Regulation Archive

Mar 10, 2021
SEC accuses AT&T of Reg FD violations
The SEC has accused AT&T of violating Regulation FD and has charged three of its investor relations executives with aiding and abetting those alleged violations by selectively disclosing material non-public information to research analysts – accusations the company rejects. ‘Regulation FD levels the playing field by requiring that issuers disclosing material information do so broadly to the investing public, not just to select analysts,’ says Richard Best...
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Mar 04, 2021
Change rules on Spacs and dual-class shares to attract more IPOs, advises review of UK market
The UK should relax rules around special purpose acquisition companies (Spacs), free-float requirements and dual-class shares to encourage more IPOs in London, according to a state-commissioned review. The document sets out a series of recommendations to ease ‘burdensome’ listing rules and make the UK a more attractive place to go public, especially for ‘new economy’ companies in the tech and life sciences sectors.  ‘Looking at our relative perform...
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Mar 03, 2021
Senators eye diversity, climate and political spending at Gensler hearing
Disagreements between Democrats and Republicans over the SEC’s role in addressing matters such as climate change, political spending and diversity were highlighted at a congressional hearing on Tuesday. Members of the Senate Banking Committee gathered virtually to question Gary Gensler and Rohit Chopra as President Joe Biden’s picks to lead the SEC and Consumer Financial Protection Bureau, respectively. Among other things, discussion returned multiple times to m...
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Feb 19, 2021
The story behind Robinhood’s decision to halt GameStop buying
Robinhood’s decision to halt buying activity on GameStop stock on January 28 was a result of ‘extraordinary’ trading and subsequent complications posed by clearing rules, the company’s CEO Vlad Tenev told the House Financial Services Committee during testimony yesterday. The committee meeting was convened to explore whether market manipulation took place in late January ...
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Jan 21, 2021
ESG and enforcement seen as potential Gensler targets
ESG-related reforms and tougher enforcement are among the potential items on the agenda for Gary Gensler, President Joe Biden’s pick to lead the SEC, according to observers. The new administration’s official White House website states that ‘President Biden will take swift action to tackle the climate emergency.’ One area where governance professionals say that action could manifest itself is in rules on corporate disclosures regarding climate risks. Investor...
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Dec 31, 2020
Ryanair and Wizz Air restrict voting rights of UK investors
Ryanair and Wizz Air have announced they will restrict the rights of certain shareholders to ensure they continue to abide by European Union regulations on airline ownership after Brexit.  The two airlines, which are both listed on the London Stock Exchange, say ordinary shares held by non-EU nationals will be treated as restricted shares that do not confer the right to attend or vote at annual meetings.  The changes will be effective from January 1, when t...
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Dec 22, 2020
Implementing new Regulation SK requirements
The SEC has adopted amendments to the business description, legal proceedings and risk factor disclosures required by reporting companies in annual and quarterly reports and registration statements. The amendments are intended to modernize disclosure requirements, including by eliminating certain duplicative requirements and improving the usability of filings for investors. The SEC expects the amendments to elicit disclosures that are tailored to each registrant’s partic...
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Dec 22, 2020
National Grid’s responsible business charter puts ESG at the heart of future plans
National Grid, the UK infrastructure company that owns gas and electricity transmission and distribution networks in the UK and the US, has released its responsible business charter, setting out ambitious future priorities including ESG goals. ‘The world is changing pretty quickly, and I think we need to evolve pretty quickly as well,’ Nick Ashworth, London-based head of investor...
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