Gunster and the Southeastern Chapter of the Society of Corporate Secretaries and Governance Professionals are jointly hosting a complimentary event in Fort Lauderdale, Florida on June 6. 

The two-hour program will feature the following speakers:

 SEC update: what’s on the mind of the staff … and the new SEC chair?

  • Brian V. Breheny, Partner, Skadden, Arps, Slate, Meagher & Flom LLP
  • Bob Lamm, Chair of the Securities Law Committee, Society of Corporate Secretaries and Governance Professionals

 Hot topics and lessons learned from the 2013 proxy season

  • Fred Marquardt, Managing Director, Morrow & Co. LLC
  • David E. Shapiro, Partner, Wachtell, Lipton, Rosen & Katz

 Sign up to attend the free June 6 event now. Seating is limited.

Please contact either person below with questions: 

Jake Amsbary – Chapter President
Society of Corporate Secretaries and Governance Professionals

David Scileppi – Shareholder

We wanted to thank all of our followers and readers in helping make The Securities Edge so successful.  This week marks the second anniversary of our blog (including our run on the Gunster Blog)!  Each month we see increasing traffic, which tells us that we must be doing something right, but as always, please give us your feedback.  We are always looking for ways to improve.  Thanks again and we are looking forward to our third year!

Pursuant to Section 417 of the Dodd-Frank Act, the SEC’s Division of Risk, Strategy and Financial Innovation is undertaking two current studies involving short selling. The first study focuses on the state of short selling on national securities exchanges and in the over-the-counter markets. 

The SEC is seeking comments to complete its second study involving the examination of the feasibility, benefits, and costs of real-time reporting of short positions either to the public or solely to the SEC and FINRA and conducting a voluntary pilot program in which public companies will agree to have all trades of their shares designated as ‘‘short’’, ‘‘market maker short’’, ‘‘buy’’, ‘‘buy-to-cover’’, or ‘‘long’’, and reported in real time. 

While short selling is used to benefit from a stock’s expected price decline, to provide liquidity, or to hedge risks, the SEC is seeking input on the existing uses of short selling and the adequacy of the available information regarding short sales. Short selling accounts for almost half of U.S. equities volume, the SEC said, based on data provided by exchanges for June 2010.

The comments are requested over a 45-day period as the agency is preparing its report to Congress mandated by the Dodd-Frank Act, with a deadline of July 21.

To view the request for public comments, click here.

To view comments submitted to date, click here.

To submit your own comment to the SEC, click here.

Assuming that Congress and the President cannot agree on either a continuing resolution to fund the operations of the United States’ government or a budget prior to midnight, the SEC will immediately suspend most of its operations.  According to the SEC’s contingency plan, of its 3,969 employees only 332 will report to work during the government shutdown.  The employees not furloughed will largely consist of those critical for the safety of human life or the protection of property or to carry out emergency enforcement activities.  No one may volunteer to work without pay.  All law enforcement and litigation matters, except emergency matters, all processing and approvals of filings and registration statements, and all non-emergency rule-making will be suspended.  EDGAR will remain operational; however, the Divisions of Corporation Finance, Investment Management, and Trading and Markets, and the Office of Compliance Inspections and Examinations will be unable to process filings, provide interpretive advice, issue no-action letters or conduct any other normal Division and Office activities.

To review the contingency plan, click here.