All Securities and Exchange Commission articles – Page 69
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Blog
SEC adopts changes to administrative proceedings
The SEC this week adopted amendments updating its rules of practice governing its administrative proceedings. After careful consideration of the comments received, the SEC adopted final amendments that, among other things, would adjust the timing of administrative proceedings and give parties additional opportunities to take depositions of witnesses. Jaclyn Jaeger ...
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SEC will revisit board diversity disclosures
In the coming weeks, the Securities and Exchange Commission will revisit its existing requirement to disclose board-level diversity, Chairman Mary Jo White said this week during a speech in San Francisco. The goal is to improve reporting requirements that have proven to be ineffective, she says.
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ArticleSEC faces a bipartisan beat-down in Congress
Yes, there is one thing that still inspires bipartisanship in Congress: attacking the Securities and Exchange Commission. That was revealed in recent days, says CW’s Joe Mont, with proposed legislative constraints on its rulemaking powers and a table-pounding attack on its disclosure effectiveness initiative from Massachusetts Senator Elizabeth Warren (above ...
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Latest conflict minerals filings show improved due diligence
Regardless of legal disputes and other challenges, companies still had a deadline last month for filing conflict minerals disclosures with the SEC. This year Joe Mont says, many companies appeared to be taking their reporting much more seriously with some already getting a jumpstart on 2017.
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Blog
SEC’s 10-K amendment clarifies use of summary statements
The SEC has approved an interim final rule that clarifies how Form 10-K filers may provide a summary of business and financial information contained in the annual report. It implements a provision of the Fixing America’s Surface Transportation (FAST) Act. Joe Mont provides an in-depth look at the rule.
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GAO warns SEC about data protection practices
A report by the Government Accountability Office finds that while the SEC has made strides in improving the security of its data and resolving previously identified problems, “weaknesses continue to limit the effectiveness of other security controls.” Joe Mont explores what steps the Commission should take, according to the report.
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Cato Institute paper proposes JOBS Act improvements
On the same day the SEC announced it had completed the remaining workload on JOBS Act mandates, conservative think tank the CATO Institute, in an unrelated effort, offered its thoughts on how the legislation is meeting capital formation goals and ways it could be improved. Joe Mont reports.
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SEC wraps up remaining JOBS Act workload
On Tuesday, the SEC, completing its remaining workload on JOBS Act mandates, approved amendments to revise the rules related to the thresholds for registration, termination of registration, and suspension of reporting under Section 12(g) and 15(d) of the Securities Exchange Act. Joe Mont has more.
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ArticleSEC’s massive database plan starts to take shape
The SEC’s Consolidated Audit Trail initiative, which will give regulators a means to efficiently track all trades in real time, has moved one giant step closer to reality with a call for public comments. But what will its final form look like? Joe Mont offers a closer look.
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SEC launches new calculation tool for filing fees
The Securities and Exchange Commission has released a new online tool to help companies calculate registration fees for form submissions to EDGAR, its electronic database of financial reports and other filings. The new Registration Fee Estimator is intended to improve the accuracy of fee calculations and minimize the need for ...
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Blog
SEC forgoes Supreme Court appeal for conflict minerals rule
The SEC had until April 7 to defend its controversial conflict minerals rule by appealing to the Supreme Court. While many watched for the filing of a writ of certiorari on the deadline day, there was a twist: A decision to forgo a challenge was made, with little fanfare, last ...
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White details how SEC may utilize budget boost
Image: Defending a proposed $1.8 billion budget for the SEC before Congress, Chairman Mary Jo White provided a look at its future efforts. The proposed funding will allow the agency to hire an additional 250 staff in “critical, core areas,” White said. Goals include increasing examination coverage of investment advisers; ...
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Article
SEC nominees in the firing line at Senate hearing
During a nomination hearing before the Senate Banking Committee on March 15, President Obama’s picks to fill vacancies on the Securities and Exchange Commission—Republican Hester Peirce and Democrat Lisa Fairfax—endured more than two hours of questioning that ranged from cordial to confrontational. Enforcing individual liability, ensuring cost-effective rulemaking, and the ...
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Qualcomm to pay SEC $7.5 million for hiring practices
Digital telecommunications maker Qualcomm this week reached a $7.5 million settlement with the Securities and Exchange Commission to resolve charges that it violated the Foreign Corrupt Practices Act by hiring relatives of Chinese government officials. These officials were in positions to decide whether to select Qualcomm’s mobile technology products amid ...
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SEC probing hiring practices of HSBC and many other banks
London-based HSBC said in an earnings release last week that it is one of several banks being investigated by the U.S. Securities and Exchange Commission for its hiring practices in Asia. Hiring a family member or friend of a government official violates the Foreign Corrupt Practices Act if the intent ...
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Article
SEC, CFTC ‘milestones’ resolve issues with cross-border swaps deals
Consider it regulatory kismet. Independently, on Feb. 10, the SEC and Commodity Futures Trading Commission finalized long-lingering rules and agreements needed to resolve concerns with the international marketplace for derivatives deals. The SEC’s new rules cover foreign swaps dealers who maintain trading desks in the United States, closing a perceived ...
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General Cable sets aside $28 million for bribery case
General Cable said last week in an earnings release that it has set aside an estimated charge of $28 million that it believes the Securities and Exchange Commission likely will disgorge from profits derived from sales tainted by improper payments made in several countries. As previously disclosed, General Cable said ...
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House advances controversial slate of SEC rule changes
A legislative package, recently passed by the House of Representatives, is drawing fire from Democrats and the White House. The bills, bundled as the Capital Markets Improvement Act of 2016, include changes to current SEC rules pertaining to company-issued employee stock, broker-dealer research reports, M&A brokers, and the use of ...
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PTC to pay $28 million in FCPA case
Two China subsidiaries of computer software company PTC this week reached a combined $28 million settlement—a $14.5 million criminal penalty to the Department of Justice, and $13.6 million in disgorgement and prejudgment interest to the Securities and Exchange Commission—to resolve an investigation of potential violations of the Foreign Corrupt Practices ...
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SEC’s White offers insight on 2016 priorities
In a wide-ranging conversation at Northwestern University, SEC Chairman Mary Jo White detailed her thoughts on a variety of topics, offering fresh perspective on agency priorities for the months ahead, including the ongoing disclosure effectiveness review, a new accredited investor definition, and the “clawback” rule for executive compensation.