SEC Hit with Lawsuit on Political Contributions to Public Pension Funds Rule
Joining forces against the U.S. Securities and Exchange Commission (“SEC”), the New York Republican State Committee and Tennessee Republican Party have filed a lawsuit against the agency regarding a rule they claim violates the First Amendment and Administrative Procedures Act (“the Act”). According to the August 7th complaint, both parties contend that a rule restricting an adviser’s political contributions to public employee pension funds imposes on the Federal Elections Commission’s authority to regulate campaign spending as established in the Act. The complaint also asks the U.S. District Court to declare that the SEC lacked proper authority to write the rule.. Read More.
Topics: Administrative Procedures Act, Federal Elections Commission, First Amendment, Investment Advisers, New York Republican State Committee, Pay-to-play, Political Contributions, Public Employee Pension Fund, Tennessee Republican Party, U.S. District Court, U.S. Securities and Exchange Commission "SEC"
Rep. Maloney Introduces Controversial Disclosure Bill to House
Resembling a 2010 bill enacted by California, H.R. 4842, the Business Supply Chain Transparency on Trafficking and Slavery Act of 2014, was recently introduced in the House of Representatives. The proposed bill requires U.S. public companies with $100 million in yearly sales to submit annual reports to the U.S. Securities and Exchange Commission (“SEC”) detailing their efforts to recognize suppliers that use slaves, forced labor or children for producing goods. Rep. Carolyn Maloney, the bill’s sponsor, remarked that the requirement would inform consumers on what measures companies are taking to stop illegal labor practices, and reaffirms such businesses to communicate what. Read More.
Topics: Business Supply Chain, Carolyn Maloney, Center for Capital Market Competitiveness, Disclosures, First Amendment, House of Representatives, Thomas Quaadman, Trafficking and Slavery Act of 2014, U.S. Chamber of Commerce, U.S. Securities and Exchange Commission "SEC"
Release No. 34-67717 Update Coming Next Year
Planned for a spring 2015 release, the U.S. Securities and Exchange Commission (“SEC”) will propose modifying Release No. 34-67717, Disclosure of Payments by Resource Extraction Issuers. The original rule, which was rejected last year by the U.S. District Court for the District of Columbia (“the Court”), requires the disclosure of payments oil, gas and mining companies make to governments. Opting not to file an appeal, the SEC is addressing the Court’s complaints over the rule. Among the complaints is the requirement of companies to file reports to the SEC specifying payments of $100,000 or more, which the Court considered “a. Read More.