Fundamentals of Securities Law - CLE seminar for lawyers, Continuing Legal Education - ALI
Fundamentals of Securities Law
  • Annual ALI CLE Course of Study for Inside and Outside Counsel
  • Thursday-Friday
  • May 16-17, 2013
  • Thomson Hall
  • Now available on-demand 24/7
  • New York, NY
Register Now!

Shipped to you: Printed Coursebook | MP3 CD-ROM | DVD Video

Available Online: Online CLE | MP3 Audio Files | Coursebook

Why You Should Attend

This is the most comprehensive securities fundamentals course on the market!


Securities law is changing. Basic concepts remain in place, but the Securities and Exchange Commission is revising their application and implementing regulations. Securities law is also being changed dramatically by the 2012 JOBS (Jumpstart Our Business Startups) Act, the most significant amendment to federal securities regulation since the Securities Exchange Act of 1934. With its overview of securities regulation and its review of the JOBS Act and its impact, this course is now essential for experienced corporate lawyers and securities practitioners who need to stay abreast of the sea-changes in securities regulation.


Our experts analyze the JOBS Act, which created a new simplified on-ramp for “emerging growth companies” (an entirely new classification of issuers), permits general solicitation and public advertising for many private offerings, and allows “crowdfunding” for start-up entities that will be exempt from the Securities Act’s registration provisions. The Act also provides for a new exemption, called ‘Regulation A+, for offerings up to $50 million. Moreover, in raising the threshold for mandatory registration under Section 12(g) of the Securities Exchange Act from 500 to 2,000 shareholders of record, the JOBS Act effectively created a whole new market segment: the very large private company that is funded through public advertising.


But this condensed course is not limited to a review of the JOBS Act. It also provides a comprehensive overview of federal securities regulation, particularly from the perspective of a company issuing securities and operating under the regulatory and reporting scheme imposed by the federal securities laws. This course guides attorneys and other professionals who wish to gain familiarity with the regulatory scheme and puts the relevant laws, regulations, and concepts into a workable context. If you work in this field or with companies that intersect with securities regulation, you must know where and how these laws are relevant in a general or specialized business law or emerging securities law practice.


The course is taught by recognized and experienced academics, former regulators, in-house counsel and private practitioners repeatedly rated among ALI CLE’s best CLE instructors. This veteran, specially selected team works extremely well together to lead registrants further in their practice. The faculty’s entertaining relationship with each other and the registrants is what makes this course one of ALI CLE’s best and longest-running courses.

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What You Will Learn

With a condensed, two-day program comprising 12 full hours of instruction, this course provides reviews and analyses of:


Securities Laws: What You Need To Know
Basic concepts; the role of federal securities laws and the definition of “security”; jurisdictional questions; relation to other laws; role and functions of the SEC and its staff Blue Sky laws;


The JOBS Act and Its Impact on the Regulatory Scheme for Unregistered Offerings
The impact of the Act on unregistered offerings under Regulation D; new Crowdfunding Regulations A and A+; and resales of restricted securities under Rules 144 and 144A


Public Offerings and the Effect of the Jobs Act
Preparation and the SEC review and marketing process; “gun-jumping” and quiet periods; contents of the registration statement and prospectus, MD&A, executive compensation, plain English, materiality, soft and forward-looking information; safe harbors; the on-ramp for emerging growth companies under the JOBS Act


Obligations of a Public Company and the 1934 Act Reporting Scheme
Structure of the Securities Exchange Act of 1934; issuer registration; periodic reporting requirements; informal disclosure requirements; proxy solicitation; shareholder proposals; beneficial ownership reports; tender offers; “going private”; reports and liability under §16; elements of Rule 10b-5 liability; civil liability under the antifraud provisions; liability for insider trading; liability for corporate misstatements; broker-dealer and investment adviser regulation; SEC regulatory developments


Civil Liability and Insider Trading
Rule 10b-5 in concept and in application; Section 16(b) short swing profit recovery; insider trading policies and prevention programs; SEC enforcement practice and key initiatives and developments; liabilities under the:

Sarbanes-Oxley Act of 2002

Dodd-Frank Wall Street Reform and Consumer Protection Act



Ethics and Professional Responsibility (one hour)
Counsel’s obligations in SEC matters; SEC expectations and enforcement actions against lawyers; discussion of hypothetical

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Who Should Attend

This accredited continuing legal education course is for both in-house and private practice lawyers and other legal professionals who want to gain a basic and up-to-date understanding of securities law from experienced practitioners. This course is for you if:


You advise corporations about raising capital and compliance with federal securities regulation on a regular or problem-solving basis.

You are getting into corporate practice and first being exposed to the day-to-day complexities of federal securities law.

You advise public companies, even if not on SEC matters.

You work with private companies that seek public or private financing.

You are exposed to SEC regulatory matters, but need to put things into a workable context.

You practice securities law but have not kept current on recent significant regulatory developments and want practical and up-to-date insight.

You work for securities lawyers or a public company.

Your client is the subject of a Securities and Exchange Commission inquiry or investigation, even if you are not directly responsible for handling the matter.

You hear about the SEC and want to understand what it's all about.

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Planning Chairs

Alan J. Berkeley, K&L Gates LLP, Washington, D.C., London, and Sao Paulo (also on faculty)

Thomas Lee Hazen, Cary C. Boshamer Distinguished Professor of Law, University of North Carolina School Of Law, Chapel Hill, North Carolina (also on faculty)

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 Martin P. Dunn, O'Melveny & Myers LLP, Washington, D.C.; former Deputy Director, Division of Corporation Finance, U.S. Securities and Exchange Commission

Amy Bowerman Freed, Hogan Lovells US LLP, New York and Baltimore

Robert B. Robbins, Pillsbury Winthrop Shaw Pittman LLP, Washington, D.C.

Annemarie Tierney, General Counsel and Corporate Secretary, SecondMarket Holdings,Inc., New York

ALI CLE Staff Attorney: Thomas M. Hennessey, Program Attorney, Content Production

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Program Schedule

Thursday May 16, 2013

(All times are Eastern Time.)

8:30 a.m. Registration and Continental Breakfast

9:25 a.m. Welcome and Announcements — ALI CLE Staff


Video Webcast Segment A


9:30 a.m. Approach and Schedule – Professor Hazen

9:45 a.m. Basic ConceptsMr. Berkeley and Professor Hazan
   •  Life Cycle
   •  Section 5
   •  Periodic reporting and disclosure
   •  Fraud
   •  Insider trading
   •  The lawyer's role

10:30 a.m. Networking and Refreshment Break

10:45 a.m. Basic Concepts (continued) – Mr. Berkeley and Professor Hazen
   •  The Acts
   •  Blue Sky
   •  Role of SEC
   •  Definition of Security



11:15 a.m. Unregistered OfferingsProfessor Hazen and Messrs. Berkeley, Dunn, and Robbins
   •  Regulation D
   •  General solicitation and public advertising in private placements
   •  Integration
   •  Offers to employees under Rule 701
   •  Intrastate offerings
   •  Regulation S

12:30 p.m. Lunch Break


Video Webcast Segment B

1:45 p.m. Summary; Questions and Answers

2:00 p.m. Crowdfunding Regulations A and A+Professor Hazen and Messrs. Berkeley, Dunn, and Robbins
When must a company register as a reporting company under the JOBS Act amendments?

2:30 p.m. Resales of Restricted SecuritiesMs. Freed and Messrs. Berkeley, Dunn, and Robbins
   •  Underwriter concept
   •  Rule 144
   •  Section 4(1.5)
   •  Rule 144A

3:30 p.m. Networking and Refreshment Break



3:45 p.m. The Public Offering ProcessMs. Freed, Professor Hazen, and Messrs. Berkeley, Dunn, and Robbins
   •  Preparation for offering
   •  Gun jumping
   •  The registration statement
   •  The plain English requirement
   •  The on-ramp for emerging growth companies under the JOBS Act
   •  Confidential filings
   •  Key sections (MD&A, materiality, compensation, financials)

5:30 p.m. Questions and Answers

5:45 p.m. Adjournment for the Day

Friday May 17, 2013

8:30 a.m. Networking Session and Continental Breakfast


Video Webcast Segment C


9:00 a.m. Exchange Act Periodic Reporting - Ks and QsMs. Freed and Mr. Dunn

10:00 a.m. Sections 16(a)(b) and 13DMs. Freed

10:30 a.m. Networking and Refreshment Break

10:45 a.m. Exchange Act Shareholder Interaction – Messrs. Berkeley and Dunn
   •  The proxy statement
   •  The annual meeting
   •  Shareholder proposals
   •  Informal disclosure
   •  Safe harbors
   •  Social media and the securities laws

12:00 noon Questions and Answers

12:15 p.m. Lunch Break


Video Webcast Segment D


1:30 p.m. EthicsMr. Robbins and Faculty
   •  Overview of Ethics and Professional Responsibility
   •  General Discussion of Ethics Hypothetical
   •  Questions and Answers

2:30 p.m. Networking and Refreshment Break

2:45 p.m. Civil LiabilityProfessor Hazen

3:00 p.m. Insider TradingProfessor Hazan, Mr. Berkeley
   •  Regulation FD
   •  Trading windows
   •  Policies

4:15 p.m. Questions and Answers

4:30 p.m. Adjournment

Total 60-minute hours of instruction: 12.25 hours, including one hour of ethics

Suggested Prerequisite: Graduation from law school

Educational Objective: Development of initial level of competency as a practitioner

Level of Instruction: Basic

Click Here for MCLE Credit Information

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Here's what registrants have said about this course:

Kudos from 2013 registrants

"I have been away from the practice of securities law for 10 years and I found the course to be an excellent overview of the area. I will recommend to my former law partners that they send all of the firm 's associates to this seminar--I wish I had done so as an associate. Thanks"

"The speakers did a good job - they are clearly subject matter experts. It was a good variety of speakers. "

"This is one of the best CLE courses I have ever attended based on the material covered and the quality of the faculty. Superb in all regards. "

Kudos from past presentations:

One of the best CLE courses I’ve ever taken.


I work in-house in a small manufacturing firm. If or when the need arises, I would retain any one of these four panelists. They are extremely knowledgeable and are great presenters.


The presenters were among the best I have ever heard: Knowledgeable, concise, excellent speaking ability, good teaching skills.


Excellent overview of securities laws and the practice of law in their area. Materials look like they will serve as an excellent resource for future reference as needed.


Crisp, well paced delivery by a panel of experienced lawyers and professors—using well organized materials that will be an excellent in-office resource. Thanks for an excellent program.


Presenters were very knowledgeable and enthusiastic.


Course was very good, especially enjoyed hearing from those who helped write the rules to get insight into what they were thinking.


Excellent course and book materials. Thorough presentation.


All of the presenters were very knowledgeable and did a nice job of presenting the info. Great program.


I feel that the panel worked well together. It made the subject matter more interesting.


A well-structured program that was presented very well. It encourages me to attend other ALI CLE programs.


Great coverage of material. Presentations were lively and engaging.

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All times are Eastern Time

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