SEC Adopts Alternative Uptick Rule for Short Sales

In a 3-to-2 vote, the SEC yesterday adopted amendments to Rules 200(g) and 201 of Regulation SHO that will restrict short selling in instances where a company’s shares drop 10% or more in value in one day. The Commission also voted unanimously to publish a statement in support of a single set of globally accepted […]

Initial CDS Insider Trading Case Survives Challenge

The first insider trading action filed by the SEC alleging misconduct in the credit default swaps (CDS) market survived a motion for judgment on the pleadings. The complaint, filed in the U.S. District Court for the Southern District of New York, alleged Renato Negrin, a former portfolio manager at hedge fund investment adviser Millennium Partners, […]

Industry Groups Ask Supreme Court to Overturn Ruling That IRS Can Obtain Tax Work Papers Done for Financial Statements

Financial industry groups have asked the U.S. Supreme Court to review a First Circuit Court of Appeals ruling that tax accrual work papers are discoverable by the IRS since they are done for SEC-mandated financial statements and not litigation. The groups have filed amicus briefs with the Court generally arguing that letting the decision stand […]

Schapiro Highlights Past Year’s and Upcoming Initiatives at PLI Conference

SEC Chair Mary Schapiro reviewed the highlights of the past year along with upcoming rule initiatives in remarks at the Practising Law Institute’s conference known as “SEC Speaks.” Schapiro reported that the agency has brought in new leaders, streamlined its procedures and reformed the way it operates. In addition to creating more effective regulation, the […]

Environmental Compliance Update – February 2010

Additions to the Environmental Compliance Portfolio During January 2010, over 100 pages of analysis and other materials were added to the Environmental Compliance Portfolio under the following topics: • Air Quality Compliance, • Hazardous Waste Compliance, • Wastewater and Water Quality Compliance, and • Business and the Environment (sustainable development and climate change). Air Quality […]

Benefits Update – February 2010

From the editors of CCH’s BENE and BAN products, here are hot topics from recent Employee Benefits Management Directions newsletters as well as recent explanatory updates in Employee Benefits Management. Also included are recent explanatory updates to the Benefits Answers Now product. If you have any comments/suggestions concerning the information provided or the format used, […]

Staff Reverses Position on Livestock Antibiotics Proposals

The SEC’s Division of Corporation Finance has reversed its earlier view that Tyson Foods, Inc. may omit a shareholder proposal relating to the use of antibiotics in raising livestock. The staff initially advised that Tyson could omit the proposal from its proxy materials in reliance on the ordinary business exclusion. However, after reconsideration, the staff […]

SEC Proposes to Tighten Market Access Rules

The SEC yesterday approved the issuance of two proposals, one of which would prohibit broker-dealers from providing customers with unfiltered access to an exchange or an alternative trading system. The second proposal is in the form of a concept release seeking comments on the U.S. equity markets. Chair Mary Schapiro said these latest initiatives continue […]

PCAOB Reproposes Standards on Assessing Risk for Additional Comment

The PCAOB has reproposed for comment seven auditing standards and related amendments on the requirements for assessing risk during an audit. The reproposed standards respond to the comment letters that were submitted on the initial October 21, 2008 proposal. The Board has described these standards as the foundation for future standard setting. The standards cover […]

Supreme Court Oral Argument in PCAOB Case Centers on SEC Control and Presidential Removal Powers

Oral arguments before the Supreme Court in the case deciding the PCAOB’s constitutionality focused on the SEC’s pervasive control over the Board and the President’s control over the SEC. The case, which was brought by an audit firm, is before the Court on a grant of certiorari of a split panel ruling of the D.C. […]