SEC Could Pull More 'Unicorns' Into Public Reporting Regime

By Tom Zanki (January 28, 2022, 9:14 PM EST) -- The U.S. Securities and Exchange Commission could compel more large private companies to comply with public reporting requirements in order to bolster transparency, potentially inviting resistance from so-called unicorns objecting to greater oversight.

The SEC's current regulatory agenda indicates it is considering a proposal to amend how "shareholders of record" are defined under Section 12(g) of the Securities Exchange Act of 1934. Any change to existing criteria could be significant, because that provision of securities law triggers when companies must begin filing public disclosures regardless of whether they plan to conduct an initial public offering.

Morrison & Foerster LLP partner David...

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