News & Analysis as of

Disclosure Requirements

Meet HAL, Your New Robo-Adviser: SEC Regulatory Guidance For Robo-Advisers

by Polsinelli on

“Hello, Dave. You're looking well today.” In the iconic science fiction movie, 2001: A Space Odyssey, the HAL 9000 computer courteously greeted his astronaut human companion Dave Bowman. HAL was a Heuristically...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Publishes Compliance and Disclosure Guidance for Regulation Crowdfunding - On April 5, 2017, the Division of Corporation Finance of the Securities and Exchange Commission...more

Influencers and Advertisers Warned By FTC Over Instagram Posts

by Reed Smith on

The Federal Trade Commission (FTC) announced this week that it sent more than 90 letters to social media influencers and advertisers, reiterating the need for influencers to “clearly and conspicuously” disclose their...more

"Third-Party Litigation Financing: Mandatory Disclosure on the Horizon?"

The use of third-party litigation financing — generally defined as the funding of litigation activities by entities other than the parties themselves, their insurers or their counsel — continues to increase in the United...more

Clarifying and Simplifying the Corporate Financing Rule: FINRA Seeks Comment on Proposed Amendments to Rule 5110

by Locke Lord LLP on

On April 12, 2017, the Financial Regulatory Industry Authority (“FINRA”) released a regulatory notice requesting comments on proposed amendments to FINRA Rule 5110 (commonly referred to as the Corporate Financing Rule, the...more

FTC Staff Reminds Brands and Influencers About Disclosure Requirements

by Kelley Drye & Warren LLP on

In November, we posted that four consumer groups had sent letters to FTC, encouraging the agency to investigate and bring enforcement actions regarding the use of influencers on Instagram. In what may be a response to that...more

SEC’s Investor Advisory Committee Airs Concerns Over Multi-Tiered Offerings Following Snap’s IPO

Snap Inc., which debuted on the New York Stock Exchange (NYSE) on March 2nd, was the largest tech IPO since Alibaba went public in 2014. Initially priced at $17 per share, the share price jumped to more than $24 by the end of...more

SEC Issues Guidance to Robo-Advisers

Robo-advisers are a fast-growing segment of the investment advisory industry. In fact, they now account for an estimated $71.5 billion in assets under management. In response to their explosive growth, the SEC has made...more

Surprise Billing Legislation Update

by Arnall Golden Gregory LLP on

In this year’s legislative session, members of Georgia’s House and Senate attempted to pass legislation on “surprise billing” for healthcare consumers. This proposed legislation sought to establish notice and disclosure...more

Conflict Minerals Update – SEC Releases Guidance Following District Court Decision

by White & Case LLP on

On April 3, 2017, the US District Court for the District of Columbia (the "Court") entered a final judgment in National Association of Manufacturers, et al. v. Securities and Exchange Commission,1 ruling that Section 1502 of...more

The Supreme Court Agrees to Decide Whether a Failure to Disclose Known Trends and Uncertainties Under Item 303 of SEC Regulation...

by Alston & Bird on

On March 27, 2017, the U.S. Supreme Court granted a petition for writ of certiorari in Leidos v. Indiana Public Retirement System, et al., No. 16-581, and agreed to review the Second Circuit’s decision that Item 303 of SEC...more

When Confidential is Not Confidential - Identities of Confidential Sources of Distressed Debt Reporter are Not Subject to NY...

by Dechert LLP on

There is the general expectation that when a source discloses information to a reporter on a confidential basis, the source will be protected and their identity and communications cannot be forced to be disclosed. This is...more

Compensation to Newsletter Writers Must Be Disclosed

by Dorsey & Whitney LLP on

On April 10, 2017, the SEC’s Division of Enforcement brought enforcement actions against 27 individuals and entities behind various alleged stock promotion schemes. These actions arose when public companies, through promoters...more

Transparency Watch: Federal District Court Mandates Automatic Disclosure of Third-Party Funding Arrangements for Class Actions

by Carlton Fields on

In January, the U.S. District Court for the Northern District of California announced a change that makes litigants in putative class action suits subject to requirements mandating automatic disclosure of third-party funding...more

SEC’s Division of Corporate Finance Issues Statement on Conflict Minerals Disclosure Requirements

Ruling & Enforcement: Conflict Minerals’ Disclosure - On April 3, 2017, the U.S. District Court for the District of Columbia entered a final judgment in favor of the National Association of Manufacturers, declaring that...more

"Cybersecurity Trends for Boards of Directors"

Cybersecurity has in recent years become an integral component of a board’s role in risk oversight, but directors often find themselves in unfamiliar territory when it comes to formulating policies and oversight processes...more

SEC Will Not Enforce Part of the Conflict Minerals Disclosure Rule

by Bracewell LLP on

On Friday, April 7, 2017, the acting Chief of the Securities and Exchange Commission (the “Commission”) Michael Piwowar released a statement that the Commission will not recommend enforcement of certain parts of its Conflict...more

Supreme Court to Resolve Whether Failure to Disclose under Item 303 of SEC Regulation S-K Gives Rise to Securities Fraud Claims

by Carlton Fields on

On March 27, 2017, the Supreme Court granted certiorari in the case of Leidos Inc., f/k/a SAIC Inc. v. Indiana Public Retirement System, a securities fraud class action. The case will resolve a circuit split over whether a...more

SEC Issues New Material Event Notices Under Proposed Rule 15c2-12 Amendments

by Holland & Knight LLP on

The U.S. Securities and Exchange Commission (SEC) on March 1, 2017, proposed adding two additional triggers – in new subparagraphs (15) and (16) – for the material events notice requirements under Rule 15c2-12 (the Proposed...more

Conflict Minerals - What Just Happened and What Didn’t

The conflict minerals saga continues. Background - In April 2014, the Court of Appeals for the D.C. Circuit in National Association of Manufacturers v. SEC held that the conflict minerals rule’s requirement that...more

SEC Provides Additional Relief for Conflict Minerals Disclosures: What Should Covered Public Companies File on May 31st?

by Locke Lord LLP on

On April 7, 2017, the Division of Corporation Finance of the Securities and Exchange Commission (the “Commission”) issued a statement on the effect of the recent court decisions in National Association of Manufacturers v. SEC...more

New Developments and Uncertainties for Conflict Minerals Disclosure

by Beveridge & Diamond PC on

The Securities and Exchange Commission (SEC or Commission) Division of Corporate Finance issued a new statement adding some uncertainty to company obligations and enforcement exposure under the SEC conflict minerals rule...more

US Supreme Court’s Ruling Bolsters Taxpayers’ First Amendment Right To Pass Through Fees (and Taxes)

On March 29, 2017, in a unanimous ruling, the US Supreme Court ruled that a New York statute, which prohibits identifying a surcharge to customers for credit card payments, regulates speech and is therefore subject to...more

SEC Staff Issues New Guidance on Conflict Minerals Rule for 2017 Filings

by Bryan Cave on

Late Friday, April 7, the SEC issued two statements relating to the conflict minerals rule which reflect a significant change in the staff’s guidance for public companies. The upshot of these statements is that the staff...more

CMS Finalizes New SRDP Disclosure Form and Process

by Baker Ober Health Law on

Parties disclosing actual or potential violations of the Stark law will use a new series of forms under CMS's Voluntary Self-Referral Disclosure Protocol (SRDP) process as of June 1, 2017. According to CMS, the new forms...more

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Cybersecurity

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