In an effort to help some companies battered by extreme market volatility in recent months avoid delisting, the New York Stock Exchange announced a plan to temporarily lower the average market capitalization required of its listed companies from $25 million to $15 million. The temporary reduction, announced in a Jan. 23 press release, will apply […]
Melissa Klein Aguilar
Posted inFrom the Archive
Reversal of Fortunes: CEO Salaries Now Squeezed
Corporate America has started to cut executive pay in record numbers, in the face of fierce shareholder dismay and a rapidly rising need to preserve cash. At least 71 public companies have announced pay reductions for one or more top officers since last June, according to compensation research firm Equilar. That number is only a […]
Posted inRegulatory Enforcement
Hopes for More Clarity in Deferred Prosecution Deals
Deferred prosecution agreements were the hip new accessory for companies under investigation during the Bush Administration. Now they may become fashionable on a permanent basis. Experts say the use of deferred and non-prosecution agreements—which has soared in the last five years—isn’t likely to recede any time soon. Indeed, recent scrutiny of DPAs and NPAs, along […]
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Schapiro on IFRS, SOX 404, Proxy Access More
The new chairman of the Securities and Exchange Commission has offered some hints on how she might handle the thorny issues of proxy access, shareholder say on pay, International Financial Reporting Standards, and small companies’ compliance with the auditor attestation requirement under Section 404 of Sarbanes-Oxley. Mary Schapiro, the newly minted chairman of the SEC, […]
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Reminder: New HSR Thresholds Take Effect in February
The Federal Trade Commission has amended the threshold amounts that will require companies to make pre-merger filings under the Hart-Scott-Rodino Act. Effective Feb. 12, 2009, the minimum transaction value triggering a Hart-Scott-Rodino filing will increase from $63.1 million to $65.2 million In addition, the possible civil penalties for violation of the Hart-Scott-Rodino Act will increase […]
Posted inRegulatory Enforcement
Schapiro Confirmed As SEC Chair
It’s official: Mary Schapiro has been confirmed as chairman of the Securitiesand Exchange Commission. The Senate confirmed Schapiro on Jan. 22 for a term expiring June 5, 2014. The veteran regulator joins the SEC from the Financial Industry Regulatory Authority, where she most recently served as chef executive. Schapiro previously served as an SEC commissioner […]
Posted inRegulatory Enforcement
Aguilar Calls for Changes to SEC Policies, Powers
Amid questions and criticisms of the Securities and Exchange Commission’s oversight and enforcement capabilities, one of its own commissioners has joined the call for policy changes to shore up its enforcement, including the end of a penalty pre-approval pilot program that’s been criticized by some as tying the hands of its staff. In a recent […]
Posted inRegulatory Enforcement
Cox Calls It Quits
The Securities and Exchange Commission has confirmed that, as expected, chairman Christopher Cox, resigned yesterday as President Obama took office. Cox’s departure was confirmed by SEC spokesman John Nester. On Wednesday evening, President Obama appointed commissioner Elisse Walter as acting Chairman. Obama has nominated veteran securities industry regulator Mary Schapiro to serve as chairman. Her […]
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SEC Extends Sarbanes-Oxley Survey to Jan. 31
The Securities and Exchange Commission has extended the deadline for public companies to participate in its Web-based survey about the costs and benefits of Section 404 of the Sarbanes-Oxley Act. The voluntary survey is open to any company with Section 404 compliance experience in the U.S. and globally. The deadline has been extended to Jan. […]
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Schapiro: Better Enforcement Is Job 1
President Barack Obama’s pick to fill the top spot at the Securities and Exchange Commission vowed to make reinvigorating enforcement at the agency her top priority if she is confirmed by the Senate. “With investor confidence shaken, it is imperative that the SEC be given the resources and the support it needs to investigate and […]
