On November 24, 2020, the Securities and Exchange Commission (SEC) proposed long-awaited and welcome amendments to the rules governing offers and sales of securities under compensation programs. Specifically, the proposed rules would amend Rule 701 under the Securities Act of 1933, which is an exemption from registration applicable to non-reporting companies, and Form S-8, the registration statement used by reporting companies. According to the SEC, the amendments are designed to modernize the exemption and registration framework in light of the significant evolution of compensatory securities offerings. Continue reading >