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Category Archives: Securities Law

SEC to Simplify Analysis of Corporate Financial Data

Pilot Program Will Be Expanded Next Year to Include Data in Footnotes By MARIA ARMENTAL, WSJ.com – Dec. 30, 2014 “The Securities and Exchange Commission has launched a program aimed at making it easier for investors to dig through and compare company financial filings. Under the program being tested, financial data the companies report will be organized into structuredContinue Reading

SEC Issues Annual Staff Reports on Credit Rating Agencies

[December 23, 2014] “the Securities and Exchange Commission issued its annual staff report on the findings of examinations of credit rating agencies registered as nationally recognized statistical rating organizations (NRSROs) and submitted a separate report on NRSROs to Congress. “These reports provide the most current and comprehensive picture of the credit rating industry,” said SEC ChairContinue Reading

SEC Office of the Investor Advocate Report FY2014

REPORT ON ACTIVITIES FISCAL YEAR 2014 – Office of the Investor Advocate. “THE OFFICE OF THE INVESTOR ADVOCATE was established pursuant to Section 915 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), as codified under Section 4(g) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. § 78d(g). Exchange Act SectionContinue Reading

Home Depot SEC Filing – Pretax Breach Cost $43 million

eSecurity Planet – “In a recent SEC filing, Home Depot stated that a recent data breach that exposed 56 million credit cards and 53 million email addresses cost the company $43 million in the third quarter of 2014 alone. Specifically, Home Depot says it “recorded $43 million of pretax expenses related to the data breach, partially offsetContinue Reading

How the SEC Helps Speedy Traders

Jackson, Robert J. and Mitts, Joshua, How the SEC Helps Speedy Traders (November 6, 2014). Available for download at at SSRN: http://ssrn.com/abstract=2520105 or http://dx.doi.org/10.2139/ssrn.2520105 “We show that the Securities and Exchange Commission’s system for disseminating market-moving information in securities filings gives some investors an advantage over others. We describe two systems — the SEC’s fileContinue Reading

Conflict Minerals and Resource Extraction: Dodd-Frank, SEC Regulations, and Legal Challenges

Conflict Minerals and Resource Extraction: Dodd-Frank, SEC Regulations, and Legal Challenges. Michael V. Seitzinger, Legislative Attorney; Kathleen Ann Ruane, Legislative Attorney. October 15, 2014. “Two sections of the Dodd-Frank Wall Street Reform and Protection Act (Dodd-Frank) require that the Securities and Exchange Commission (SEC or Commission) issue regulations to make public the involvement of U.S. companies in conflict minerals and inContinue Reading

A Real Fix for Credit Ratings – Brookings

Ann Rutledge and Robert E. Litan: “The failure of credit ratings agencies to do their job – warn investors of the true risks entailed by the subprime mortgage securities they rated – was at the heart of the financial crisis. Policy makers since have wrestled with how to “fix” the ratings process going forward. Although the SecuritiesContinue Reading

Whistleblowers Silenced by Non-Disclosure Agreements – Focus on SEC

POGO – “On July 25, the Project On Government Oversight, along with more than 50 other organizations, sent a letter to the Securities and Exchange Commission (SEC) expressing concern over the growing problem of silencing whistleblowers. Many companies regulated by the SEC are now requiring employees reporting misconduct to sign non-disclosure agreements (NDAs) that undermine the forceContinue Reading

SEC Clamps Down On XBRL Filing Holdouts – InformationWeek

“The Securities and Exchange Commission is clamping down on public companies that fail to submit their financial disclosure statements as structured data, agency officials said. The SEC’s Division of Corporation Finance sent letters on July 7 to an unspecified number of companies that are not submitting their financial disclosure statements as machine-readable, structured data. The move comesContinue Reading

High-Frequency Trading: Background, Concerns, and Regulatory Developments

CRS – High-Frequency Trading: Background, Concerns, and Regulatory Developments. Gary Shorter, Specialist in Financial Economics; Rena S. Miller, Specialist in Financial Economics. June 19, 2014. “On May 6, 2010, the Dow Jones Industrial Average (DJIA), a broad stock index, fell by nearly 1,000 points over the course of several minutes and then quickly rebounded. This was one of the largest intradayContinue Reading

UN Member States on the Record

“This site is about UN Documents related to UN Member States. It provides links to selected UN databases, websites, and other information resources, in order to make the record of Member States’ activities at the UN more accessible. Information available for each Member State includes: the key documents related to its membership in the UN; statements made before the principal organs; draft resolutions sponsored; periodic reportsContinue Reading

Disclosure Universes and Modes of Information: Banks, Innovation, and Divergent Regulatory Quests

Hu, Henry T. C., Disclosure Universes and Modes of Information: Banks, Innovation, and Divergent Regulatory Quests (May 26, 2014). Yale Journal on Regulation, Vol. 31, No. 3, 2014. Available at SSRN: http://ssrn.com/abstract=2442092 “In 2013, a new system for mandatory public disclosure came into effect, the first since the creation of the Securities and Exchange Commission (SEC)Continue Reading