The Chamber of Commerce, which has already deployed millions of dollars to get the SEC to restrict the sole source of independent research on proxy issues, has now filed an amicus brief in the ISS challenge to the rules. As expected, it is wrong on the facts and wrong on the law. It is particularly…
Tag: sec
Four Spots Biden Is Likely to Reverse SEC Deregulation
In a Biden administration, a reconstituted SEC led by a Democratic chair and consisting of a Democratic majority will most likely launch an active rulemaking agenda, roll back Trump-era regulations, and step up its enforcement and inspections programs. Here are the four places to look first as the SEC retires the Commission’s current deregulatory approach….
NAM Wants to Intervene in the ISS Challenge to the Proxy Advisory Rule
I couldn’t help laughing when I saw that the National Association of Manufacturers has filed a motion with the court to intervene in the ISS lawsuit challenging the SEC’s new rule on proxy advisory firms. What they are asking is to be considered one of the parties to the case, and thus be allowed to…
Proposed amendments to shareholder proposal rules—bruised but unbowed? – Cooley PubCo
The SEC may have postponed until next week the open meeting originally scheduled for yesterday to consider adoption of revisions to the shareholder proposal rules, but Reuters has the inside scoop on the outcome of at least one controversial provision: according to Reuters, say farewell to the “momentum” provision. The expected deletion of the provision,…
Letter to the SEC on Shareholder Proposals Charges the Commission with Improper Exclusion of Evidence
A group of investors including the Council of Institutional Investors, ICCR, SIF, CERES, and PRI have written a very powerful letter to the SEC about the proposed rule on shareholder proposals, which is supposed to be voted on this month. The letter accuses the Commission of not allowing an adequate basis for comment on the…
SEC Cancels Vote Limiting Whistleblower Rights — Again
The U.S. Securities and Exchange Commission has canceled a scheduled vote on proposed rules that would restructure its Dodd-Frank Act mandated whistleblower reward program. This is the second time the vote on the proposed changes has been canceled. “We hope that the Commission is using this additional time to ensure that the proposed changes do not…
SEC to Allow Businesses More Flexibility in Disclosing Risk, Legal Information – WSJ
The U.S. Securities and Exchange Commission on Wednesday voted to give companies more flexibility in disclosing risk factors and legal proceedings in their financial statements. The SEC approved an amendment to Regulation S-K, which serves as the basis of disclosure requirements for U.S. public companies. Regulation S-K hasn’t undergone significant changes in more than 30…
SEC Commission to vote on reducing Wall Street whistleblower protections on September 2, 2020.
The US Securities and Exchange Commission (SEC) will meet at 9am on 2 September, 2020 to vote on proposed changes to the SEC’s highly successful Dodd-Frank Act whistleblower reward programme. If approved as originally written, the proposed changes will undermine vital whistleblower protections, and place investors at significant risk of being harmed by increased fraud,…
ISS’s Lorraine Kelly Responds to SEC Rule on Proxy Advisors
Lorraine Kelly, head of governance business at ISS, writes in Barron’s about the SEC’s proxy advisory rule. An excerpt: Since last year, the Securities and Exchange Commission has been swept up in a well-funded corporate lobbying campaign pressing for enactment of onerous regulations that will make it more difficult for shareholders to voice disagreement with…
Bausch Health Agrees to Pay $45 Million to Settle SEC Dispute – WSJ
Bausch Health Cos BHC -3.08% . agreed Friday to pay $45 million to resolve regulatory claims that it improperly booked some revenue and misled investors about the impact of a significant price increase on a single drug. The Securities and Exchange Commission said three former executives also agreed to pay penalties to settle the agency’s…
