Financial Transactions and Regulatory Compliance Review

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

IPOs and Transactions: April 17 - 21

There were 43 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services including, HCBF HOLDING COMPANY INC. w/ Gunster, Yoakley & Stewart, P.A., HCBF HOLDING COMPANY INC. w/ Igler and Pearlman, P.A., EYEGATE PHARMACEUTICALS INC. w/ Burns & Levinson LLP, INFINITY CORE ALTERNATIVE FUND w/ Drinker Biddle & Reath LLP, EYEGATE PHARMACEUTICALS INC. w/ Lowenstein Sandler LLP, PETROQUEST ENERGY INC. w/ PetroQuest Energy, Inc., PETROQUEST ENERGY INC. w/ Porter Hedges LLP, GLOBAL MEDICAL REIT INC. w/ Vinson & Elkins L.L.P.

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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Digital disruption in the middle market

Companies are using leading-edge technologies to gain efficiencies, strengthen their targeting efforts and transform their businesses. As the Internet of Things, artificial intelligence, and advanced analytics become commonplace in the dealmaking landscape, what effect is this trend having on the middle market?

Points of discussions include:

  • Which non-tech sectors in the mid-market are being most impacted by digital disruption?
  • How are technology considerations affecting the strategies of private equity buyers?
  • How are mid-market firms responding to the increasing pressure to compete with venture-backed, high-tech start-ups?

Toppan Vite question: Which non-tech sectors in the mid-market do you think are being most affected by digital disruption? Which sectors would you say need to play catch up most to stay competitive? 5 dealmakers weigh in.

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The Importance of Digital Asset Management

Everything is digital today, from banking transactions to text messages to meeting a potential spouse. Running a business has most definitely gone digital, with communication, organization, and more all available at the touch of a button. And one of the most important ways companies can leverage digital technologies is to organize, search, store, edit, and distribute company assets to coworkers and business partners using Digital Asset Management (DAM). Exactly what it sounds like but so much more powerful than that, Digital Asset Management helps companies make the absolute best use of the ever-expanding library of digital documents they create every day. DAM is utterly indispensable to today’s businesses, and here are just a few reasons why:

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IPOs and Transactions: April 10 - 14

 

There were 59 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services including, PAVMED INC. w/ Greenberg Traurig, LLP, CAPITOL ACQUISITION HOLDING CO LTD w/ Graubard Miller, CHINO COMMERCIAL BANCORP w/ King, Holmes, Paterno Soriano, LLP, CAPITOL ACQUISITION HOLDING CO LTD w/ Kirkland Ellis LLP, CAPITOL ACQUISITION HOLDING CO LTD w/ Latham Watkins LLP, HIGHPOWER INTERNATIONAL INC. w/ Manatt, Phelps Phillips, LLP, CAPITOL ACQUISITION HOLDING CO LTD w/ Walkers Global.

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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How International Deals Impact the US Market

Like any ecosystem, the world economy is deeply interconnected, and while America remains the largest single economy in the world, it’s the biggest fish in a pond with some pretty big fellow swimmers, and news from Europe and Asia most definitely affects the United States, just as the American market can dictate ups or downs for foreign affairs. For proof of this, look no further than the Greek crisis of 2011, with Standard & Poor’s 500-stock index dropping 18.6% in one year over concerns about Greece. Meanwhile, China’s potential slowdown could send American markets crashing like it’s 1929. With all this in mind, we should take a look at the business situations overseas and how they might influence American stocks.

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IPOs and Transactions: April 3 - 7


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
, SOUTHERN NATIONAL BANCORP OF VIRGINIA INC., w/ Alston & Bird LLP, STERLING BANCORP w/ Astoria Financial Corp., STERLING BANCORP w/ Squire Patton Boggs LLP, SOUTHERN NATIONAL BANCORP OF VIRGINIA INC. w/ Troutman Sanders LLP, STERLING BANCORP w/ Wachtell, Lipton, Rosen & Katz, AMPLIPHI BIOSCIENCES CORP. w/ Cooley LLP, EVINE LIVE INC. w/ Gray, Plant, Mooty, Mooty & Bennett, P.A., OCEAN POWER TECHNOLOGIES INC. w/ Kelley Drye & Warren LLP, INSPIRED ENTERTAINMENT INC. w/ Kramer Levin Naftalis & Frankel LLP, MATINAS BIOPHARMA HOLDINGS INC. w/ Lowenstein Sandler LLP, AMPLIPHI BIOSCIENCES CORP. w/ Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., OCEAN POWER TECHNOLOGIES INC. w/ Porter Hedges 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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Video: March'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 March's top law firms.

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Capital Markets Disruptor: Real Estate Crowdfunding in the United States

By Mark Schonberger, Partner and Daniel Koehler, Associate

Public REITs and other sponsors of real estate funds and projects have traditionally enjoyed the benefit of a broad range of choices to raise capital. Public REITs can obtain financing on a project-by-project basis or at the corporate level by means of public offerings or private placements, and REITs can also access capital as sponsors of their own opportunity funds or through strategic joint ventures. Similarly, private real estate sponsors have historically relied on a variety of nonpublic capital raising mechanisms at the property, joint venture or fund level. Each of these means offers unique advantages and disadvantages, and each figures prominently in the real estate investment landscape. However, that landscape is poised to be considerably disrupted by the advent of real estate crowdfunding, which can lower the cost of raising capital while offering a broader range of investment options. 

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How to Invest in 2017

We live in interesting times. With Brexit and the Trump administration, the finance sector’s eight-year-old bull market is wandering into unknown pastures, with uncertainty regarding whether Britain and the EU can thrive once apart and whether an untested but wily self-promoter can successfully shepherd the world’s largest economy. While experts have predicted the bull market will continue to climb uphill this year, investment gains will be fair to middling as everyone plays wait-and-see -- while there’s no need to destabilize an upward market by withdrawing funds, few investors think now is the time to go all-in. In this time of uncertainty, people are still looking for safe, smart investments in 2017, so we thought we’d hand out some advice.

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IPOs and Transactions: March 27 - 31


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There were 47 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services including CHECKPOINT THERAPEUTICS INC w/ Alston & Bird LLP, LAKELAND INDUSTRIES INC w/ Moomjian, Waite & Coleman, LLP, ICAHN ENTERPRISES FINANCE CORP w/ Proskauer Rose 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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What can we expect from Toppan Vite in the next four months?

There are a lot of exciting announcements and changes in the pipeline for Toppan Vite. We have immediate plans to make extensive investments into our business, with a particular focus on enhanced technology.

A few of these areas include our:

• Hive® suite of technology solutions, which currently includes various SaaS offerings for self-filing, automation and collaboration;
• Typesetting capabilities through which we now offer the industry’s only auto-pagination system and “on-system” strikethrough comparison, which ensures accurate proofs of formatted financial materials in minutes;
• Hive® XBRL, powered by Certent, which is our self-service XBRL solution;
• Print and mail facilities to reflect technologically advanced high-speed digital printing, print on demand, sheet-fed printing, coldest and heatset web printing;
• Shareholder communications to include stylized proxies, Hive® SEC Self-File and our EDGAR deadline calendar mobile application, Hive® CAL; and
• Content management including Hive® Content Control and our dynamic publishing solutions technology.

Read on for more questions and answers from Superbcrew's interview of Toppan Vite President, Jeff Riback.

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Benefits of our Merger, Part 3: XBRL

Toppan Vite Launches Self-Service Platform, Hive® XBRL

Powered by Certent, Hive® XBRL is an all-in-one solution for disclosure management services 

NEW YORK – March 29, 2017Toppan Vite, a leading international financial printing, communications and technology company for mission-critical content in capital markets transactions, financial reporting and regulatory compliance filings, has launched Hive® XBRL, powered by Certent, an all-in-one solution for disclosure management services. Hive® XBRL, a SaaS solution now available to Toppan Vite’s clients through the recent acquisition of Vintage, provides users with greater control over reporting processes by eliminating manual workflows and inefficiencies, and improving turnaround times and collaboration. 

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IPOs and Transactions: March 20 – 24

There were 47 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services including CHECKPOINT THERAPEUTICS INC w/ Alston & Bird LLP, LAKELAND INDUSTRIES INC w/ Moomjian, Waite & Coleman, LLP, ICAHN ENTERPRISES FINANCE CORP w/ Proskauer Rose 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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Snap IPO Filing Does Not Go According to Plan

New tech company IPOs are always a cause for excitement in the financial market. Talk of Unicorns and big money deals abound, and industry gossip mavens wait with bated breath for news of Zynga- or Facebook-style shenanigans. But sometimes the story isn’t much of a story, at least at first, and a well-known company’s much-anticipated IPO just does not live up to the hype. This is exactly the case with Snap Inc. (NYSE: SNAP), when the creators of messaging app Snapchat publically released their IPO filing through the SEC in February of 2017.

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SEC Update - XBRL for IFRS

 

The SEC published a taxonomy to enable foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) to tag those reports using XBRL.

Foreign private issuers may begin to immediately submit their financial statements in XBRL. Otherwise all foreign private issuers must submit their financial statements in XBRL for fiscal periods ending on or after December 15, 2017.

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SEC Update - Hyperlinking Exhibit Indexes

 

 

This month, the SEC voted to adopt amendments that will require registrants that file registration statements and periodic reports to include hyperlinks to each exhibit listed in the index of these filings. The amendments, which have a compliance date of September 1, 2017, also require that registrants submit all such filings in HMTL format. 

The SEC also voted to propose the use of Inline XBRL for financial statements. For more info, click here.

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Mutual Fund Trends in 2017

Mutual funds are usually a safe investment, and despite a troubled year this was definitely true at the end of 2016. The S&P 500 finished the year up 12%. Diversified stock funds in the United States went up an average of 10.81% after gaining 4.06% in the fourth quarter. With last year and its post-election rally over, it remains to be seen whether 2017 continues strong for mutual funds. To best prepare for the days to come, let’s look at some predictions for the rest of the year and see what new regulations might be enacted.

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SEC Chair's Conflicts of Interest Continue

On Wednesday, January 4, President-Elect Donald Trump announced his pick for chairman of the Securities and Exchange Commission (SEC): Jay Clayton, a Wall Street lawyer and partner at Sullivan & Cromwell LLP. As widely expected, Clayton is a strongly pro-business choice for the regulatory chair, and is a dramatic departure from Mary Jo White, and his strong stance against regulation will embolden many investors but cause others to worry about a potential repeat of the worldwide financial crisis of 2007 and 2008. As of March 8, Clayton already faces concerns over conflicts of interest developed over a career of servicing finance sector interests.

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What Exactly is Inline XBRL?

What is Inline XBRL?

Inline XBRL is a format that allows filers to embed XBRL data directly into a HyperText Markup Language (HTML) document. 

What are the potential benefits of Inline XBRL?

The Inline XBRL format has the potential to provide a number of benefits to companies and users of the information. Inline XBRL could decrease filing preparation costs, improve the quality of structured data, and by improving data quality, increase the use of XBRL data by investors and other market participants.

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Toppan Vite Acquires Vintage

We’re pleased to share some exciting news: Toppan Vite has acquired Vintage, a leading provider of regulatory compliance across capital markets, corporate services, and institutional and fund services. 

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