Corp Fin’s Higgins Discusses Disclosure Rules Project
Looking to improve company filings and other information important to investors, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Corporation Finance’s Keith Higgins announced that the agency will continue work on its long-term project to simplify disclosure rules by tackling smaller changes first. At a U.S. Chamber of Commerce-hosted (“the Chamber”) event on July 29th, the director of the SEC’s Division of Corporation Finance (“Corp Fin”) remarked that his staff is currently brainstorming smaller changes that are clear and can be completed faster than more complicated items. Made a top priority by SEC Chair Mary Jo White, the disclosure. Read More.
SEC Releases New Documents on XBRL-Based Filings
Related to filings using eXtensible Business Reporting Language (XBRL), the U.S. Securities and Exchange Commission (“SEC”) has issued Staff Observations of Custom Tag Rates (“the Report”) and Sample Letter Sent to Public Companies Regarding XBRL Requirement to Include Calculation Relationships (“the Letter”). Per the SEC, the Report will help review the quality of XBRL exhibits issuers present to meet the agency’s requirements in filing financial statement information via XBRL format. The review will assist the SEC in defining a starting point for filers tagging financial statements when filing electronically, including how their actions have changes since completing the phase-in of issuer and. Read More.
Corp Fin to Review Disclosure Rules & Cybersecurity Protection in Fiscal 2015
Outlining next year’s policy objectives, Report on Objectives – Office of the Investor Advocate has been released by the U.S. Securities and Exchange Commission’s (“SEC”) Office of the Investor Advocate (“the Office”). Published on June 24th, the report details two major projects the Office will work on during fiscal year 2015. The projects include assisting the SEC’s Division of Corporation Finance (“Corp Fin”) revise disclosure requirements and reviewing cybersecurity for investor protection. Mandated by the JOBS Act, the SEC’s Mary Jo White considers the review of disclosure requirements in Regulation S-K a high priority. Using recommendations from the Report on. Read More.
Topics: Compliance, Cybersecurity, disclosure, Division of Corporation Finance "Corp Fin", Financial Industry Regulatory Authority "FINRA", Investor Protection, JOBS Act, Mary Jo White, Office of the Investor Advocate, Regulation S-K, U.S. Securities and Exchange Commission "SEC"
SEC’s Corp Fin and IM Issue Proxy Voting Guidance
In conjunction with its Division of Corporation Finance (“Corp Fin”), the U.S. Securities and Exchange Commission’s (“SEC”) Division of Investment Management (“IM”) recently issued Staff Legal Bulletin No. 20, Proxy Voting: Proxy Voting Responsibilities of Investment Advisers and Availability of Exemptions from the Proxy Rules for Proxy Advisory Firms. In their respective roles, IM offers guidance for investment advisers’ responsibilities in voting client proxies and preserving proxy advisory firms, and Corp Fin provides guidance on the accessibility and obligations of two federal proxy rule exemptions that are often used by proxy advisory firms. The guidance reflects proxy advisory firms’ ability. Read More.
Topics: Advisory Firms, Division of Corporation Finance "Corp Fin", Division of Investment Management "IM", Exemptions, Investment Advisers, Proxy Voting, U.S. Securities and Exchange Commission "SEC"
Conflict Minerals’ Effective Date Gets a Stay
Announced on May 2nd, the U.S. Securities and Exchange Commission (“the Commission”; “SEC”) issued a stay of the effective date for companies to comply with parts of its final rule, Conflict Minerals. The stay affects parts of Exchange Act Rule 13p-1 and Form SD, which mandates public disclosure of a company’s use of conflict minerals from the Democratic Republic of the Congo or neighboring countries. Due to last month’s decision by the Court of Appeals for the District of Columbia Circuit (“the Court”), such disclosure was ruled as violating the First Amendment. As companies move forward applying the final rule. Read More.
Topics: Assurance & Accounting "A&A", Conflict Minerals, Court of Appeals, Democratice Republic of Congo "Congo", Division of Corporation Finance "Corp Fin", U.S. Securities and Exchange Commission "SEC"