The SEC’s Advisory Committee on Small and Emerging Companies met on September 23, 2015. The Committee made several recommendations, including revising the definition of “smaller reporting company” to include companies with a public float up to $250 million and affording additional disclosure accommodations to such companies.
The SEC has initiated a review of Regulation S-X as part of its ongoing review of disclosure effectiveness. At this time, the SEC is seeking comments on the requirements for the form and content of financial disclosures that companies must file with the SEC about acquired businesses, affiliated entities and guarantors.
The SEC’s Office of Compliance Inspections and Examinations announced that it will boost its review of cybersecurity measures at registered broker-dealers and investment advisers and has outlined the information that it considers relevant to its assessments. The OCIE staff will focus on key topics including governance and risk assessment, access rights and controls, data loss prevention, vendor management, training and incident response.
SEC Proposes Changes to Administrative Proceedings The SEC recently proposed rules to revamp its procedures for administrative proceedings, allowing defendants to take depositions and providing defendants additional time to respond. The proposals address some of the recent challenges by defendants to the fairness and constitutionality of the SEC administrative forum.
The Ticker shares recent developments in SEC compliance, capital markets, corporate governance, executive compensation and other matters important to public companies and their officers and directors. It is published by Fredrikson & Byron’s Public Companies Group.