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Tax Reform is here. Now what?

January 17, 2018

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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.



Tracking Trump

October 12, 2017

Still reeling from multiple failed attempts by the Republican-controlled Congress to torpedo the Affordable Care Act from the top down — through legislative action — President Trump today signed an Executive Order aimed at undercutting his predecessor’s signature law from the bottom up, through the markets.

Meanwhile, federal agencies charged with implementing Obamacare continue to churn out final rules that delineate the everyday practical and administrative details of the law.  That is, the ongoing federal agency rulemaking process is effectively entrenching the law even as politicians seek to undermine it.  Looking at the Affordable Care Act Rulemaking Tracker on Lexis Securities Mosaic, we can see no fewer than 14 such final rules (by the Department of Health and Human Services, the Centers for Medicare and Medicaid Services, and the Department of the Treasury) passed over the past three months.  (Click the “Show search filters” expander and select “Final Rule” under Action Type.)  The most recent was released last week.


Securities Mosaic is a great resource for tracking both sides of this push and pull.  In addition to utilizing current awareness tools like the Affordable Care Act Tracker, a Securities Mosaic user can, for example, pull the actual bills presented to Congress to repeal or dismantle – or, for that matter, defend and reinforce – Obamacare.  If you have access to Securities Mosaic, you can click here to see the results of that search.   You can also set up an email alert to track future such actions going forward.

Furthermore, Securities Mosaic allows you to search on or be alerted to official Presidential actions as recorded in the Federal Register.  So far during his administration, President Trump has issued 213 Executive Orders, Memoranda, or Proclamations.  Some of these are well-known — for example, the infamous “travel ban” of January 27 — others less so.  Many are consistent with what we would expect from the President based on his stated priorities (Construction of the Keystone XL PipelineEnhancing Vetting Capabilities and Processes for Detecting Attempted Entry Into the United States by Terrorists or Other Public-Safety Threats; Made in America Day and Made in America Week) or simply on who he is (German-American Day; Older Americans Month).  Others might leave some scratching their heads, or be tinged with dark humor, given Trump’s past statements and actions:  National Hispanic Heritage Month; Women’s Equality DayGold Star Mother’s and Family’s Day; Increasing Access to High-Quality Science, Technology, Engineering, and Mathematics (STEM) EducationNational Disability Employment Awareness MonthNational Mental Health Awareness Month.

If you don’t have access to Securities Mosaic, contact us to get set up with a free trial.


The news gets better on Friday

September 6, 2017

We’re pleased to announce that beginning with the Friday September 8 edition, our Securities Daily News will feature two brand new sections — the first enhancement to our newsletter in many years.  The addition is made possible by our partnership with Intelligize, which provides best-in-class search capability on (among other things) SEC-registered offerings and M&A transactions.  Drawing from those databases, Lexis Securities Mosaic will offer new Recent Registered Offerings and Mergers & Acquisitions sections in its Securities Daily News.  Readers will see a list of recent deals in these two areas; readers who also subscribe to Intelligize will have the additional option to quickly link to related source content.

Earnings Call Transcripts now available on Intelligize

July 31, 2017

While no law requires public companies to conduct earnings calls, much less to reveal any particular information in them, the quarterly conference earning call has become a ubiquitous and important feature of the corporate landscape.  The formal record of these calls, the Earnings Call Transcript, has thus becomes an important touchstone to corporate investors and others who need to pay attention to what public companies and markets are doing.

In response to this ever-increasing need, our colleagues at Intelligize recently released a new Earnings Call Transcripts (ECT) application.  Offering full text search and dedicated search filters, the Intelligize ECT solution is the most advanced search tool around, allowing researchers to cut through the clutter gather information more quickly and effectively.

To read more about the ECT application on Intelligize, click here.  To learn more about the history and significance of ECTs, read this recent white paper by Phil Brown, Intelligize Chief Strategy Officer.


Trump goes one way, ExxonMobil another

June 2, 2017

Just one day before President Trump’s controversial announcement that the U.S. intended to withdraw from the recently ratified Paris climate accord, shareholders of energy giant ExxonMobil defied the company’s board and voted in favor of a climate change-related resolution.  The nonbinding resolution would require more detailed analysis and disclosure to shareholders regarding the potential impact of policy changes related to climate change, such as those encouraged by the Paris agreement.  “Irrespective of the current administration’s stance on climate change,” one proponent of the resolution argued in a recent press release filed with the SEC, “countries around the world are moving ahead with policies that will limit greenhouse gas emissions and will likely impact the market for ExxonMobil’s products. ExxonMobil puts itself and its long-term investors at risk by failing to acknowledge this reality.”

For more on climate change policies and the Trump administration’s announcement in the context of the business sector, see this post by Marc Butler on our partner Intelligize’s blog.