c2-11 was recently amended by the Securities and Exchange Commission (SEC) to provide for additional disclosure by broker-dealers to potential investors and the staff of the SEC has made it clear that it views Rule 15c2-11 as applying to both equity and fixed income securities. The SEC's most recent no-action letter regarding Rule 15c2-11 raises a few potential issues for the securitization market.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Securities and Securities Intermediaries: How Secure are Intermediated Holdings?
12 minute read
Deal Watch: Latham, Skadden, Covington, Troutman, Fried Frank and Davis Polk Lead $10B+ Deals
8 minute read
Deal Watch: Gibson Dunn, Latham, Wachtell, Akin, Simpson, Ropes Advise on Big Deals as M&A Activity Climbs
9 minute readLaw Firms Mentioned
Trending Stories
- 1‘BiT Global Lost’: Federal Judge Won’t Stop Coinbase From Delisting wBTC Token
- 2Some Elite Universities Favor Wealthy Students in Admissions Decisions, Lawsuit Alleges
- 3Judge Asks: Should Tom Girardi Serve Sentence in a Medical Facility or Behind Bars?
- 4EPA grants California authority to ban sales of new gas cars by 2035. Action faces reversal by Trump
- 5US to pay nearly $116M to settle lawsuits over rampant sexual abuse at California women's prison
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
