Category: Securities

SEC approves NASDAQ proposal to eliminate automatic upgrade to Global Select Market

by Cydney Posner The SEC has approved NASDAQ’s proposal, as discussed in this post, to modify Rule 5305 to eliminate the annual review and automatic transfer of companies from the NASDAQ Global Market to the NASDAQ Global Select Market. As a result, NASDAQ will now review Global Market-listed companies for […]

SEC staff to issue guidance related to new revenue recognition standard

by Cydney Posner With 700 pages of new rules released regarding FASB’s new revenue recognition standard, it’s no wonder that companies have a lot of questions about the rules. (For more on the standard, see this post .) According to this article in Compliance Week, the SEC is on the verge […]

PCAOB set to finalize rule requiring identification of lead audit partner

by Cydney Posner Last week, the WSJ reported that the PCAOB expects to finalize a new rule this September that would require audit firms to disclose the name of the engagement partner for each audit.  The purpose of the rule, according to its proponents, is to encourage auditors to perform […]

Broadridge releases stats for 2014 proxy season

by Cydney Posner As reported in thecorporatecounsel.net blog, Broadridge has released its statistics for this past proxy season (proxy statements for shareholder meetings mailed between March 1, 2014  and  June 14, 2014). As reported by Broadridge, some of the trends include the following:

The perils of failing to take internal controls seriously

by Cydney Posner Here’s a warning shot across the bow from the SEC to take internal controls –- and representations regarding the same — very seriously. You’ll recall that SOX 404 and related rules instituted a new regime regarding reporting and evaluation of internal control over financial reporting (ICFR), including […]

Shareholders reject fewer golden parachutes this year

by Cydney Posner As reported in this article in the WSJ, compensation consultant Towers Watson is reporting that shareholders seem to be more willing this year than last to approve golden parachutes in the context of acquisition transactions. As you know, Dodd-Frank and related rules require that, in connection with solicitation […]

NASDAQ proposes to eliminate automatic upgrade to Global Select Market

by Cydney Posner NASDAQ has proposed to modify its rules to eliminate the automatic transfer of companies from the NASDAQ Global Market to the NASDAQ Global Select Market. You may recall that NASDAQ has three listing tiers: the NASDAQ Global Select Market, the NASDAQ Global Market, and the NASDAQ Capital […]