A. APPOINTMENTS & NOMINATIONS
1. SEC Names Lona Nallengara as Chief of Staff
On May 15, 2013 the Securities and Exchange Commission announced that Lona Nallengara had been named the agency’s chief of staff. Mr. Nallengara started with the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance where he was appointed in December 2012 as its acting director.
2. SEC Names Keith F. Higgins as Director of Division of Corporation Finance
On May 15, 2013, the SEC announced that it had named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins will join the SEC from the law firm of Ropes & Gray LLP where he was a partner in its Boston office.
3. Robert E. Rice Named as Chief Counsel to SEC Chair
On June 3rd 2013, Mary Jo White announced that she had appointed Robert E. Rice as her Chief Counsel.
4. Two New SEC Commissioners Nominated from the Senate Banking Committee
President Obama nominated two U.S. Senate aides, Kara Stein and Michael Piwower, to serve as members of the SEC. Kara Stein was nominated to succeed SEC Commissioner Elisse Walter. Ms. Stein is a lawyer and an aide to Senator Jack Reed (D-RI), who is a senior member of the Senate Banking Committee. President Obama also nominated Michael Piwowar to succeed SEC Commissioner Troy Paredes. Mr. Piwowar is the Senate Banking Committee’s Republican chief economist and has served in that role since 2009.
B. GENERAL NEWS
5. NYSE Proposes Streamlined Listing Application Process Including Website Disclosure
On April 30th, the New York Stock Exchange filed proposed rule changes to its Listed Company Manual. If adopted, the changes will remove the forms of listing agreements from the Manual and updated materials will be posted on NYSE’s website. In the event that in the future the NYSE makes any substantive changes to those documents that are being removed from the Manual, it will submit a rule filing to the SEC to obtain approval of such changes.
The NYSE also proposes to state certain requirements, which it has been imposing as a matter of practice, in the Manual to add transparency to the listing process. For example, the NYSE proposes to include in the Manual a new Section 107.00, Financial Disclosure and Other Information Requirements, which will contain the following requirements, among others:
Section 107.03 (SEC Compliance): No security shall be approved for listing if the issuer has not for the 12 months immediately preceding the date of listing filed on a timely basis all periodic reports required to be filed with the SEC or Other Regulatory Authority or the security is suspended from trading by the SEC pursuant to Section 12(k) of the Exchange Act.
Section 107.04 (Exchange Information Requests): The NYSE may request any information or documentation, public or non-public, deemed necessary to make a determination regarding a security’s initial listing, including, but not limited to, any material provided to or received from the SEC or Other Regulatory Authority. A company’s security may be denied listing if the company fails to provide such information within a reasonable period of time or if any communication to the NYSE contains a material misrepresentation or omits material information necessary to make the communication to the NYSE not misleading.
The NYSE also proposes to no longer require the following supporting documents in connection with an original listing application (see Section 702.04):
Stock Distribution Schedule;
Certificate of Transfer Agent/Certificate of Registrar;
Notice of Availability of Stock Certificates;