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The Filing Cabinet

"The Filing Cabinet," which covers compliance with the Dodd-Frank Act and the Sarbanes-Oxley Act, as well as other regulatory action from the Securities and Exchange Commission, executive compensation, and shareholder activism, is written by CW staff writer Joe Mont. Mont welcomes questions, comments, and statements from readers on SEC filing matters and will address them here when appropriate. Readers can contact him at joe.mont@complianceweek.com.
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The Filing Cabinet Blog
Proof in the pudding? Trump's deregulation efforts by the numbers
Joe Mont | July 26, 2017
The newly released Unified Agenda of Federal Regulatory and Deregulatory Actions illustrates the torrid pace of rule-slashing engaged in by the Trump Administration. Another takeaway: don't expect lingering Dodd-Frank rulemaking to reappear any time soon.
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The Filing Cabinet Blog
SEC readies concept release on Regulation S-K review
Joe Mont | March 24, 2016
The SEC will meet next week to take the next step in an ongoing review of its disclosure regime. On March 30, the Commission, in an open meeting, will consider whether to issue a concept release seeking comment on modernizing business and financial disclosure requirements in Regulation S-K. Also at the meeting, the Commission will consider whether to adopt rules regarding the business conduct standards for security-based swap dealers and major security-based swap participants.
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The Filing Cabinet Blog
New Limitations for Bank Bailouts
Joe Mont | November 30, 2015
The Federal Reserve Board has clarified its procedures for emergency lending to banking institutions and placed new restrictions on future bailouts. A final rule, approved Monday and effective on Jan. 1, broadens the existing definition of insolvency and requires that emergency lending be approved by the Treasury Department. These and other lending limitations included in the rule were required by the Dodd-Frank Act. Details inside.
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The Filing Cabinet Blog
Federal Reserve Proposes New Liquidity Disclosures
Joe Mont | November 25, 2015
There was a warning last week from Fed Governor Daniel Tarullo to expect an increase to stress test minimum capital requirements and a proposed rule requiring banks to publicly disclose aspects of their liquidity profile. Also announced was an effort to improve the consistency of supervisory examinations and a one-year deadline extension for certain capital requirements. Details inside.
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The Filing Cabinet Blog
Poll Portends Big Changes in Executive Pay Disclosure
Jaclyn Jaeger | June 19, 2015
A recent poll by Towers Watson hints at big changes to come in disclosure of executive compensation, in the wake of the SEC’s proposed pay-for-performance rules. One-third of poll respondents said they expect to change their compensation disclosure significantly; 55 percent said they expect to provide additional information and analysis that go beyond what the proposed rules will require. Details inside.
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The Filing Cabinet Blog
Former Commissioners Slam SEC for Inaction on Political Spending
Joe Mont | May 27, 2015
The latest push to get the SEC to act on a rulemaking petition that companies disclose political contributions and spending on lobbyists: pressure from former commissioners. “The Commission’s inaction is inexplicable,” William Henry Donaldson, Arthur Levitt, and Bevis Longstreth wrote in a letter to current SEC Chair Mary Jo White. “Its failure to act offends not only us ... it flies in the face of the primary mission of the Commission.” More inside.
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The Filing Cabinet Blog
SEC Proposes New Disclosures for Investment Companies
Joe Mont | May 22, 2015
The SEC has proposed new rules and forms to modernize reporting for mutual funds, ETFs, and other registered investment companies. A new monthly portfolio reporting requirement, Form N-PORT, would require registered funds, other than money market funds, to provide portfolio-wide and position-level holdings data to the SEC. Details inside.
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The Filing Cabinet Blog
SEC Approves Tick-Size Pilot
Joe Mont | May 11, 2015
The SEC has approved a proposal by the national securities exchanges and the Financial Industry Regulatory Authority for a two-year pilot program that will widen the minimum quoting and trading increments, known as tick sizes, for stocks of some smaller companies. The program—to begin May 6, 2016—will include stocks of companies with $3 billion or less in market capitalization. Details inside.
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The Filing Cabinet Blog
New Conflict Minerals Reporting Template Available
Joe Mont | May 11, 2015
The Conflict-Free Sourcing Initiative has published an update to its Conflict Minerals Reporting Template, a tool for tracing the use of conflict minerals in a company’s supply chain and validating smelters. CMRT 4.0, a free reporting template, expedites the identification of new smelters and refiners that may undergo an audit through CFSI’s Conflict-Free Smelter Program. See inside for more details.
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The Filing Cabinet Blog
SEC Proposes Pay-for-Performance Disclosure Rule
Joe Mont | April 29, 2015
The SEC has proposed a new pay-for-performance disclosure rule, requiring companies to report the relationship between compensation paid to named executive officers and the Total Shareholder Return of both the company and its peer group. The proposal marks the first time the Commission will require data tagging in the XBRL format beyond financial statements. More inside.
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The Filing Cabinet Blog
Legislation Seeks Transparency on Tax-Deductible Settlements
Joe Mont | April 28, 2015
A bill filed by Sens. Elizabeth Warren (D-Mass.) and James Lankford (R-Okla.) would require transparency on tax deductions that minimize the cost of an enforcement action. Any statement by a federal agency about the value of a settlement would need to explain how much of that agreement is tax deductible or offset by credits for particular conduct. Companies would also need to disclose settlement reductions in SEC filings.
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The Filing Cabinet Blog
SEC Eyes Pay-for-Performance Rules This Week
Joe Mont | April 24, 2015
The SEC will hold an open meeting April 29 to take action on pay-for-performance disclosure rules required by the Dodd-Frank Act. The Commission will consider rules stemming from Section 953 of Dodd-Frank, requiring public companies to disclose the relationship between executive pay and incentives with the financial performance of the company. Details inside.
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The Filing Cabinet Blog
SEC Commissioners Irate Over Comment Letter Glitch
Joe Mont | February 11, 2015
SEC Commissioners Daniel Gallagher and Michael Piwowar fired off a testy complaint Wednesday about “a significant failure” of the SEC’s rulemaking process, complaining that SEC staff missed “an extensive comment letter” opposing a recently adopted rule on swaps trading. The oversight should force a reopening of the comment period, they said. More inside.
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The Filing Cabinet Blog
New Version of Conflict Minerals Reporting Template Released
Joe Mont | November 12, 2014
Rohwer
The latest version of the Conflict Free Sourcing Initiative’s Conflict Minerals Reporting Template is now available. The report provides information on which countries smelters and refiners get their minerals from. The latest version of the report provides improved translations and a more accurate approach to smelter identification. “By gathering the same types of information from many levels of the supply chain in a standardized form, companies can make informed choices about conflict minerals in their supply chains,” Michael Rohwer, CFSI’s program director, said. More inside.
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The Filing Cabinet Blog
CFPB Proposes Oversight of Nonbank Auto Finance
Joe Mont | September 18, 2014
The Consumer Financial Protection Bureau is proposing to oversee large, nonbank auto finance companies for the first time at the federal level. The proposed rule would allow the Bureau to supervise nonbank auto finance companies that make, acquire, or refinance 10,000 or more loans or leases in a year, ensuring they are complying with federal consumer financial law. The CFPB estimates that about 38 auto finance companies would be subject to this new oversight.
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The Filing Cabinet Blog
SEC Reduces Filing Fees for 2015
Joe Mont | September 2, 2014
The cost of doing business with the Securities and Exchange Commission is going to get a little less expensive. For the second year in a row, the Commission will reduce its filing fees. This year's rate is set at $116.20 per million dollars. More inside.
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The Filing Cabinet Blog
Report Finds Several Leaks in Confidential SEC Information
Joe Mont | August 12, 2014
A report by the Securities and Exchange Commission’s Office of Inspector General has uncovered a variety of ways that non-public information from executive sessions may not be well-protected. This includes media leaks, failing to clear the meeting room of unrelated observers, not soundproofing the room, and sending confidential attachments to personal e-mail accounts. More inside.
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The Filing Cabinet Blog
Apple to Disclose Diversity Data
Joe Mont | July 15, 2014
Apple CEO Tim Cook has announced the company will soon begin reporting a diversity breakdown of its more than 80,000 employees. Facebook, Google, and LinkedIn already provide similar data. The moves come as regulators and state officials work toward requiring companies to do some reporting of worker diversity data. More inside.
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The Filing Cabinet Blog
Conflict Minerals Trade Added to Sanctions Criteria
Joe Mont | July 14, 2014
Companies, scrambling to identify conflict minerals from the Democratic Republic of the Congo that may enter their supply chains, now have more to worry about. President Obama issued an executive order last week that adds individuals and groups tied to the illicit trade of natural resources from the region to the U.S. sanctions list.
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The Filing Cabinet Blog
Legislation Would Ease SEC Rules for Investor Road Shows
Joe Mont | July 14, 2014
Members of Congress are looking to tweak rules issued by the Securities and Exchange Commission last year that allow the broad marketing of private securities offerings. The HALOS Act, would ease restrictions and investor verification requirements on "demo days" and traveling road shows where issuers reach out to potential investors with in-person events.
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The Filing Cabinet Blog
FTC Sues Amazon Over In-App Purchases by Children
Joe Mont | July 14, 2014
The Federal Trade Commission is suing Amazon, alleging that the online retailer didn't do enough to prevent millions of dollars in unauthorized in-app purchases by children despite internal warnings from employees about allowing unlimited charges without parental passwords. According to the lawsuit, thousands of parents complained to Amazon about in-app charges their children incurred without their authorization. More details inside.
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The Filing Cabinet Blog
SEC Provides Fresh Advice on Verifying Accredited Investors
Joe Mont | July 8, 2014
The Securities and Exchange Commission has offered up additional guidance on how hedge funds, venture capitalists, and start-ups should verify accredited investor status when they advertise private securities offerings. Last July, the SEC amended Regulation D to allow general solicitation and chose a "flexible, principles-based" approach for verifying the suitability of investors.
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The Filing Cabinet Blog
OCC: Credit Risks Making Comeback in Banking Sector
Compliance Week | July 1, 2014
The banking industry is lowering its standards for underwriting loans and letting more credit risk seep back into the financial system, according to a new report from the Office of the Comptroller of the Currency. The report cited competitive pressure as one reason banks are lowering their standards, and warned of numerous other operational risks, from cyber-security to CEO succession.
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The Filing Cabinet Blog
SEC Adopts Long-Awaited Cross-Border Derivatives Rules
Joe Mont | July 1, 2014
Foreign banks that conduct over-the-counter derivatives trades with U.S. entities will now be required to register with the Securities and Exchange Commission, a move that also comes with new demands for transparency and mandatory clearing intended to reduce the risk of default. More details inside.
Displaying 24 results