In this issue:
- SEC Issues Guidance and Implementation of the JOBS Act
- NASDAQ Proposes a Paid-For Market Making Program
- UK Judgment Validates ISDA Master Agreement Performance Suspension Provision
- CFTC Approves Final Rule Related to Recordkeeping and Reporting, Conflicts of Interest and Chief Compliance Officer Designation
- SEC Seeks Repayment of Executive Compensation Based on Sarbanes-Oxley Act
- Seller Entitled to Post-Closing Bonus Payment Despite Changes to Transaction Terms
- DOL Plans to Propose Format for Service Provider Fee Disclosures; No Required Format for 2012 Disclosures
- FSA to Target Anti-Bribery and Corruption Failures
- FSA Issues Guidance on the Promotion of Funds
- ESMA Published Draft Short Selling Technical Standards
An excerpt from "SEC Seeks Repayment of Executive Compensation Based on Sarbanes-Oxley Act"
The Securities and Exchange Commission recently filed a complaint in Federal Court in Texas against Michael A. Baker, the former Chief Executive Officer of ArthroCare Corporation (ArthroCare), and Michael T. Gluk, its former Chief Financial Officer, asserting claims under Section 304 of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley). In its complaint, the SEC is seeking to force Baker and Gluk to reimburse ArthroCare for incentive compensation they received during the 12-month periods immediately following ArthroCare’s release of financial statements that it later restated, as well as for the profits they obtained from their sales of company stock during these periods.
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