SEC (Security Exchange Commission)
The U.S. regulator that oversees SPVs only when they engage in securities activities. The SEC governs how SPVs raise capital, whether offerings must be registered or qualify for exemptions (e.g., Reg D, Reg S), and what disclosures sponsors must provide about structure, risks, and conflicts. For securitization SPVs, it enforces Reg AB II reporting and […]
Secondary Sale
A secondary sale is the sale by an existing stockholder of shares in a private company to a third party that does not occur in connection with an acquisition of the company. Secondary sales differ from primary sales because in primary sales, the company sells stock to its investors and keeps the money. In secondary […]
Security Filings
Referring to the Federal Form D and Blue Sky filings.