Structuring a Private Placement Memorandum for the Private Offering and Sale of Securities

Determining Materiality, Assessing Risk Factors and Conducting Due Diligence

An encore presentation featuring live Q&A

A 90-minute premium CLE webinar with interactive Q&A


Wednesday, December 4, 2019

1:00pm-2:30pm EST, 10:00am-11:30am PST

Early Registration Discount Deadline, Friday, November 8, 2019

or call 1-800-926-7926

This CLE webinar will discuss the attorney's role in drafting and reviewing the private placement memorandum (PPM) for the private sale and solicitation of securities to ensure compliance with SEC disclosure rules for securities offerings and applicable state laws.

Description

In private securities offerings, issuers of securities often give investors written disclosures containing material facts about the offering, the issuer and the risks associated with the investment. The disclosures are often delivered via a PPM.

Sometimes PPM (i.e., fulsome written) disclosures are required under the applicable securities registration exemptions. Other times, they are a “should do” item. And, there are times when they are a “nice to have.” Understanding which category your client is in when advising them about a securities offering is critical.

PPM disclosures are often similar to disclosures required in registration statements for registered offerings of securities. Registration statements for companies in the issuer's industry can be a helpful reference. A formal, required PPM must meet the disclosure requirements of Rule 502(b)(2) of Reg D and contain certain key information. At times, counsel will need to help the client make challenging decisions about whether certain information is material and needs to be disclosed.

Counsel assisting in drafting or reviewing the PPM must conduct thorough due diligence to identify material information about the issuer and its business and the relevant risks inherent in the issuer's business plan and industry.

Listen as our authoritative panel of securities attorneys walks you through the attorney's role in drafting and reviewing the PPM for the private sale and solicitation of securities. The group will examine the applicable SEC disclosure rules and consider potential pitfalls and red flags. The panel will also discuss disclosures under applicable state laws.

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Outline

  1. Securities exemptions 101: Reg D, Rule 506, Rule 502
  2. Key Elements of a PPM
  3. Determining materiality for disclosure
  4. Risk factors and Due Diligence
  5. Litigation

Benefits

The panel will review these and other critical issues:

  • What information must be provided in a required PPM and what information should be provided in the PPM to limit potential exposure from claims by the SEC, state regulators or private investors?
  • What are best practices for counsel in assessing the relevant risks inherent in the issuer's business plan and its industry and how should counsel write those risks to best protect the client?
  • How have the Reg D amendments impacted the financial statement and other disclosures required for delivery to non-accredited investors?
  • Who gets sued in securities cases and why (i.e., how to avoid being among the defendants)

This is an encore presentation with live Q&A.

Faculty

Cenkus, Brett
Brett A. Cenkus

Atty
Cenkus Law

Mr. Cenkus focuses his practice on business law, and serves as a consultant to startups. He has extensive experience in...  |  Read More

Hicks, Kevin
Kevin L. Hicks

Principal
GenCounsel

Since 1998, Mr. Hicks has counseled executives and directors at small- and mid-size companies, including companies...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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48 hours after event

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