Tag: U.S. Chamber of Commerce

Executive CompensationLitigationSecurities

Chamber sues SEC over share repurchase rules

On Friday, the U.S. Chamber of Commerce announced that, together with the Texas Association of Business and the Longview Chamber of Commerce, it had filed litigation in the Fifth Circuit against the SEC to prevent implementation of the SEC’s new rulemaking about stock buybacks (see this PubCo post). According to the press release, the lawsuit challenges the SEC’s rule under the Administrative Procedure Act and the Constitution: the SEC’s “mandatory disclosure requirements not only risk the public airing of important managerial decisions but also compel speech in violation of the First Amendment.”  The Chamber has been openly hinting at this course of action (see this press release), so it’s not much of a surprise. The initial filing is in the form of a  petition, simply asking the court to review  the order of the SEC approving the final rule, Share Repurchase Disclosure Modernization, entered on May 3, 2023.

/ May 15, 2023
Securities

SEC proposes new resource extraction disclosure rules — will they face another legal challenge?

by Cydney Posner This morning, the SEC voted (with Commissioner Piwowar in dissent) to propose rules, mandated by Section 1504 of the Dodd-Frank, that would 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, […]

/ December 11, 2015
Executive CompensationSecurities

U.S. Chamber of Commerce won’t challenge pay-ratio rules — at least for now — and will focus instead on conflict minerals challenge

by Cydney Posner The WSJ is reporting that, contrary to all expectations (including my own), “the U.S. Chamber of Commerce isn’t planning to mount a legal challenge to the Securities and Exchange Commission’s pay ratio rule.”

/ October 21, 2015