Acting SEC Chair to revisit 2014 guidance on conflict minerals rules
by Cydney Posner Yesterday, Acting SEC Chair Michael Piwowar issued two statements — available here and here — on the conflict minerals rules, neither of which is definitive, but which together make clear that further guidance on the rules is in the offing and that it may well involve some […]
BlackRock CEO’s annual letter asks companies to address impact of changes in global environment
by Cydney Posner This year, in his annual letter to corporate CEOs, Laurence D. Fink, CEO of asset manager BlackRock, challenges companies to address the impact of significant political, economic, societal and technological changes on their current strategies for long-term value creation: “As BlackRock engages with your company this year, […]
Executive order to dramatically cut regulations inapplicable to SEC
by Cydney Posner As reported by Reuters today, the White House clarified and confirmed, after the signing of the executive order yesterday designed to cut back on federal regulations — and notwithstanding the President’s commentary immediately preceding the signing critical of Dodd-Frank and related rules — that the executive order does not apply […]
Executive order signed to dramatically cut federal regulations (Updated 1/31/17)
by Cydney Posner The WSJ reports that the yet another executive order was signed today, this one designed to cut back on federal regulation. Under the executive order, federal agencies will need to eliminate two regulations for every new one created. The intent of the order, according to the new […]
Time to say goodbye to the Dodd-Frank Resource Extraction Disclosure Rules? (updated)
by Cydney Posner In an opinion piece in the WSJ, House Majority Leader, Kevin McCarthy, said that the House will soon be taking “the ax” to the SEC’s rules on Disclosure of Payments by Resource Extraction Issuers, mandated under Dodd-Frank, which, he argued, added “an unreasonable compliance burden on American energy […]
Update on proxy access proposals
by Cydney Posner What’s the latest on proxy access proposals? As you may recall, the line drawn so far by Corp Fin has been that, where the shareholder proposal related to initial adoption of proxy access, Corp Fin has continued to grant no-action relief and permit exclusion of proxy access proposals as […]
In her final speech as SEC Chair, White identifies current trends assailing SEC independence
by Cydney Posner Mary Jo White took the occasion of her final speech as SEC Chair, presented to the Economic Club of New York, to discuss how to maintain the role of the SEC as an effective financial regulator and how the SEC can “continue as a strong independent agency […]
SEC charges company with violations of the rules related to non-GAAP financial measures
by Cydney Posner The Corp Fin staff have been dropping hints for quite a while about potential enforcement actions in connection with abuses of non-GAAP financial measures (see, e.g., this PubCo post), and an interesting one has now materialized. In an Order released today, the SEC announced settled charges against MDC […]
KPMG surveys audit committee concerns
by Cydney Posner What are audit committee members’ greatest concerns? Audit committee members participating in KPMG’s 2017 Global Audit Committee Pulse Survey identified risk management as the biggest challenge for audit committees in 2017, with 42% of those surveyed characterizing their existing risk management programs as requiring “substantial work,” and […]
It didn’t take long — House passes bills to “regulate” the regulators
by Cydney Posner Welcome to the future! On Wednesday, the House Republicans (with five Democratic votes) passed H.R. 5, the Regulatory Accountability Act of 2017, a bill that would change the way federal agencies issue regulations and guidance. This bill would require agencies to, as part of their rulemaking processes, […]
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