Momentum to adopt international accounting standards in the United States, which had appeared to be a certainty as recently as last summer, is suddenly disappearing more quickly than an AIG bonus. Public comments have been rolling into the Securities and Exchange Commission at a brisk pace ever since the SEC unveiled its proposed roadmap last […]
Melissa Klein Aguilar
Posted inRegulatory Enforcement
Paredes Opines on Allocating SEC Enforcement Resources
Amid efforts to revive enforcement and to restore the Securities and Exchange Commission’s reputation, another commissioner is sounding off on how to improve enforcement. SEC Commissioner Troy Paredes publicly offered his suggestions for how best to allocate the Enforcement Division’s resources in a March 19 speech at the 2009 Southeastern Securities Conference in Atlanta. Paredes […]
Posted inRegulatory Enforcement
Reminder to Review Insider Trading Compliance
A recent enforcement action should serve as a reminder to companies to review their insider-trading compliance programs. A recent settled administrative proceeding against Merrill Lynch should serve as a reminder to all companies to review their programs and make sure they’re tailored specifically to their business, says Tom Gorman, a partner in the law firm […]
Posted inRegulatory Enforcement
Aguilar to Stimulate Enforcement, Revise Penalty Rules
While the Securities and Exchange Commission has taken some important steps toward reinvigorating its enforcement program, more needs to be done, including revising its corporate penalty guidelines. That’s according to Commissioner Luis Aguilar, who offered his views on how to “unshackle and empower the SEC Enforcement staff” in recent remarks before the District of Columbia […]
Posted inRegulatory Enforcement
Debate on Systemic Risk Regulator Begins
As they continue efforts to revamp U.S. financial services regulation, lawmakers are now trying to tackle the thorny issue of “systemic risk”—in particular, what exactly it is and how to deal with it in an effort to avoid another financial meltdown. That was the topic of the first in a series of planned hearings by […]
Posted inFrom the Archive
Crafting Proxy Language for the Say-on-Pay Vote
Regulators surprised Corporate America last month when they said that companies accepting government bailout money must give shareholders an advisory vote on executive compensation as soon as this spring. Well, the surprise has faded, and the march of say-on-pay votes has begun—even if most companies adding the votes to their proxy statements aren’t quite sure […]
Posted inData Privacy
Recovery Act: Big Compliance Changes, Coming Fast
The economic recovery bill signed into law last month promised all manner of stimulus and reforms to get America working again. And sure enough, compliance officers now have lots to do. Formally known as the American Recovery and Reinvestment Act, the law imposes a slew of new compliance obligations—many taking effect right away, even though […]
Posted inFrom the Archive
Uptick Rule Back on the Table
The so-called “uptick rule” could be poised to make a comeback. The Securities and Exchange Commission has put consideration of a rule proposal on the topic on its near-term agenda. According to a Sunshine Act notice posted March 13, the SEC plans to hold an Open Meeting on April 8 to “consider whether to propose […]
Posted inFrom the Archive
Florida State Board Updates Proxy Vote Guidelines
The Florida State Board of Administration, the state’s pension fund that manages assets totaling over $120 billion, has overhauled its corporate governance principles and proxy voting guidelines for the 2009 proxy season. Among other things, the FSBA incorporated extensive empirical evidence to base voting decisions on, using numerous academic and industry research citations; expanded the […]
Posted inRegulatory Enforcement
Walter Weighs in on Regulatory Reform
As lawmakers step up efforts to revamp U.S. financial regulation, Commissioner Elisse Walter recently weighed in with her view on the principles that should guide legislative and regulatory efforts-including the future role of the Securities and Exchange Commission. In March 2 remarks before the Institute of International Bankers, Walter detailed five principles that regulators and […]
