The number of securities lawsuits have proliferated across various industries since the onset of the COVID-19 outbreak. These filings arose from alleged concealed COVID-19 threats, misleading pandemic-related treatments and services, and inadequate disclosure of the pandemic's impact on financial operations and prospects.
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The Securities and Exchange Commission (SEC) has proposed an amendment on the recordkeeping requirements for broker-dealers. The new rule asks for the retainment of electronic records in an exclusively non-rewritable and non-erasable format which is also known as write once, read many (WORM). However, the proposal would only apply prospectively, creating burdens for financial organizations in keeping WORM records that have been in existence at the time of the rule adoption.
Despite the economic hurdles brought by the pandemic last year, 2021 saw an upsurge of initial public offerings (IPOs) through special purpose acquisition companies (SPACs). The sudden increase, which continued this 2022, has prompted the Securities and Exchange Commission (SEC) to better probe all related activities involving SPACs and ensure that these transactions are compliant with existing laws. While this move meant a safer and more reliable transition for private companies wanting to go public, it has also opened newer risks of litigation and enforcement actions.
