Mandatory proxy access is dead for now, and so far this proxy season attempts by shareholders to obtain the right to nominate directors on the proxy statement at individual companies haven’t fared well. As of May 11, only three proxy-access votes had made it to annual meetings, and none of them passed. In April, a […]
Joe Mont
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New E-mail System Required for Non-Public IPO Statements
Initially limited to hard copy mailings, emerging growth companies will now need to submit non-public draft registration statements to the SEC though a new “secure e-mail system.” As spelled out in the recently passed JOBS Act, an emerging growth company – a pre-IPO issuer with annual gross revenues of less than $1 billion during its […]
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JPMorgan’s $2B Derivative Gamble now on SEC Radar
On Thursday, JPMorgan Chase announced that it has lost nearly $2 billion in securities trades gone bad, a revelation that sent investors scrambling, made an SEC investigation public and renewed calls to tighten banking regulations. Here’s how the financial giant explained things in its 10-k filing: “Since March 31, 2012, CIO [Chief Investment Office] has […]
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Crowdfunding Portals Readied for Risk Disclosure and Solicitation Rules
Before those new crowdfunding intermediaries empowered by the JOBS Act can get down to business they must register with the SEC either as a broker or funding portal. The catch? The Commission has yet to create a process for those registrations. When intermediaries do finally get the chance to spring into action, they will need […]
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Lawsuit Looks to Ground High-Flying Chesapeake Execs
The frequent fliers of Chesapeake Energy could get their wings clipped thanks to a recently filed lawsuit over the company’s travel perks. The pending case is the latest salvo in the war between shareholders and executives over corporate jets and shows, yet again, why companies need to diligently review compensation packages and how they record […]
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SEC Answers More JOBS Act Questions
The Securities and Exchange Commission issued another round of answers to “frequently asked questions,” clearing up some of the ambiguity of what types of companies can qualify as “emerging growth companies,” established by the JOBS Act. It also addresses filing requirements of EGCs, including how many years of audited financial statements are required in registration […]
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SEC Churns Out JOBS Act Guidance
The Securities and Exchange Commission continues to churn out fresh guidance on compliance with the JOBS Act—which, compared to the SEC’s plodding pace for enacting provisions of the Dodd-Frank Act, is coming along with downright mercurial speed. Within weeks of the JOBS Act’s passage at the end of March, the SEC announced that it would […]
