Disclosure Requirements

News & Analysis as of

SEC Finalizes Rule On Asset-Backed Securities

On September 24, the SEC issued a final rule adopting significant revisions to regulations governing the disclosure, reporting, registration and the offering process for asset-backed securities (“ABS”). The revised rules aim...more

FTC Warns Advertisers to Check the Fine Print in “Operation Full Disclosure”; Shot Across the Bow Could Signal Law Enforcement...

The Federal Trade Commission (FTC) announced this week that it sent warning letters to more than 60 national advertisers regarding the inadequacy of disclosures in their television and print ads. The letters are part of an...more

SEC Issues Guidance on Accredited Investor Status

On July 3, 2014, the SEC’s Division of Corporation Finance issued six new compliance and disclosure interpretations (C&DIs) regarding determination of accredited investor status for purposes of Rule 506(c). C&DI 255.48...more

FTC Sends Warning Letters to Major Advertisers About Inadequate Disclosures

The FTC announced it has sent letters to over 60 major retailers, including 20 of the 100 largest advertisers in the U.S., that failed to make adequate disclosures in their television and print ads....more

Department of Education Releases Updated Gainful Employment Template

While higher education waits for the final version of the gainful employment rule, the U.S. Department of Education recently released an updated template for disclosures required under the existing gainful employment rule. ...more

Employment Law Summer Recap 2014: Part 9 of 11 – Mo’ne Davis, Becky Hammon and Obama’s Equal Pay Disclosure Rule: Three More...

Thirteen year-old pitching sensation Mo’ne Davis made headlines this summer as she became the first female to throw a shut-out in a Little League World Series game. She dominated batter after batter and looked mature beyond...more

FDA Releases Draft Guidance Updating Agency Policies on the Informed Consent Process for Clinical Trials

On July 15, 2014, the U.S. Food and Drug Administration (“FDA”) released draft guidance that provides extensive commentary on FDA’s current thinking regarding the clinical trial informed consent process. Once finalized, this...more

News groups oppose opt in for CFPB’s proposed disclosure of complaint narratives

While industry continues to voice its opposition to the CFPB’s proposal to publicly disclose consumer complaint narratives, some news groups think the CFPB’s proposal doesn’t go far enough. ...more

The More Things Change….

Today, September 23rd, is the one year anniversary of the effective date of the changes relaxing the prohibition against general solicitation in certain offerings made under Rule 506 and resales made pursuant to Rule 144A....more

Barclays Is Sanctioned By The FCA and The SEC

Barclays took a double hit from regulators yesterday. First the Financial Conduct Authority in the UK fined Barclays Bank Plc, about £38 million for putting £16.5 billion of client assets at risk. Then the SEC imposed a $15...more

Congress Exempts Condominiums from Interstate Land Sales Registration Requirements

In a major break-through for condominium developers, on September 18, 2014, the United States Senate voted unanimously to adopt an amendment to the Interstate Land Sales Full Disclosure Act (often called “ILSA”) that will...more

Public Companies Take Note: SEC Launches Enforcement Initiative Targeting Section 16 and Other Shareholder Filings

The Securities and Exchange Commission (SEC) recently announced charges against 28 public company officers, directors and ten percent shareholders for repeated violations of federal securities laws requiring them to promptly...more

Don’t Make Promises That You Cannot Keep: Greenwich Silver Shield Association v. Town of Greenwich, the FOIA and Discrimination...

Investigations in the public sector confront the competing demands of employee privacy rights and the public’s “right to know” under the Freedom of Information Act [“FOIA”]. Another decision by the Freedom of Information...more

CFTC Provides Relief from Certain Agency Regulations to be Consistent with JOBS Act SEC Amendments

On September 9, the CFTC issued an exemptive letter, which provides relief from certain provisions of Regulations 4.7(b) and 4.13(a)(3) restricting marketing to the public. The exemptive letter harmonizes these rules with...more

D.C. Circuit Court Expands Privilege in Internal Corporate Investigations

There are numerous federal regulations requiring investigations into possible fraud, related to both mandatory disclosure and simply performing some fact gathering while seeking legal advice. The U.S. Court of Appeals for the...more

Company Liability for Insider Stock Ownership Reports

Earlier this month, the SEC announced charges against six public companies for contributing to their insiders’ failure to properly file Form 4s or for violating the Item 405 proxy disclosure requirements for late insider...more

A Reminder of the Importance of Internal Controls Under SOX

On July 30, 2014, the SEC announced charges against the CEO and the former CFO of a computer equipment company based in Florida for misrepresenting the state of the Company’s internal controls over financial reporting and...more

SEC Advisory Committee Makes Recommendations on Disclosure of Preliminary Voting Results

The Investor as Owner Subcommittee of the SEC’s Investor Advisory Committee established pursuant to Section 911 of the Dodd-Frank Act has issued two recommendations on disclosure of preliminary voting results. The...more

Investor Transparency Post AIFMD: What Have We Gained?

The Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive” or “AIFMD”) states in Recital 94 that its objective is: ...to ensure a high level of investor protection by laying down a common...more

Regulation AB II: Second Time’s the Charm?

On August 27, 2014, following years of preparation, speculation and comment, the Securities and Exchange Commission (SEC) adopted Regulation AB II (Reg AB II). Reg AB II represents a response to requirements of Sections 939A...more

SEC Targets Corporate Insiders for Failing to Promptly Disclose Stock Transactions

The Commission has announced an unprecedented enforcement initiative against officers, directors, and major stockholders for violating beneficial ownership reporting requirements and against public companies for their roles...more

Emerging Technologies Push the Boundaries of Privacy Law

As technology developers continue to push the envelope on services and applications affecting the daily lives of consumers, the intersection of technology and privacy is becoming increasingly fraught with legal implications...more

VA Announces Upcoming Changes to ARM Disclosure Regulations

On September 5, 2014, the Department of Veterans Affairs (VA) announced in Circular 26-14-25 that it intends to clarify its interest-rate adjustment, disclosure, and notice requirements for ARM and hybrid ARM mortgage loans...more

New Disclosure Rules for Extractive Companies Coming Into Force Soon

UK companies, including UK subsidiaries of EU companies, face tougher anti-corruption rules from next year. Under chapter 10 of the EU Accounting Directive (2013/34/EU) (“the Accounting Directive”) and the EU...more

CFTC Aligns CPO Regulation With JOBS Act, Provides Other Guidance for CPOs

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) recently issued several letters affecting commodity pool operators (CPOs): JOBS Act Harmonization: On September 9,...more

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