Financial Transactions and Regulatory Compliance Review

Covering the latest in capital markets transactions, funds, annuities, financial reporting and SEC filings

Toppan Vintage

Toppan Vintage is a leading international financial printing, communications and technology company dedicated to delivering a hassle-free experience with the highest quality accuracy, reliability and value for your organization’s financial printing and communications needs.

Recent Posts

What the Financial CHOICE Act of 2017 Means for Disclosures

Recently passed by the House of Representatives, the Financial CHOICE Act is viewed by many as an attempt to boost economic growth by relaxing federal restrictions, but by others as an attempt to gut the Dodd-Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank was passed in 2010 to protect the United States economy by keeping fiduciary firms from repeating the predatory and irresponsible practices that led to the Financial Crisis of 2007. Long opposed by conservative legislators, the Republican majority passed the CHOICE Act to counteract some of these regulations. If the CHOICE Act passes through the Senate, its long-term effects may decide the pro- and anti-regulation debate for years to come. 

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Inline XBRL: Do the Benefits Justify the Costs?

Technology and SEC Disclosure - The Promise of inline XBRL

The growth of digital tools and fintech is rapidly transforming the financial industry. Gradually, the industry's main regulator, the SEC, is also taking advantage of these new technologies, both for its own benefit and for filers. By adopting innovative digital solutions, including Inline XBRL, hyperlinks for exhibits, and an updated EDGAR system, the SEC is attempting to make structured financial data more widely available and efficient to access.

In order to find out the benefits and challenges associated with these changes, Toppan Vintage commissioned Mergermarket to interview five industry experts for their insights.

 

Toppan Vintage question: In May, the comment period closed for the SEC's proposal to make Inline XBRL (iXBRL) mandatory for filers. What do you think would be the main benefits of mandatory iXBRL? Do you think they justify the costs? 4 dealmakers weigh in.

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IPOs and Transactions: June 12 - June 16

There were 37 transactions filed with the SEC last week. 

Congratulations to all of the corporations and law firms that selected our transactions services including, Seneca Financial Corp. w/ Kilpatrick Townsend & Stockton LLP & Luse Gorman, PC, FFBW Inc. w/ Luse Gorman, PC & Reinhart Boerner Van Deuren S.C., Inspro Technologies Corp. w/ Morgan, Lewis & Bockius LLP, Ani Pharmaceuticals Inc. w/ Dentons US LLP, Black Diamond Inc. w/ Kane Kessler, P.C., Sierra Bancorp w/ King, Holmes, Paterno & Soriano, LLP & Loren P. Hansen, APC, Chess Supersite Corp. w/ Robert C. Laskowski, Law Office

We appreciate that they selected to work with us and benefited from our decades of industry experience that enable us to take on any size deal and execute it to the highest industry standards.

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Will Executive Pay Ratio Filings Stall?

The Dodd-Frank Act of 2010 set out to make the gap between what a company pays its CEO  and what it pays its average employee—known as the “CEO pay ratio”—everyone’s business. But now, the Securities and Exchange Commission is having second thoughts as its own rule is set to take effect in 2018.

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Why are so many companies submitting their SEC paperwork via the JOBS Act on-ramp?

 

Toppan Vite question: The reasons for using a confidential IPO are most obvious for technology startups, since they often have lower revenue figures. Are there any other types of companies or particular sectors for which confidential offerings are especially useful or appropriate? 4 dealmakers weigh in.

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JOBS Act Amendments Change SEC Crowdfunding Rules

Seemingly overnight, crowdfunding sites like Gofundme, Patreon, and Kickstarter have changed the fundraising landscape, allowing consumers to directly fund projects and companies in exchange for reward items and merchandise rather than shares. In what is becoming a common refrain of the digital age, regulatory bodies like the Securities & Exchange Commission (SEC) are racing against innovation to try and both regulate and account for these new ideas. In the case of crowdfunding, regulators are trying to allow businesses to take advantage of the practice without letting it get out of control to create a “Wild West” of unaccountable fundraising.

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Top Mergers of 2017 So Far

When it comes to dealmaking, understanding trends can be like reading tea leaves. Sometimes a high frequency of deals means a thriving market and sometimes it represents companies banding together for survival. Infrequent deals could represent a high level of confidence in going it alone, or companies at loggerheads and unable to come to a mutually beneficial deal in turbulent times. Thus far it’s not clear exactly what it means that 2017 saw the biggest dealmaking start in 7 years, but for better or worse this year has definitely been a busy one for M&A. Let’s take a look at some of the big deals of the year thus far and try to see what the tea leaves say.

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Video: May's Top Law Firms for SEC Transactions

As subject matter experts in transactions i.e. IPOs and M&A, we carefully track the capital markets dealflow… daily, weekly and monthly. If you would like to be emailed the week’s transactions (every Monday afternoon), fill out the quick form on this page.

Continue on to view May's top law firms.

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Toppan Vite Announces Rebrand to ‘Toppan Vintage’

Leading international financial printing firm adopts new global brand name; marks status as one of the world’s largest financial communications companies

Toppan Vite, a leading international financial printing, communications and technology company, announced today a strategic rebrand to ‘Toppan Vintage,’ reflecting its recent acquisition of Vintage and its plans for future international growth and expansion.

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IPOs and Transactions: May 29 - June 2

There were 45 transactions filed with the SEC last week. 

Congratulations to all of the corporations and law firms that selected our transactions services including, Northstar Real Estate Capital Income Fund-Adv w/ Clifford Chance US LLP, Kinderhook Bank Corp. w/ Cranmore, FitzGerald & Meaney, Esquire Financial Holdings Inc. w/ Luse Gorman, PC, Esquire Financial Holdings Inc. w/ Manatt, Phelps & Phillips, LLP., Chicken Soup For The Soul Entertainment Inc. w/ Graubard Miller, Sussex Bancorp w/ Hogan Lovells US LLP, Limbach Holdings Inc. w/ Winston & Strawn LLP

We appreciate that they selected to work with us and benefited from our decades of industry experience that enable us to take on any size deal and execute it to the highest industry standards.

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Positive Outlook for M&A Activity Despite Political Uncertainty

U.S. business leaders are actively seeking out mergers and acquisitions in 2017, even though M&A activity has had a less-than-robust start in the first quarter and political uncertainty could still dampen confidence in the later part of the year. 

Almost 80 percent of U.S. executives surveyed between March and April said they expect their company to “actively” seek out mergers and acquisitions over the next 12 months, according to Ernst & Young's semiannual Global Capital Confidence Barometer.

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IPOs and Transactions: May 22 - 26

There were 52 transactions filed with the SEC last week. 

Congratulations to all of the corporations and law firms that selected our transactions services including, Cyclacel Pharmaceuticals Inc. w/ Ellenoff Grossman & Schole LLP & Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Applied DNA Sciences Inc. w/ Pepper Hamilton LLP, CPG 2017 Vintage Access Fund LLC w/ Proskauer Rose LLP, Vivaldi Opportunities Fund w/ Drinker Biddle & Reath LLP, Swift Transportation Co. w/ Fried, Frank, Harris, Shriver & Jacobson LLP, Ryley, Carlock & Applewhite, P.C., Scudder Law Firm P.C., L.L.O., & Kirkland & Ellis LLP, ZK International Group Co. Ltd w/ Hunter Taubman Fischer & Li, LLC & Ortoli Rosenstadt LLP

We appreciate that they selected to work with us and benefited from our decades of industry experience that enable us to take on any size deal and execute it to the highest industry standards.

For more information on Toppan Vite's Acquisition of Vintage, click here.

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Bankruptcy Trends in 2017

When last we touched on bankruptcy trends in late 2016, there were a lot of topics to cover. The economy had only begun to show signs of impact from bankruptcy reform, with companies choosing to avoid bankruptcy rather than filing Chapter 13. Chapter 11 filings spiked, with an ABI Commission to study the reform issuing a final report on the overhaul’s effects. 2016 brought continued a downward trend in filings from previous years, despite the massive spike from the 2008 Worldwide Financial Crisis. With 2017 making us all live in interesting times, let’s take a look at bankruptcy trends for 2017 and see what’s changed and what’s stayed the same.

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Recap Video: XBRL Requirements for IFRS, Implementation

Thank you to all the participants who attended our XBRL Requirements for IFRS Webinar Series!

Special thanks to our guest panelist, Campbell Pryde, CEO at XBRL US, Inc. for joining us on our last session on Implementation.

For your convenience and reference, download the webinar recording by clicking on the screenshot.

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The SEC is Closed for Memorial Day: Monday, May 29


In honor of Memorial Day, the SEC is closed on Monday, May 29, 2017. No filings can be received.  

Filings submitted after 5:30 pm ET, Friday, May 26, 2017 will receive a filing date of Tuesday, May 30, 2017 and will be posted to the public on May 30, 2017. 

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Reminder: Tomorrow's Webinar - XBRL Requirements for IFRS, Implementation

Don't miss out! Sign up below for our last XBRL for IFRS webinar to learn about the taxonomy update, training tips, SEC deadlines, filing success plans and implementation options - includes an available CPE credit.

Featuring: Campbell Pryde, President and CEO at XBRL US, Inc.

Campbell Pryde brings significant experience in technology development, accounting and finance to XBRL US. Before taking on the President and CEO position, Mr. Pryde led the development and maintenance of taxonomies as Chief Standards Officer, playing an integral role on the executive team. Mr. Pryde joined XBRL US from Morgan Stanley,
where as Executive Director in the Institutional Securities Group, he managed the equity research XBRL-based valuation framework. He has been involved with XBRL since 2001, and served as Chairman of the XBRL US Domain Steering Committee during the critical initial build of the US GAAP Taxonomy under contract with the Securities and Exchange Commission. Prior to joining Morgan Stanley, Mr. Pryde was a Partner in the Risk and Advisory Practice of KPMG LLP. He is a member of the New Zealand Institute of Chartered Accountants.
 
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Congress May Remove Health Insurers’ Antitrust Exemption

In 1945, Congress passed the McCarran-Ferguson Act to protect insurers against antitrust regulations and maintain the states’ control over insurance regulation. With health insurance coverage and healthcare in general in the government’s crosshairs, this immunity is in danger as Congress passed the Competitive Health Insurance Reform Act of 2017 by a vote of 416-7 in March 29, 2017. The act, currently under review by the Senate Judiciary Committee, amends the McCarran-Ferguson Act to bring health insurers back within reach of regulation by the federal government. This rare bipartisan action stems from Democratic affinity for greater federal regulation and the Republican desire to give the government power over insurers to better enable their theoretical replacement of the Affordable Care Act, popularly known as Obamacare.

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IPOs and Transactions: May 15 - 19

There were 37 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services including, United Community Banks Inc. w/ Nelson Mullins Riley & Scarborough, LLP & Troutman Sanders LLP, Sky Wolf Wind Turbine Corp. w/ Cassidy & Associates, Constellation Alpha Capital Corp. w/ Ellenoff Grossman & Schole LLP, Ogier, &  Skadden, Arps, Slate, Meagher & Flom LLP, Themaven Inc. w/ Golenbock Eiseman Assor Bell & Peskoe LLP

We appreciate that they selected to work with us and benefited from our decades of industry experience that enable us to take on any size deal and execute it to the highest industry standards.

For more information on Toppan Vite's Acquisition of Vintage, click here.

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Recap Video: XBRL Requirements for IFRS, Developing A Success Plan

Thank you to all the participants who attended our 2nd XBRL Requirements for IFRS Webinar on Developing a Success Plan! Special thanks to our guest panelist, Rob Blake of Certent Inc.

Stay tuned for our last session on Implementation:

Featuring: Campbell Pryde, CEO at XBRL US, Inc.
*CPE Credit Available 

For your convenience and reference, download the webinar recording by clicking on screenshot below.  

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Reminder: Tomorrow's Webinar - XBRL Requirements for IFRS, Create a Success Plan

Don't miss out! Sign up below for our XBRL for IFRS webinar series to learn about the taxonomy update, training tips, SEC deadlines, filing success plans and implementation options - including an available CPE credit during the May 25 session. 

Featuring: Rob Blake, VP Product Management at Certent, Inc.
 
Rob Blake leverages more than 20 years of reporting and enterprise software development expertise in his current role as Vice President of Product Management for Certent’s Disclosure Management and DisclosureNet solutions, Cloud-based applications that help companies improve their business/XBRL reporting and disclosure research processes. In his current role, Rob oversees the entire software development lifecycle including product
strategy, requirements definition and prioritization, partner enablement, and thought leadership. 
In addition to being globally recognized as a founder and expert in XBRL with active involvement in the standard dating back to its founding in 1999, Rob’s prior roles have involved various leadership  positions focused on business reporting and enterprise solution delivery. This includes roles at Microsoft, Trintech, and RR Donnelley (previously Bowne & Co., Inc.), as well as project manager for three technology projects for the U.S. Securities and Exchange Commission. Rob received his B.S.B.A. in Finance with an emphasis in Accounting from the University of Akron (OH).
 
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