SEC Officials Discuss General Solicitation Ban and 500-Shareholder Limit at Hearing on Capital Formation

Chair Mary Schapiro, in testimony before the House Oversight and Government Reform Committee, advised that the Commission is committed to seeing if the 500-shareholder limit which triggers an issuer’s periodic filing obligation still makes sense. The SEC intends to do a thorough and rigorous analysis of the threshold, which she said will require the gathering […]

House Oversight Chairs Introduce Legislation to Extend Deadline for SEC-CFTC Implementation of Dodd-Frank

The four House oversight chairs of the SEC and CFTC and the nation’s derivatives markets have introduced legislation extending for 18 months the deadline for regulatory implementation of the derivative provisions of the Dodd-Frank Act. The legislation is designed to give the SEC and CFTC more time to meet the objectives of the derivatives title, […]

Senators Urge SEC to Prohibit Executive Hedging as Part of Dodd-Frank Incentive Compensation Regulations

Three U.S. senators urged the SEC prohibit highly-paid corporate executives from hedging in any way on their own incentive-based compensation arrangements as part of the regulations to implement the Dodd-Frank Act. Senators Robert Menendez (D-NJ), Frank Lautenberg (D-NJ) and Jeff Merkley (D-OR) said the use of hedging by corporate executives of their own compensation arrangements […]

SEC Directors Testify Before House Subcommittee on Budget Concerns and Dodd-Frank Implementation

Directors of five SEC divisions testified before Congress on the Commission’s funding for fiscal 2012. The directors’ joint statement advised that their divisions are reforming and improving operations. As part of that effort, they have revitalized and restructured enforcement and examination functions, revamped the handling of tips and complaints, taken steps to break down internal […]

SEC Staff Study Recommends Enhancing Investor Access to Data on Brokers and Advisers

The SEC staff has recommended a unified public disclosure database for accessing information about brokers and advisers pursuant to a study on how to improve investors’ access to information about these financial intermediaries mandated by Section 919B of the Dodd-Frank Act. Alternatively, the staff recommended unifying search returns for the existing BrokerCheck and IAPD tools […]

SEC Delegates PCAOB Rule Authority to Chief Accountant

The SEC has adopted rule changes to delegate authority to its chief accountant with respect to rule changes of the PCAOB (Rel. No. 34-63699, January 11, 2011). The Dodd-Frank Act amended 1934 Act Section 19 to impose new deadlines by which the SEC must publish and act upon proposed rule changes submitted by the PCAOB. […]

SEC’s Deputy Chief Accountants Discuss Recent Developments at AICPA Conference

The AICPA’s recent conference on current SEC and PCAOB developments featured a panel of SEC deputy chief accountants, each of whom addressed a number of topics and answered questions from the attendees. Mike Starr, the deputy chief accountant for policy support and market monitoring in the Office of the Chief Accountant, talked about his role […]

Panelists Weigh Potential Impact of Dodd-Frank Provisions

As the SEC and CFTC work feverishly to implement the many provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, uncertainty will rule the day, according to Cleary Gottlieb partner and former Corporation Finance Division Director Alan Beller. The uncertainty will hinder the operation of the markets and of major financial institutions, he […]

SEC Extends Compliance Date With Reg. SHO Rules 201 and 200(g)

The SEC has extended the compliance date for the amendments to Rules 201 and 200(g) of Regulation SHO to February 28, 2011 to give exchanges additional time to modify their procedures for conducting single-priced opening, reopening and closing transactions for covered securities that have triggered the circuit breaker under Rule 201 (Rel. No. 34-63247, November […]

Three Senators Provide Recommendations to Enhance Target Date Fund Disclosure

Senators Tom Harkin (D-IA), Michael Enzi (R-WY) and Herb Kohl (D-WI) have written to Chair Mary Schapiro to recommend that the SEC broaden its proposed amendments relating to target date funds to include non-mutual funds and to require additional disclosures in the marketing materials. Harkin is chair of the Health, Education, Labor and Pensions Committee […]