February 10, 2009
Notes: Northwestern’s San Diego Conference
In our “Conference Notes” Practice Area, we have posted 21-pages of notes – courtesy of Liza Mark of Dorsey & Whitney – from Northwestern’s recent “36th Annual Securities Regulation Institute” in San Diego.
Enforcement Director Thomsen Resigns
Yesterday, SEC Enforcement Director Linda Chatman Thomsen resigned – with the lead candidate for replacement being former prosecutor Robert Khuzami, now a top Deutsche Bank lawyer.
This is not unexpected given the crisis that the SEC faces and the resulting stain on its reputation. Even if Linda is thought of as a solid performer – and I personally think she is – it’s smart of Chair Schapiro to “clean house” at the top to help regain the confidence of the markets (and Congress).
How far has the SEC fallen? A former Staffer that I know just landed a new job and was told to remove the SEC from his bio from the announcement that was being sent to clients. Having the SEC in your bio used to be a feather in your cap!
Nasdaq’s Response to Market Decline
In this podcast, Suzanne Rothwell of Skadden Arps explains how Nasdaq has responded to the current market downturn, including:
– What is Nasdaq’s general position for companies not meeting the continued listing standards?
– What accommodations has Nasdaq adopted to the listing standards or policies?
– What are struggling companies doing? Are some deciding it’s not worth trying to maintain their Nasdaq listing?
– Do you have any practical pointers for struggling companies?
Part II: Your Upcoming Proxy Disclosures—What You Need to Do Now!
We have posted the transcript from the second part of our popular two-part CompensationStandards.com webconference: “The Latest Developments: Your Upcoming Proxy Disclosures—What You Need to Do Now!”
– Broc Romanek