Last Friday, the SEC’s Division of Corporate Finance issued its fourth topic in its CF Disclosure Series, which periodically provides the SEC’s views on various topics. This time, the SEC addressed, what it believes to be, inconsistent disclosures on European sovereign debt holdings. The SEC reminds registrants, particularly bank holding companies, of their obligations to
SEC May Have Grossly Underestimated the Costs of Proposed Conflict Mineral Disclosure Rules
Section 1502 of the Dodd-Frank Act mandates the SEC to adopt rules requiring reporting companies to disclose whether certain minerals used in production chains originate from the Democratic Republic of the Congo or its neighboring countries. Minerals sourced from these areas of central Africa often fund militia and other military groups’ operations which have exacerbated
SEC Considering Petition to Adopt Rules Requiring Disclosure of Political Contributions
The SEC is currently considering a petition submitted by a group of 10 law professors asking the SEC to adopt rules that would require public reporting companies to disclose political contributions in their annual proxy statements. As justification for the proposal, the petitioners assert that there is empirical evidence that indicates public company shareholders are
Controversial Bill Would Require Additional “Social Disclosures” for Reporting Companies
The Dodd-Frank Act mandated the SEC to adopt rules to require reporting companies to make certain “social disclosures.” For example, Section 1502 of Dodd-Frank requires the SEC to adopt disclosure rules that will require reporting companies to make certain disclosures if “conflict minerals” are “necessary to the functionality or production” of its manufactured products. Metals
Proxy Access Rules Struck Down by Court of Appeals
In a resounding victory for public companies Friday, the United States Court of Appeals for the District of Columbia Circuit struck down the Securities and Exchange Commission’s rule on proxy access. The controversial proxy access rule would have permitted shareholders to more easily and more cheaply nominate a minority slate of director candidates for election