Prepared for distribution at the UNDERSTANDING THE SECURITIES LAWS FALL 2015 Program Chicago, October 27 28 New York City, Groupcast Locations and Live Webcast www.pli.edu, December 17 18 CONTENTS: PROGRAM SCHEDULE... 15 FACULTY BIOS... 29 1. Chapter 1: Approaching Securities Law, Practising Law Institute, Securities Law and Practice Deskbook (Sixth Edition)... 75 2. Chapter 3: Regulatory Framework of Securities Act Registration, Practising Law Institute, Securities Law and Practice Deskbook (Sixth Edition)... 107 3. Chapter 5: Reach of Securities Act Regulation, Practising Law Institute, Securities Law and Practice Deskbook (Sixth Edition)... 167 4. Chapter 9: Registration and Periodic Reporting Under the Exchange Act, Practising Law Institute, Securities Law and Practice Deskbook (Sixth Edition)... 197 5. Introduction to Securities Law (PowerPoint slides)... 233 5
6. Registering Securities Under the Securities Act of 1933 (Substantive Outline)... 339 R. Cabell Morris, Jr. Winston & Strawn LLP 7. Reg. S-K and Reg. S-X: The Backbones of 1933 Act and 1934 Act Filings (PowerPoint slides)... 391 8. Exemptions from Registration Under the Securities Act; Private Placements (Substantive Outline)... 453 Kevin E. Slaughter Quarles & Brady LLP 9. Anna T. Pinedo and James R. Tanenbaum, Ch. 2: Private Placements An Overview, Practising Law Institute, Exempt and Hybrid Securities Offerings (2nd Edition) (November 2014)... 477 Anna T. Pinedo Morrison & Foerster LLP 10. Morrison & Foerster LLP, Matchmaking Basics: How It Works, Current Regulations and Key Considerations... 551 Anna T. Pinedo Morrison & Foerster LLP 11. Marty Dunn, et al., Morrison & Foerster LLP, Client Alert, Regulation A+: Final Rules Offer Important Capital Raising Alternatives (March 26, 2015)... 559 Anna T. Pinedo Morrison & Foerster LLP 12. Lloyd S. Harmetz, Morrison & Foerster LLP, Frequently Asked Questions About Rule 144A... 573 Anna T. Pinedo Morrison & Foerster LLP 6
13. Ze -ev D. Eiger and Lloyd S. Harmetz, Morrison & Foerster LLP, Frequently Asked Questions About Regulation S... 595 Anna T. Pinedo Morrison & Foerster LLP 14. Sidley Austin LLP, Corporate Governance Update, SEC Adopts CEO Pay Ratio Disclosure Rule Required By Dodd-Frank (August 12, 2015)... 621 Gary D. Gerstman Sidley Austin LLP 15. Sidley Austin LLP, Corporate Governance and Executive Compensation Update, SEC Proposes Compensation Clawback Rules (July 7, 2015)... 635 Gary D. Gerstman Sidley Austin LLP 16. Life as a Public Company: Securities Exchange Act of 1934 Overview and Other Matters (PowerPoint slides)... 655 Michele R. Chaffee Career Education Corporation Gary D. Gerstman Sidley Austin LLP 17. Periodic and Other Reporting Obligations Under the Securities Exchange Act of 1934 (July 2015)... 703 Raymond Y. Lin Richard F. Langan, Jr. Nixon Peabody LLP 18. Alston & Bird LLP, Private Securities Litigation Reform Act Major Developments and Issues... 773 Lisa R. Bugni Alston & Bird LLP 7
19. William R. Baker III, et al., Latham & Watkins, Client Alert, Commentary, No. 1852, The Circuits Are Split: Are Tangible Benefits Required for Insider Trading Liability? (July 10, 2015)... 813 John J. Sikora Jr. 20. William R. Baker III, et al., Latham & Watkins, Client Alert, Commentary, No. 1833, SEC Enforcement Division Issues Guidance on Venue Selection (May 18, 2015)... 821 John J. Sikora Jr. 21. John J. Sikora Jr. & Eric R. Swibel, Latham & Watkins, Client Alert, Commentary, No. 1818, Multitudes, Multitudes: The SEC s Asset Management Unit Delivers Important Messages for Investment Advisers (April 10, 2015)... 831 John J. Sikora Jr. 22. Lawrence A. West & Eric R. Swibel, Latham & Watkins, Client Alert, News Flash, No. 1815, SEC Sends Message Via Enforcement Action: Don t Stifle Employee Whistleblowing (April 2, 2015)... 839 Submitted by John J. Sikora Jr. 23. John J. Sikora Jr. & Nabil Sabki, Latham & Watkins, Client Alert, Commentary, No. 1773, Private Equity Fund Managers: Takeaways From The SEC s Past Year in Enforcement (December 8, 2014)... 845 John J. Sikora Jr. 24. Liability for Securities Law Violations (Substantive Outline)... 851 Douglas Koff Kelly Koscuiszka Bracewell & Giuliani LLP 8
25. Insiders and Affiliates Overview of Section 16 and Section 13 of the Exchange Act and Certain Resale Considerations Under the Securities Laws (Substantive Outline)... 927 Jennifer L. Nadborny Simpson Thacher & Bartlett LLP 26. Simpson Thacher, Memorandum, SEC Charges Eight Insiders For Failing to Update Stock Ownership Disclosures (April 3, 2015)... 961 Jennifer L. Nadborny Simpson Thacher & Bartlett LLP 27. Simpson Thacher, Memorandum, SEC Charges 34 Insiders, Shareholders and Public Companies with Delinquencies in Reporting Stock Holdings and Trades (September 22, 2014)... 969 Jennifer L. Nadborny Simpson Thacher & Bartlett LLP 28. Rhonda Brauer, Chris Hayden, William Fiske & Rajeev Kumar, CFA,, 2015 Proxy Season Update (August 13, 2015)... 975 29., Practical Implications of SEC Reversal on Shareholder Proposal Exclusion (January 29, 2015)... 989 30. Rajeev Kumar, CFA,, ISS Policy Updates (November 20, 2014)... 997 9
31., Proxy Fight Primer (August 13, 2015)... 1005 32. Rajeev Kumar, CFA & William Fiske,, Prepare for Shareholder Activism in 2015 (January 12, 2015)... 1013 33. Christopher M. Hayden,, Practical Considerations for Your First Annual Meeting (July 2014)... 1021 34. Regulation of Proxy Solicitation (Substantive Outline) (August 2015)... 1029 David K. Boston Willkie Farr & Gallagher LLP 35. Shearman & Sterling LLP, The SEC s Final Pay Ratio Rules: What You Need to Know (August 10, 2015)... 1077 Linda E. Rappaport Shearman & Sterling LLP 36. Shearman & Sterling LLP, SEC Proposes Highly Anticipated Clawback Rules (July 9, 2015)... 1089 Linda E. Rappaport Shearman & Sterling LLP 37. Shearman & Sterling LLP, SEC Proposes Long-Awaited Pay for Performance Rules (May 4, 2015)... 1103 Linda E. Rappaport Shearman & Sterling LLP 10
38. Shearman & Sterling LLP, SEC Proposes Equity Hedging Disclosure Rules Under Dodd-Frank (February 19, 2015)... 1113 Linda E. Rappaport Shearman & Sterling LLP 39. Securities Law Aspects of Mergers, Acquisitions and Other Corporate Transactions (Substantive Outline) (August 31, 2015)... 1121 Kimberly A. debeers Hagen J. Ganem Skadden, Arps, Slate, Meagher & Flom LLP 40. Andrew R. Brownstein, Steven A. Rosenblum, David A. Katz & Sabastian V. Niles, Wachtell, Lipton, Rosen & Katz, Winning a Proxy Fight Lessons from the DuPont-Trian Vote (May 18, 2015)... 1139 Trevor S. Norwitz Wachtell, Lipton, Rosen & Katz 41. Martin Lipton, Sabastian V. Niles & Sara J. Lewis, Wachtell, Lipton, Rosen & Katz, Recognition of the Threat to Shareholders and the Economy from Attacks by Activist Hedge Funds (December 22, 2014, Updated January 23, 2015)... 1145 Trevor S. Norwitz Wachtell, Lipton, Rosen & Katz 42. The SEC s New Pay Ratio Disclosure Rule (August 13, 2015)... 1153 43. Cleary Gottlieb, Alert Memorandum, S.D.N.Y. District Court Holds Trust Indenture Act Limits Ability of Issuer to Restructure Bonds of Dissenting Bondholders Outside of Bankruptcy (June 30, 2015)... 1173 Adam Fleisher Cleary Gottlieb Steen & Hamilton LLP 11
44. Savaria B. Harris & Mitka T. Baker, Dodd-Frank & SOX: What Companies Should Be Thinking About Now that Whistleblowing Has Become White Collar (February 23, 2015), available at http://www.insidecounsel.com/2015/02/23/dodd-franksox-what-companies-should-be-thinking... 1181 Savaria B. Harris Mitka T. Baker DLA Piper LLP (US) 45. Savaria B. Harris & Mitka T. Baker, DLA Piper, Litigation Alert (US), White Collar Crime Update, Higher Burdens in SOX Whistleblower Retaliation Claims 5 Tips for Employers (December 10, 2014)... 1187 Savaria B. Harris DLA Piper LLP (US) 46. Legal Ethics: Recent Ethics Opinions (Substantive Outline)... 1193 Marjorie E. Gross New York State Bar Association Committee on Professional Ethics Law Office of Marjorie E. Gross 47. Ethics: Selected Materials, Selected Excerpts from the New York State Rules of Professional Responsibility, Effective April 1, 2009 and as amended through May 1, 2014... 1203 48. Order Instituting Cease-and-Desist Proceedings Pursuant to Section 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing a Cease-and-Desist Order, In re: Kohlberg Kravis Roberts & Co., Investment Advisers Act of 1940, Release No. 4131, Administrative Proceeding File No. 3-16656 (SEC June 29, 2015)... 1219 12
49. United States Office of Government Ethics, Preventing Conflicts of Interest in the Executive Branch, Laws and Regulations... 1235 50. United States Office of Government Ethics, Preventing Conflicts of Interest in the Executive Branch, Employee Standards of Conduct... 1241 51. 5 C.F.R. 4401.101, 4401.102, 4401.103, Supplemental Standards of Ethical Conduct for Members and Employees of the Securities and Exchange Commission... 1249 52. United States Office of Government Ethics, Preventing Conflicts of Interest in the Executive Branch, Current Government Employees... 1259 53. U.S. Securities and Exchange Commission, Office of Compliance Inspections and Examinations, National Exam Program, Volume IV, Issue 4, Cybersecurity Examination Sweep Summary (February 3, 2015)... 1265 54. U.S. Securities and Exchange Commission, SEC Enforcement Actions: FCPA Cases... 1277 13
55. Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order, In re: BHP Billiton Ltd. and BHP Billiton Plc, Securities Exchange Act of 1934 Release No. 74998, Administrative Proceeding File No. 3-16546 (SEC May 20, 2015)... 1289 56. U.S. Securities and Exchange Commission, Press Release, No. 2015-170, SEC Charges BNY Mellon With FCPA Violations (August 18, 2015)... 1303 57. U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Investor Bulletin: The Foreign Corrupt Practices Act Prohibition of the Payment of Bribes to Foreign Officials (October 2011)... 1309 58. When Finders and Other Intermediaries Are Required to Register as Broker-Dealers, A Case Study in Advising Clients... 1317 Peter W. LaVigne Goodwin Procter LLP INDEX... 1335 Program Attorney: Danielle B. Cohen 14