Given the stepped up information-sharing going on these days among regulators in other areas, it shouldn’t be surprising that lawmakers want to allow the Public Company Accounting Oversight Board to share confidential information with regulators of foreign firms. H. R. 3346, introduced in the House by Financial Services Committee Chairman Barney Frank and co-sponsored by […]
Melissa Klein Aguilar
Posted inFrom the Archive
FCPA Opinion Procedure Release Posted
Some summer reading for any domestic companies doing business overseas: The Department of Justice recently issued its first Foreign Corrupt Practices Act Opinion Procedure Release in just over a year. In an Aug. 3 opinion, the Department reviewed the FCPA Opinion request of a medical device manufacturer that wants to provide a product sample to […]
Posted inRegulatory Enforcement
More Details on SEC Enforcement Overhaul
The Securities and Exchange Commission recently unveiled more details about its plan to invigorate enforcement, with the announcement of sweeping changes aimed at bringing and resolving cases more quickly. The changes, detailed in an Aug. 5 speech by the agency’s top cop, Enforcement Division Director Robert Khuzami, include a flatter management structure, streamlined processes and […]
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Proxy Access Debate Rages On
The deadline has passed for public comment on the Securities and Exchange Commission’s proposal to allow shareholder access to the proxy statement. Now comes the waiting, to see what the SEC will do next with the controversial idea. The comment period closed Aug. 17. The SEC received hundreds of letters—far more than it usually receives, […]
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SEC Staff Updates Dozens of C&DIs
Once again, the staff of the Securities and Exchange Commission’s Division of Corporation Finance has posted a number of Compliance and Disclosure Interpretations corporate counsel will want to check out. The updates include dozens of new and revised questions under the Securities Act Sections, Rules and Forms, Regulation S-K, Exchange Act Sections, Section 16 and […]
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White House Announces Export Controls Review
In a move that’s welcome news for U.S. exporters, the White House announced an initiative to review the U.S. export control system, including both the dual-use and defense trade processes.The aim of the review is to consider reforms to the system to “enhance the national security, foreign policy, and economic security interests of the United […]
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Study: TARP Bank Pay Not in Line With Performance
A new study may offer more ammunition for those seeking to overhaul compensation practices at financial institutions: Despite their poor financial performance, CEO and CFO pay at more than 100 banks receiving Troubled Asset Relief Program funds didn’t decrease accordingly, according to compensation consulting firm Presidio Pay Advisors. “Collectively, rather than paying for performance (and […]
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Task Force Report on Governance Roles, Duties
A new report looking at the roles and responsibilities of corporate boards and shareholders calls on policy makers to keep those roles in mind as they mull corporate governance reforms as part of the regulatory overhaul underway in Washington. “Returning to solid economic growth over the long term will depend in part on the ability […]
Posted inRegulatory Enforcement
SEC Clawback Action Sets Off Alarms
Well, it’s finally happened: The Securities and Exchange Commission has decided to claw back money from a chief executive that it believes the CEO should never have received. The Commission filed a civil action on July 22 against Maynard Jenkins, former CEO of CSK Auto Corp., seeking to recoup more than $4 million in bonuses […]
Posted inRegulatory Enforcement
NERA: SEC Settlements Values Remain High
Corporate and white-collar defendants wondering what the cost of settling a Securities and Exchange Commission enforcement action is these days should take note—it isn’t cheap. That’s according to the latest research by NERA Economic Consulting, which shows that the median value of SEC settlements for both companies and individuals in 2009 could match or outpace […]
