The Securities and Exchange Commission has scheduled Open Meetings on Tuesday, June 19 and Wednesday, June 20. The subject matter of the Open Meeting on June 19 will be a roundtable discussion regarding Rule 12b-1 under the Investment company of 1940.
- The SEC will consider whether to adopt amendments to expand its interactive data voluntary reporting program to permit mutual funds to submit as exhibits to their registration statements supplemental tagged information contained in the risk/return summary section of their prospectuses.
- The SEC will consider whether to propose amendments to Form 20-F, Rules 3-10 and 4-01 of Regulation S-X, Forms F-4 and S-4, and Rule 701 under the Securities Act of 1933, to accept financial statements prepared in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board without reconciliation to generally accepted accounting principles as used in the U.S. when contained in the filings of foreign private issuers with the SEC.
- The SEC will consider whether to adopt amendments to the proxy rules under the Securities Exchange Act of 1934 to provide shareholders with the ability to choose the means by which they access proxy materials. On January 22, the SEC issued a final rule adopting amendments to the proxy rules, which allow issuers and other soliciting persons beginning July 1, 2007 to furnish proxy materials to shareholders through a “notice and access” model using the internet on a voluntary basis. The proposed amendments would provide all shareholders with the ability to choose whether to receive proxy materials in paper, by e-mail or via the internet.
Under the proposal, an issuer that is required to furnish proxy materials to shareholders under the proxy rules would have to satisfy this requirement through a “universal internet availability” model by posting its proxy materials on a specified, publicly-accessible internet website (other than the SEC’s EDGAR website) and providing record holders with a notice informing them that the materials are available and explaining how to access those materials. Shareholders would retain the ability to request paper or e-mail copies for a particular meeting or to make a permanent request for copies of proxy materials relating to all shareholder meetings. An issuer could not use the “universal internet availability” model in the context of a business combination transaction. Shareholders and other persons conducting their own proxy solicitations also would be required to follow the “universal internet availability” model.