The Securities and Exchange Commission’s (“SEC”) Commissioners will meet on June 25, 2014 to consider whether to adopt rules regarding the Application of “security-based swap dealer” and “major security-based swap participant” definitions to cross-border security-based swap activities under the Securities Exchange Act of 1934 and Title VII of the Dodd-Frank Act. Meeting Notice.
SEC and Justice Department Subpoena House Committee Chair and Staff
On June 19th, the New York Times reported the SEC has subpoenaed Representative David Camp, Chair of the House Ways and Means Committee, and the Justice Department has subpoenaed Brian Sutter, a Congressional aide, as part of their investigation into whether Committee staff provided inside information concerning upcoming changes to health care law. Subpoenas.
On June 19th, Crowdfund Insider discussed some of the comments and observations made in anticipation of the SEC’s review of who should be considered an “accredited investor.” Accredited Investor.
On June 18th, the SEC announced that Cicely LaMothe has been named as an associate director in the agency’s Division of Corporation Finance. SEC Press Release.
On June 17th, Reuters reported the comments of SEC Commissioner Michael Piwowar concerning the agency’s policy for granting well- known seasoned issuer waivers. Piwowar said that the Commission changed its policy to remove from its list of considerations the issuer’s significance to the markets and its connectedness to other market participants. The change was made at Piwowar’s request because he feared the language implied some firms were “too big to fail.” WKSI Waivers.