Regulation Archive

Oct 30, 2019
CalPERS raises materiality concerns over SEC disclosure reforms
CalPERS is concerned about how companies would treat materiality in their regulatory disclosures under SEC plans to modernize corporate reporting. CEO Marcie Frost writes in a recent letter to the commission that, although the pension fund supports the proposal’s goals, the planned changes would ‘fall short’ of improving disclosures for investors and would require companies to go thr...
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Oct 17, 2019
CII ramps up pursuit of dual-class sunsets
The Council of Institutional Investors (CII) has asked the SEC to seek authority enabling the commission to, in effect, require companies to limit the length of time company founders can exert outsize control over companies after they go public. CII general counsel Jeffrey Mahoney notes in a letter sent to the SEC earlier this month that the group ...
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Sep 25, 2019
Senators introduce bill to extend whistleblower protection
A bipartisan group of senators this week introduced a bill designed to expand the scope of protection for whistleblowers who bring to light violations of US securities and commodities law. The bill would extend protection from retaliation to whistleblowers who opt to report wrongdoing internally before or instead of reporting directly to the SEC or Commodities Futures Trading Commission (CFTC...
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Sep 24, 2019
Groups reject revised 14a-8 no-action approach
Groups including Ceres and the Council of Institutional Investors have called for the SEC’s division of corporation finance to drop its recently revised approach to handling shareholder proposals that companies want to exclude from AGMs. The groups argue in a letter to division director William Hinman that the altered process ‘reduces transparency and ...
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Sep 23, 2019
IROs let off steam about Mifid II
IROs used a recent survey about Mifid II to let off some steam about the European regulation. Half of IR professionals say they have a negative view of the impact of Mifid II, while just 14 percent take a positive view, according to a new research report from IR Magazine. The research polled 79 IROs on their feelings about Mifid II and its impact on their IR programs. The sur...
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Sep 16, 2019
Mifid II report now available
The latest report from IR Magazine examines the impact that Mifid II regulation has had on investor relations since its introduction in January 2018. Based on interviews with 79 members of the IR Magazine research panel, data is broken down by region, cap size and overall impression of Mifid II. The report looks at how IROs view Mifid II in general and relates this to how it has affected aspects of IROs’ workload in particular. It also examines t...
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Aug 28, 2019
China to deepen capital market reforms
China is to roll out a number of measures to deepen and strengthen capital market reforms by following the best international practices, the China Securities Regulatory Commission (CSRC) said on Sunday. Under its plan, the authorities are to adopt the revised Securities Law by the end of this year and establish a system for security class action lawsuits with so-called Chinese characteristics – significantly raising the cost listed companies will face for engaging...
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Aug 27, 2019
SEC clarifies firmer regime for proxy advisory firms
In what has proven to be a divided decision, the SEC has clarified its approach to proxy advisory firms involving greater oversight of their approaches in recommending shareholder-voting advice.  A five-member commission voted 3-2 – with the Republican majority winning the day – to approve the rules, which clarify that proxy advisers are subject to anti-fraud rules on materially false or misleading statements. The commission issued an interpretation that...
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Aug 26, 2019
TherapeuticsMD settles Reg FD action
Boca Raton, Florida-based TherapeuticsMD has agreed to pay a $200,000 penalty to settle allegations it violated Regulation Fair Disclosure (Reg FD) by sharing material, non-public information with analysts without also publicly disclosing the same information. Specifically, the SEC alleges in its administrative proceeding that TherapeuticsMD made selective disclosures of material non-public infor...
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