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Securities and Exchange Commission shutdown hurts ...

... initial public offerings and places First Cannabis Corporation with its Regulation A filing in a difficult position. The government shutdown has entered into day 23rd day, making it the longest shutdown in U.S. history. With President Donald Trump slamming his hands down on a table and storming out of negotiations with Speaker Nancy Pelosi and Senator Chuck Schumer earlier, a fast-approaching end feels unlikely. Hundreds of thousands of federal workers are out of work as U.S. leaders struggle to reach a fair agreement on the federal budget, including employees of the U.S. Securities and Exchange Commission. The government agency, responsible for protecting investors and maintaining fair, orderly and efficient markets, shut down on December 27 and has just 285 of its 4,436 employees on the clock. “Due to the ongoing federal government shutdown, the SEC is currently operating following the agency’s plan for operating during a shutdown,” the agency wrote on its website. “The SEC has staff available to respond to emergencies involving market integrity and investor protection, including law enforcement.” EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system that allows companies to electronically file crucial documents, including paperwork for initial public offerings, has remained up and run. That’s led to a “large and growing” backlog of filings that could cause a delay in initial public offerings and Regulation A filings, as well as a lasting impact on the state of the IPO market in 2019.

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Polls showed Trump is getting most of the blame for the shutdown, as the administration accelerated planning for a possible emergency declaration to try to get around Congress and fund the wall from existing sources of federal revenue. The White House explored diverting money for wall construction from a range of other accounts. One idea being considered was diverting some of the $13.9 billion allocated to the Army Corps of Engineers after last year's deadly hurricanes and floods. Other possibilities included tapping asset forfeiture funds, including money seized by the Department of Justice from drug kingpins, according to a congressional Republican not authorized to speak publicly about private conversations. The White House also was eyeing military construction funds, another politically difficult choice because the money would be diverted from a backlog of hundreds of projects at bases around the nation.

How ever you slice it, we have a problem on our hands.


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