SEC/CORPORATE SEC -

Staff No Longer Requires “Tandy” Representations in Filing Reviews -

On October 5, the staff (Staff) of the Securities and Exchange Commission announced that, effective immediately, a company will no longer be required to make affirmative “Tandy” representations in correspondence with the Staff in connection with the Staff’s review of the company’s filings. Previously, the Staff required a company to acknowledge in writing its responsibility for the disclosures in its filings and also that the company would not raise the Staff’s review process and acceleration of effectiveness as a defense in any legal proceeding. In connection with the Staff’s new policy, the Staff will include in its review comment letters a statement reminding a company and its management of their responsibility for the accuracy and adequacy of disclosures, notwithstanding any review, comments, action or absence of action by the Staff.