News & Analysis as of September 19, 2024

Securities Exchange Act › Waivers

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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SEC Grants Eligibility Waiver to Issue Whistleblower Award

Bass, Berry & Sims PLC on 6/7/2019

The Securities and Exchange Commission (SEC) recently awarded $3 million to joint whistleblowers despite concluding that the whistleblowers did not satisfy the technical eligibility requirements for receiving an award. See...more

Update: Another SEC Enforcement Action on Whistleblower Waivers and Releases

Goodwin on 8/22/2016

Summary - Earlier this month, the U.S. Securities and Exchange Commission (SEC) announced its second significant enforcement action against an employer based on confidentiality and release provisions that the SEC asserts...more

SEC Targets Employment Agreements Requiring Waiver of Whistleblower Awards

Seyfarth Shaw LLP on 8/22/2016

The SEC’s Office of the Whistleblower continues to examine employee severance, settlement and confidentiality agreements for language that might chill reporting of securities violations to the SEC and other regulators. The...more

Public Companies to Revise Employee Confidentiality and Severance Provisions

Sherman & Howard L.L.C. on 8/22/2016

The Securities and Exchange Commission (“SEC”) issued two Cease and Desist Orders that dramatically change the landscape for employee contractual confidentiality provisions, as well as for employee waiver and release...more

Standard Severance Agreements May Need to Be Revised

Snell & Wilmer on 8/22/2016

Many employers offer severance agreements to departing employees which, at least in part, are designed to protect the employer from disclosures of confidential information and from any future claims or recovery by the...more

SEC Fines Company for Agreements Restricting Whistleblowers

Burr & Forman on 8/15/2016

The SEC has fined an Atlanta company $265,000 for using various severance agreements restricting whistleblower activities. The Dodd-Frank Act added ’34 Act § 21F encouraging whistleblower programs....more

SEC Bounty Hunters Take Heart: SEC Fines Company $265,000 for Using Severance Agreements That Provided a Waiver of any Monetary...

Orrick, Herrington & Sutcliffe LLP on 8/12/2016

Wednesday, the SEC announced that an Atlanta-based company, BlueLinx Holdings, is settling charges that its severance agreements contained provisions that in its view might impede employees from communicating directly with...more

SEC Revises Guidance on Granting WKSI Waiver

Morrison & Foerster LLP on 3/26/2014

On March 12, 2014, the SEC’s Division of Corporate Finance updated its guidance regarding requests for waivers by well-known seasoned issuers (“WKSIs”) that would otherwise become ineligible issuers under Rule 405 of the...more

SEC Grants Second Rule 506 Bad Actor Waiver

Stinson - Corporate & Securities Law Blog on 1/13/2014

On December 26, 2013, the SEC granted its second waiver from disqualification from reliance on Regulation D because of prohibited conduct under new Rule 506(d). The waiver was granted to a Broker-Dealer alleged to have paid...more

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Securities Exchange Act › Waivers

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