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1. 2014, The Year in Review—
Brought to you by Lexis®
Securities Mosaic®
The calendar has turned and 2014 is officially in the books. So what happened last year in the arena
of corporate, financial and capital markets regulation, compliance, enforcement and disclosure?
Leveraging the data and resources available on Lexis®
Securities Mosaic®
, we can make the following
observations about 2014:
IPOs were way up.
Searching for initial public offerings is easy on Lexis Securities Mosaic: just check the corresponding box on our
SEC Filings page as part of your search. Looking at IPOs registered on forms S-1, S-11 and F-11, we saw 700 initial
registrations in 2014. That’s a 20 percent increase from the previous year and a 72 percent jump from 2009, when
IPOs bottomed out.
So was M&A activity.
By way of our Law Firm Memos search page, Paul, Weiss provides a nice roundup summary of Mergers &
Acquisitions in 2014, noting a “30.4 percent increase in global deal volume over 2013 and a 54.5 percent increase
in U.S. deal volume over the same period.” Even more impressively, in 2014 “the average value of U.S. public
mergers grew 116.1 percent” over 2013, according to the Paul, Weiss authors.
The proxy process was in the spotlight.
The push and pull between corporate boards and shareholders, including the SEC’s role of referee, has been in
the news especially of late—but it’s been a hot topic all throughout 2014. In 2014 there were 621 SEC No-Action
Letters covering issues around Exchange Act Rule 14a-8. That represents an astonishing 83 percent jump from
2012. Not surprisingly, proxy voting was also one of the most written-about issues among legal commentators in
Securities, with well over one hundred Law Firm Memos dedicated to the topic.
Dodd-Frank: still complex and controversial after all these years.
Running a quick search on the Securities Mosaic®
Dodd-Frank Rulemaking Tracker, we can see the publication
of 75 Final Rules in the Federal Register by agencies implementing Dodd-Frank. That’s a bit of a drop from 98
last year (and a high of 118 in 2011), but it nevertheless is evidence that even as the Act approaches its fifth-year
anniversary, it’s still keeping federal rulemakers (not to mention attorneys and compliance officers) busy.
SEC enforcement was higher than ever.
According to a speech by SEC Enforcement Director Andrew Ceresney, the Commission filed 755 actions last
year and obtained orders for over $4 billion in penalties—both all-time records. To view those actions by action
type, violation, defendant type, penalty amount and more, check out the Securities Mosaic SEC Enforcement-
Defendant Search page and review the specific details on these actions.
A number of major court decisions handed down in 2014 will continue to reverberate in
2015 and beyond.
These include Daimler AG v. Bauman; National Association of Manufacturers v. Securities and Exchange
Commission; Halliburton Co. v. Erica P. John; ATP Tour, Inc. v. Deutscher Tennis Bund; United States v. Rajaratnam;
Motorola Credit Corporation v. Standard Chartered Bank; and United States v. Todd Newman & Anthony Chiasson.
Take a look at our Law Firm Memos search page to learn more about these decisions; and follow our Judicial
Developments page to keep track of new and recent cases coming out of the federal appellate courts and more.
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