The CTA and its implementing regulations have created a number of new risks and responsibilities. We understand the difficulty in sorting through these new requirements, let alone complying with them. This Alert provides guidance for public companies.
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Assisted with the company formation, drafting offering documents to raise capital, reviewed the U.S. and worldwide distribution agreements, and negotiated contracts with actors and crew for two feature-length films “Prodigy” and “Under The Influencer.”
Jeff Haughey, a member of GableGotwals’ Sports, Media, and Entertainment Practice, assisted with the company formation, drafting offering documents to raise capital, reviewed the U.S. and worldwide distribution agreements, and negotiated contracts with actors and crew for two feature-length films “Prodigy” and “Under The Influencer.”
For more than 35 years, GableGotwals attorneys have been advising clients in the sports, media, and entertainment sectors. The team’s unique market insights inform our advice to digital, media, and production companies, entertainment venues, professional and collegiate athletes, musicians, actors, filmmakers, celebrities, licensors/rights holders, investors, financiers, and business owners.
On October 31, 2023, the U.S. Fifth Circuit Court of Appeals (the “Fifth Circuit”) held in Chamber of Commerce of the USA v. SEC, that when the SEC adopted the Share Repurchase Disclosure Modernization rule (the “Repurchase Rule”), the “SEC acted arbitrarily and capriciously, in violation of the APA, when it failed to respond to the petitioners’ comments and failed to conduct a proper cost-benefit analysis.”
The SEC has adopted a number of substantive new rules that will require new disclosures as soon as December 18, 2023 for material cybersecurity incidents on Form 8-K.
On October 10, 2023, the SEC adopted final rules governing beneficial ownership reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. These sections, along with Regulations 13D and 13G, require an investor who beneficially owns more than 5% of a covered class of equity securities to publicly file either a Schedule 13D (investors with control intent) or a Schedule 13G (investors without a control intent).
