Compliance Archive

Oct 30, 2019
Goldman Sachs tops M&A adviser league table
Goldman Sachs has topped GlobalData’s Adviser League Table tracking mergers and acquisitions activity for the first three quarters of 2019. The firm was involved in 249 deals with a value of $982.3 bn, bettering second-placed JPMorgan (211 deals, $777.9 bn value) by more than $200 mn. Morgan Stanley rounds out the top three, with 182 deals with a deal value of $732.4 bn. Ravi Tokala, financial deals analyst at GlobalData, says mega-deals – deals with valu...
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Oct 30, 2019
CalPERS raises materiality concerns over SEC disclosure reforms
CalPERS is concerned about how companies would treat materiality in their regulatory disclosures under SEC plans to modernize corporate reporting. CEO Marcie Frost writes in a recent letter to the commission that, although the pension fund supports the proposal’s goals, the planned changes would ‘fall short’ of improving disclosures for investors and would require companies to go thr...
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Oct 25, 2019
GM balks at SEC’s disclosure update plan
General Motors (GM) officials have raised concerns about aspects of SEC plans to revamp corporate disclosures. The commission in August proposed to change rules – often in a principles-based direction – to update the description of business, legal proceedings and risk-factor disclosures companies must make under Regulation SK. The idea is to improve disclosures for investors and simplify complian...
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Oct 18, 2019
The week in GRC: Investors challenge SEC on proxy adviser guidance, and FINRA releases exam findings
– CNN reported that Boeing’s board of directors voted on October 11 to remove CEO Dennis Muilenburg’s role as chair. The board said the move was an effort to strengthen ‘safety management’, and Muilenburg will continue as CEO, president and a director. The board elected independent lead director David Calhoun to serve as non-executive chair. ‘The board sa...
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Oct 16, 2019
CII ramps up pursuit of dual-class sunsets
The Council of Institutional Investors (CII) has asked the SEC to seek authority enabling the commission to, in effect, require companies to limit the length of time company founders can exert outsize control over companies after they go public. CII general counsel Jeffrey Mahoney notes in a letter sent to the SEC earlier this month that the group ...
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Sep 25, 2019
Senators introduce bill to extend whistleblower protection
A bipartisan group of senators this week introduced a bill designed to expand the scope of protection for whistleblowers who bring to light violations of US securities and commodities law. The bill would extend protection from retaliation to whistleblowers who opt to report wrongdoing internally before or instead of reporting directly to the SEC or Commodities Futures Trading Commission (CFTC...
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Aug 14, 2019
SEC disclosure proposal sharpens human capital focus
The inclusion of human capital matters in regulatory plans to revamp corporate disclosures is likely to attract attention and require companies to examine how they approach that work, according to Laura Richman, counsel with Mayer Brown. The SEC last week proposed rule amendments that would update the description of business, legal proceedings and risk factor disclosures that registrants must make un...
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Aug 09, 2019
The week in GRC: Companies tell investors about gun violence risks, and SEC proposes updated disclosure rules
– CNN reported that HSBC CEO John Flint is stepping down after less than two years in the role. The bank said in a statement that Flint resigned by mutual agreement with the board, adding that change is needed to meet ‘the increasingly complex and challenging global environment’ the bank faces. HCBC said it is considering internal and external candidates to succeed Flint. N...
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Aug 08, 2019
CII backs long-term focus of new exchange’s rules
The Council of Institutional Investors (CII) has welcomed plans by a start-up exchange to require member companies to develop policies based around a set of principles based on focusing corporate governance beyond immediate concerns. The Long-Term Stock Exchange (LTSE) in June proposed a set of what it describes as ‘enhanced listing standards that are designed to allow a new generation of companies...
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