All Securities and Exchange Commission articles – Page 71
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Blog
Aguilar Explains It All: Advice for Future SEC Commissioners
Image: As he moves on from the Securities and Exchange Commission, Luis Aguilar has a parting gift for future commissioners who will follow in his footsteps. He has issued a public statement, likely his last as a commissioner, to share what he has learned about navigating the unique challenges that ...
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PTC Could Pay $28.2 Million in FCPA Case
Computer software company PTC disclosed in an annual report last week that it is discussing a tentative $28.2 million settlement with the Department of Justice and the Securities and Exchange Commission to resolve an investigation of potential violations of the Foreign Corrupt Practices Act. The potential violations concern expenditures by ...
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SEC Proposes Rules for Alternative Trading Systems
The SEC has proposed rules intended to enhance regulatory oversight of alternative trading systems that, because of their off-exchange equity deals, are often described as “dark pools.” They would be required to disclose on a new Form ATS-N details about the activities of broker-dealer operators. The proposal also requires all ...
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Piwowar: SEC Must Focus on Materiality, Not Social Issues
Image: Don’t believe the hype about divisiveness at the SEC. The increasingly common occurrence of split votes along party lines is a byproduct of Congressional mandates, notably through the Dodd-Frank Act, that wedge social issues into the disclosure regime at the expense of materiality. That’s the word from Commissioner Michael ...
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Supreme Court May Be Last Stop for Conflict Minerals Rule
The SEC’s Conflict Minerals Rule may be headed to the nation’s highest court after suffering another legal setback in the U.S. Court of Appeals for the D.C. Circuit this week. To preserve the rule’s full slate of intended disclosure requirements, the Commission has one last legal option: a review of ...
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SEC Sounds Warning Over Use of Outsourced CCOs
The SEC is urging investment advisers and funds that outsource their compliance function to consultants or law firms to review the effectiveness of that practice. An exam risk alert issued by the Office of Compliance Inspections and Examinations warns of “significant compliance-related issues” at firms using an outsourced CCO. More ...
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Ceresney: SEC Takes ‘Careful, Measured Approach’ to CCO Liability
Image: Many compliance officers are on edge these days amid regulatory actions that underscore their risk of personal liability. Once again, Andrew Ceresney, director of the SEC’s Division of Enforcement, is trying to soothe some of that angst. He recently told an audience of CCOs, “There has been no change ...
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Caldwell Explains New Compliance Officer Counsel
Image: During remarks at a recent conference in New York, Assistant Attorney General Leslie Caldwell offered some insight about the Justice Department’s newly established compliance counsel position and how this individual will help the Criminal Division assess compliance programs. “Unfortunately, a surprising number of companies still lack rigorous compliance programs,” ...
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SEC Files Crowdfunding Fraud Complaint
In the same month that the Securities and Exchange Commission approved Regulation Crowdfunding, permitting startups and small businesses to raise capital by offering and selling securities through crowdfunding, the agency also filed its first complaint for crowdfunding fraud. The case highlights the emerging risk posed by online fundraising for the ...
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White: As Securities Offerings Change, SEC Adapts
Recent years have seen significant changes in terms of how securities offerings are conducted, with many of the recent regulatory reforms for public offerings the result of the JOBS ACT. At a conference in New York City on Wednesday, Securities and Exchange Commission Chairman Mary Jo White spoke about ...
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SEC Offers Proxy 'Unbundling' Guidance for M&A Deals
The Security and Exchange Commission’s Division of Corporation Finance has released new guidance, in the form of two Compliance and Disclosure Interpretations, concerning proxy bundling in the context of mergers and acquisitions. The Exchange Act requires proxies to clearly and impartially identify each “separate matter” to be acted upon, ...
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SEC Readies Crowdfunding Rule for Friday Vote
The wait is over. On Oct. 30, the Securities and Exchange Commission will vote on long-delayed rulemaking, mandated by the JOBS Act,that will allow for the offer and sale of securities. A proposed rule, dating back to October 2013, established guidelines for investors and rules for issuers that want ...
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SEC's Investor Advocate Slams NYSE Rule Change
For the first time, the Securities and Exchange Commission’s Office of the Investor Advocate is urging the rejection of a rule proposal. The New York Stock Exchange wants to exempt early stage companies from obtaining shareholder approval before selling additional shares to insiders and other related parties. Rick Fleming, the ...
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SEC Agrees to Issue Extractive Payments Rule By June 2016
The SEC will adopt a new rule by next summer requiring oil, gas, and mining companies to disclose payments made to host governments. The news came in a court filing on Friday, the latest move after a federal judge ordered the agency to propose and adopt the rule as soon ...
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SEC Details How Government Shutdown May Affect Services
Anticipating a potential government shutdown, the Securities and Exchange Commission has published an “operational plan.” The EDGAR filing system would remain functional, but staff will be unable to process filings, provide interpretive advice, or issue no-action letters. New or pending registration statements and applications for exemptive relief will not be ...
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SEC Proposes Changes to Administrative Proceedings
The SEC has proposed changes to how it conducts its administrative proceedings, amid growing scrutiny of “APs” in the business and judicial world. The measures clarify the timing of proceedings, simplify requirements to seek a review by the full Commission, and require those involved in administrative proceedings to file and ...
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SEC Proposes New Rules for Mutual Funds, ETFs
The SEC has proposed a slate of rules intended to enhance effective liquidity risk management by mutual and exchange-traded funds. Among the requirements is a requirement for a board-approved liquidity risk management program. The Commission would also allow “swing pricing,” reflecting costs associated with shareholders’ trading activity in a fund’s ...
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SEC Details Focus Areas for Next Cyber-Security Exams
The SEC will broaden its focus on cyber-security concerns during forthcoming examinations of registered broker-dealers and investment advisers by its Office of Compliance Inspections and Examinations. Among the areas primed for greater scrutiny: governance and risk assessment; access rights and controls; data loss prevention; vendor management; employee training; and incident ...
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SEC Tells Money Market Funds to Ditch Credit Ratings
The Securities and Exchange Commission has removed credit rating references from its rules governing money market funds, substituting a new risk-based asessmet of the securities they hold. The Dodd-Frank Act required all federal agencies to remove references to, or requirements involving, credit ratings issued by nationally recognized statistical rating organizations. ...
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Court: Whistleblowers Protected, SEC Reporting or Not
A federal appeals court has ruled that employees are covered by anti-retaliation protections for whistleblowers provided by the Dodd-Frank Act, even if they don’t file a report with the SEC. The ruling is a warning to businesses to tread carefully when handing out discipline to a suspected whistleblower, whether or ...