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SR-FINRA-2011-13 March 4, 2011 FINRA submitted to the SEC a proposal to establish a new registration category and qualification requirements for certain operations personnel. The proposal would create a new registration category of "Operations Professional," and would make persons covered by the rule subject to a qualification examination and status as an "associated person" under the FINRA rules. The rule would cover (1) senior management with certain operations functions; (2) supervisors and other persons responsible for authorizing certain operations functions; and (3) persons with the

On June 20, 2012, the SEC adopted a new rule and amendments to its proxy disclosure rules to implement Section 952 of the Dodd-Frank Act, which added Section 10C to the Exchange Act. Section 10C requires the SEC to adopt new disclosure rules concerning compensation consultant conflicts of interest. Section 10C also requires the SEC to adopt rules directing the national securities exchanges-such as NYSE and NASDAQ-and national securities associations (collectively, the "exchanges") to adopt listing standards with respect to compensation committees and compensation advisers. Under the new rule

The SEC has announced the agenda for the Advisory Committee meeting on Small and Emerging Companies on September 17. The topics of discussion are expected to include the final rules adopted by the SEC to eliminate the general solicitation ban and disqualify bad actors from certain securities offerings, and the SEC proposal for further amendments to Regulation D ("Rules Governing the Limited Offer and Sale of Securities without Registration under the Securities Act"). The agenda also is set to include a discussion of the impact of the JOBS Act, as well as steps to facilitate capital formation

The SEC announced charges against 28 officers, directors and major shareholders for violating federal securities laws requiring them to promptly report information about their holdings and transactions in company stock. Additionally, six publicly traded companies were charged with contributing to filing failures. Nearly all of the 34 individuals and firms charged agreed to settle and pay financial penalties totaling $2.6 million. The charges, according to the SEC, stem from an enforcement initiative focusing on two types of ownership reports: those relating to Section 13(d) of the Securities

The SEC announced that two former Chief Financial Officers ("CFOs") have agreed to return nearly a half-million dollars in bonuses and stock sale profits that they received when their software company was still committing accounting fraud. While not personally charged with the company's misconduct, the CFOs are required under Sarbanes-Oxley Act Section 304 to reimburse the company for bonuses and stock sale profits received during the time in which the fraud occurred. According to the SEC's order, the company overstated its pre-tax earnings and made material misstatements about its revenue