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Major upgrade to Securities Mosaic Insider Search coming soon

December 4, 2018

Pursuant to Section 16 of the Exchange Act, an issuing company’s directors, officers, and 10%+ beneficial owners (“insiders”) must disclose whenever they acquire or dispose of the securities of that company.  Insider transactions, disclosed in Forms 3, 4, and 5, may include open market cash purchases or sales, as well as equity compensation in the form of stock grants and awards, plus options exercises, conversions, and much more.

200398089-001We are excited to announce that we have completely rebuilt the Insider Search tool on Lexis Securities Mosaic to optimize our users’ ability to research, track, and understand this rich data.  To be released this weekend, the new search page will offer the following benefits:

  • Search on transactions by size, dollar value, and type of security acquired or disposed.  For example, instantly identify insider transactions in which more than $1 million in securities was sold for cash on the open market.
  • Filter by transaction type or category.  For example, you can limit your search to any transactions exempt under Rule 16b-3; or to securities acquired by inheritance.
  • Search by the dollar value of the owner’s holdings following a transaction.
  • Search on the aggregate value transacted in insider filings, as reflected in all the transactions within a given filing. You can look for a specific dollar range targeting the total acquired, total disposed, or the net change in value (whether positive or negative).
  • Text-search the crucial footnotes section of insider filings
  • Get a bird’s eye view of the insider reporting landscape with our new results display that provides a wide area of essential data points for each transaction
  • Export your results to Excel to get an even wider view, along with the ability to further slice and dice data for closer analysis
  • Create real-time alerts for all search/filter options

If you have questions, feel free to reach out to us at lsmsupport@lexisnexis.com or 888-925-8627.

 

Announcing two recent enhancements on Securities Mosaic

June 7, 2018

In case you missed it, we’ve recently released two major product enhancements on Lexis Securities Mosaic.

On May 25, we unveiled a newly enhanced and redesigned version of our Investment Adviser page.  The new search tool allows users to pull historical Form ADVs that we’ve been archiving since 2012.  We’ve also added text search to allow users to search an adviser’s current registration in its entirety, including Part 2 materials.  Finally, new  filters include the ability to search on Customer Type and Advisory Services Provided.

On April 6, a newly enhanced version of our search page for Canadian SEDAR filings went live.  We added new filters for Recipient Province, Auditors, Latest CUSIP, Material Contracts, and others.  We also added new functionality including batch download, a share search feature, and the ability to save searches.

To see a full list of the product enhancements we’ve made to Securities Mosaic over the past several years, search on the “Product enhancements” category of this blog (or click here).

CFTC Unveils Blueprint for Swaps Rules Reboot

May 23, 2018

President Trump has declared the Dodd-Frank Act a “disaster” and has promised to drastically overhaul it.  But the Trump-nominated CFTC Chairman, J. Christopher Giancarlo, has so far shown a more measured approach to Dodd-Frank reform.

During a discussion at the International Swaps and Derivatives Association’s Annual General Meeting on April 26th, Giancarlo announced the release of a new white paper, Swaps Regulation Version 2.0: An Assessment of the Current Implementation of Reform and Proposals for Next Steps. Noting that the Chairman “has long been a public supporter of the swaps market reforms passed by the U.S. Congress in Title VII of the Dodd-Frank Act,” the paper, which Giancarlo co-authored with CFTC Chief Economist Bruce Tuckman, lays blame for problems in the swaps markets not with the Dodd-Frank Act’s mandated reforms, but rather with the CFTC’s implementation of those reforms. Similarly, the Wall Street Journal observed that the white paper represents “an update, rather than a repudiation, of Dodd-Frank,” with Giancarlo and Tuckman emphasizing they are looking for ways to “optimize” the existing swaps rules “to strike a balance between systemic safety and stability and market vibrancy and economic growth.”

Chris_Giancarlo_official_photo

Despite the authors’ criticism of the CFTC’s implementation of Dodd-Frank swaps reforms, the white paper determined that the agency’s approach to the Dodd-Frank’s mandate on swaps clearing — which it called “the most far-reaching and consequential of the swaps reforms” — has been “highly successful,” noting the substantial increase in the volume of swaps transactions cleared by central counterparties (“CCPs”). In other areas, particularly with respect to swaps reporting and swaps execution rules, the white paper concluded that the CFTC’s implementation was “flawed and ineffective,” maintaining that the rules adopted by the CFTC for swaps execution “missed the mark set by Congress” in the Dodd-Frank Act. Giancarlo and Tuckman suggest that the CFTC’s approach to the swaps execution rules, which restricted swaps execution to two methodologies, has resulted in the global fragmentation of swaps markets, increased market liquidity risk, and the transfer of swaps liquidity formation and price discovery away from swap execution facility (“SEF”) platforms.

To address the perceived shortcomings in the swaps execution rules, the paper proposes eliminating the current restriction on the methods of execution by allowing SEFs to offer any method of execution for swaps subject to the Trade Execution Requirement. According to The Wall Street Journal, Giancarlo told conference attendees that he plans to take action soon to advance a specific proposal to revise the swaps execution rules, which is expected to be released in July.

While Giancarlo hesitated to promise immediate action on other recommendations, the paper does set out ideas that could form the basis of future rulemaking or policy proposals. For instance, The Wall Street Journal notes that in the paper Giancarlo and Tuckman make the case for the use of Dodd-Frank-mandated orderly liquidation funds to ensure continuity of clearing services, should the failure of a CCP threaten the stability of the financial system. The embrace of Dodd-Frank’s orderly liquidation procedures comes on the heels of a similar recommendation by the Treasury Department for banking regulators to retain the Orderly Liquidation Authority for the resolution of complex financial institutions, which concluded that the much-maligned provision of Dodd-Frank was necessary to ensure financial stability. The authors call for the CFTC and the FDIC to work together on resolution planning for CCPs. Finally, maintaining that the current regime overestimates the risks for swaps, they call for regulators to rely more heavily on the internal risk models used by banks and their swap affiliates, and that current bank capital requirements be adjusted accordingly. These recommended changes would require action by international and other U.S. regulators.

Giancarlo has long advocated for changes to the CFTC’s swap execution rules, and the white paper reflects his commitment to prioritizing swaps rule reform in his role as CFTC chairman. However, the agency’s ability to implement his plan faces numerous hurdles. As Bloomberg recently pointed out, the proposals, which “mark the biggest policy shift for the agency during the Trump administration,” face a long road to adoption, as they would have to undergo the CFTC’s lengthy rulemaking process, including a public notice and comment period. Giancarlo announced that he plans to retire from the CFTC when his term expires next year, which may further hamper his ability to see the proposed reforms to fruition.

Finally, at least one major hurdle comes from Giancarlo’s own Republican party and the President who nominated him. The push for deregulation combined with the realities of tax reform– the Congressional Budget Office estimated that government revenue will decrease by $1.3 trillion over the next decade—has left many federal agencies with the need to tighten their belts. Giancarlo has lamented the fact that the CFTC is “not properly funded” and was “astounded” to learn that instead of approving his request for an annual budget increase of $31.5 million, Congress instead recommended a $1 million cut.  Ironically, then, the agency’s ability to reboot Dodd-Frank may be jeopardized by the very impulse that required it in the first place: the view that government is too big.

A small change to the Securities Mosaic home page, affecting readers of this blog

February 5, 2018

You may have reached this blog post by clicking through to it from the Lexis Securities Mosaic home page, where for years we’ve included a handy link to blogmosaic. That link will be changing soon, routing readers instead to the equally wonderful but much more frequently updated Intelligize blog.  Below is some Q&A on this change.

LSM homepage 2.5.18

Q:  Does this change mean blogmosaic is going away?

A:  No, blogmosaic will still be accessible at https://blogmosaic.knowledgemosaic.com/.  If you have an RSS or social media feed set up, it will still work.

Q:  Why the change?

A:  Two related reasons.  First, because its content is updated regularly, the Intelligize blog better reflects Securities Mosaic’s commitment to offering current awareness and timely analysis. (Blogmosaic, in contrast, is updated only about once a month.) Second, we want to make sure our users know about Intelligize and are in a position to benefit from the insight of commentators like Phil Brown, Todd Hicks, Marc Butler, and Rob Peters.

Q:  I’m seeing more and more references to Intelligize within the Securities Mosaic product. Will this trend continue?  

A:  The important context here is that since 2016 Intelligize and Securities Mosaic have been partners in the larger LexisNexis family.  So, in addition to the small change described here, we’ve added Intelligize content to our Daily Securities News and a link to the Intelligize product from the Securities Mosaic navigation bar.  (Likewise, Intelligize has added a link to Securities Mosaic from within its product.)  Where there are similar specific opportunities for improving one product by drawing on assets from the other, or more generally for enhancing awareness and accessibility of both products, we will be open to them — even as we continue to build out the two products separately.

Tax Reform is here. Now what?

January 17, 2018

Photo from vedc.org; some rights reserved.

Two words: Tax Reform.  Public Law 115-97, formerly known as H.R. 1 and commonly known as the Tax Cuts & Jobs Act – is indeed the talk of the town. And by ‘town’, we don’t just mean the corporate boardrooms and executive suites of midtown Manhattan. We mean almost every town; and for good reason! Both critics and supporters alike agree on one thing: with the law’s passage, fundamental change to the US tax code – and by extension to the US economy – has occurred.

Our focus here won’t be on the specifics of the legislation; Lexis Securities Mosaic brings you the most insightful legal commentary from top law firms, so you have the benefit of their work for that kind of analysis. Instead, we’d like to point your attention to what comes next.  And quite frankly, we just don’t know – nothing is certain. That uncertainty is reflected in risk factor disclosure on the new law so far in recent filings by public corporations. A simple text search on Lexis Securities Mosaic for ‘Tax Reform’ in SEC-disclosed Risk Factors makes this – if nothing else – clear. “Tax reform may significantly affect our operations and shareholders” is a typical refrain from companies spanning the gamut of US industries. Such generic, noncommittal language ostensibly allows companies to fulfill their regulatory obligation to disclose risk without really disclosing anything substantive at all.

Yet companies are well aware of the specific risks, and many are actively hedging; as are many individual taxpayers; as are foreign governments and international corporations and financiers.  We also know the next shoe to drop will likely center around action congress and federal regulators take with respect to the potential ballooning effects the new law is poised to have on federal budget (read: PAYGO). We’ll be watching this space. And we’ll keep you posted. Two words: Happy 2018.

Coming Friday, January 12: Get the Securities Mosaic Daily News through Newsdesk

December 12, 2017

If your firm or company has an enterprise-wide license to Lexis Securities Mosaic, you’ll soon be able to receive publications from the Securities Mosaic news service through the LexisNexis Newsdesk toolNewsdesk is a Codie award-winning media-monitoring solution that offers you the ability to aggregate and manage all your incoming news in one platform, applying filters to ensure you’re getting only what’s relevant to you.

The change is coming on Friday, January 12.

NewsdeskThe Securities Mosaic news service keeps you on top of the highly regulated and constantly churning Corporate/Securities, Energy, or Communications industries.  Content you can’t afford to miss is distilled into a single daily, weekly, or bi-weekly email:

  • Daily regulatory updates
  • A daily snapshot of the best, most relevant, and most interesting news stories
  • Relevant memos on timely subjects from top law firms
  • Expert opinion and analysis
  • Concise summaries of the most important developments affecting your work

You can learn more about our news service here.

Will Recent Data Breaches Impact the 2018 Filing Season?

November 29, 2017

On December 6, our colleagues at Intelligize are hosting a free webinar on cybersecurity and its relationship to corporate disclosure. Hosted by Marc Butler, the panel will include experts from Ulmer & Berne, Patterson Belknap Webb & Tyler, and risk advisory firms. Topics addressed will include:

  • How incident response has evolved with the increase in cybersecurity events;
  • What others in the industry are doing in regard to cyber liability insurance;
  • Timing of disclosure in periodic reports, when should you disclose and how much do you report; and
  • What is the litigation path beginning to look like? What to expect?

To read more or to sign up for the webinar, click here.