The SEC adopted Rule of Practice 194 to establish a process for registered security-based swap dealers and major security-based swap ("SBS") participants (collectively, "SBS Entities") to apply for relief from the prohibition in Exchange Act Section 15F(b)(6) on individuals subject to a statutory disqualification from effecting SBS transactions on behalf of SBS Entity. Rule of Practice 194, which was proposed in August 2015: specifies the form and content of applications for SBS Entities to claim an exemption from the statutory disqualification prohibition on behalf of their SBS personnel, and

The SEC approved the MSRB's proposed rule change to amend municipal fund securities reporting requirements under Form G-45. The MSRB requested that the proposed rule change become effective on June 30, 2019. As previously covered, the MSRB seeks to amend Form G-45 to clarify data elements and to require additional data from the underwriters of college savings plans ( i.e., "529 savings plans") and Achieving a Better Life Experience ("ABLE") programs. The proposed amendments would (i) clarify a data element concerning the program management fee assessed by a 529 savings plan or ABLE program,

Two former senior executives of an aircraft communications manufacturer agreed to settle SEC charges of knowingly violating the internal controls and books and records provisions of the federal securities laws, and causing similar violations by the company. According to the SEC Order, then-CEO and President of Panasonic Avionics Corporation ("PAC"), Paul A. Margis allegedly participated in a plan in which PAC offered a consulting position to a government official who helped PAC retain business from a state-owned airline. The SEC claimed that Mr. Margis allowed PAC to offer the official a

The SEC approved final rules that require companies to disclose practices or policies on the ability of employees or directors to engage in hedging transactions with respect to company equity securities. The final rules implement Exchange Act Section 14(j), which was enacted by Section 955 of the Dodd-Frank Act. Specifically, the final rules require disclosure of hedging practices in full, or a summary of those practices or policies that include hedging transactions that are permitted. Under the final rules, if the company does not have any policies or practices, the company must disclose that

Banking agencies proposed increasing the major assets prohibition thresholds for management interlock rules.