SEC adopts (again) final rules requiring disclosure of payments to governments by resource extraction issuers—is another legal challenge in the works?
by Cydney Posner Yesterday, the SEC announced that it had adopted final rules, mandated by Section 1504 of Dodd-Frank, that require disclosure on Form SD of certain payments made to the federal and foreign governments by resource extraction issuers in connection with commercial development of oil, gas and mineral rights. The adopting release […]
The impact of Brexit
by Cydney Posner For those interested in the impact of Brexit — and who isn’t these days? — see this excellent post by Chris Finney of Cooley’s London office. Also see this page on the Cooley website devoted to Cooley Alerts and posts on Brexit and its implications, including in areas such […]
SEC proposes to allow more companies to qualify as smaller reporting companies
by Cydney Posner Without holding an open meeting, the SEC has proposed changes to the definition of a “smaller reporting company” that would raise the financial cap from “less than $75 million” in public float to “less than $250 million,” allowing more companies to take advantage of the scaled disclosures […]
Discussion Draft of the Financial CHOICE Act
by Cydney Posner A discussion draft for the Financial CHOICE Act is now publicly available. Many of the provisions of interest from a corporate standpoint are in Title IV—Capital Markets Improvements and Title X—Unleashing Opportunities for Small Business, Innovators, and Job Creators by Facilitating Capital Formation. (It doesn’t exactly unleash […]
Corp Fin issues new CDIs providing guidance on Rule 701 primarily in the merger context
by Cydney Posner Corp Fin has just issued some new CDIs providing guidance on Rule 701, with all but one of the CDIs addressing the application of Rule 701 in the context of merger transactions. The new CDIs are summarized below:
How did corporate boards become afflicted with economic ADHD?
by Cydney Posner A lot has been written about the impact of short-termism on the US economy. (See, for example, this PubCo post, this PubCo post and this PubCo post) This post from The Harvard Law School Forum on Corporate Governance and Financial Regulation, “How Economic Attention Deficit Disorder Infected […]
EU reaches understanding on conflict minerals framework
by Cydney Posner According to Euranet Plus News Agency, the “EU has reached a preliminary deal to curb the trade in minerals from war zones and corrupt regimes. The rules will force companies that mine, refine or import ‘conflict minerals’ and metals into the EU to audit the suppliers they […]
The Financial CHOICE Act would dismantle a whole lot more in Dodd-Frank than just financial regulation
by Cydney Posner There has been a fair amount of press regarding the Financial CHOICE Act, a new bill sponsored by Jeb Hensarling, Chair of the House Financial Services Committee. The actual bill has not yet been released, but an executive summary is available. Most of the press attention has […]
Does director tenure affect company value?
by Cydney Posner With a number of institutional investors and proxy advisory firms advocating that public companies adopt “board refreshment” policies, much energy has been devoted to studying the impact of director tenure in the context of corporate governance. In “Do Directors Have a Use-By Date? Examining the Impact of […]
SEC permits use of Inline XBRL — will it be enough to make XBRL great?
by Cydney Posner Until now, companies have been required to provide the financial statements accompanying their periodic and current reports in “structured,” i.e., machine-readable, format using XBRL and to provide this XBRL data as an exhibit to their filings. Today, the SEC issued an order allowing companies, on a voluntary […]
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