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Legal Update

SEC Guidance on Well-Known Seasoned Issuer Waivers

1 April 2014
Mayer Brown Legal Update

The Division of Corporation Finance of the US Securities and Exchange Commission has issued guidance that updates and refines its 2011 policy for granting waivers of “ineligible issuer” status in order to allow an issuer to qualify as a “well-known seasoned issuer.” In the guidance, the Division indicated that when making a determination that a waiver would be consistent with the public interest and the protection of investors, it will consider whether the conduct involved a criminal conviction or scienter-based violation. The guidance also describes other factors that the Division will take into account. Any issuer seeking a waiver of ineligible issuer status should review the updated guidance carefully and frame a waiver request letter to respond to the specific points that the Division has stated are important to its consideration. 

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