November 30, 2010

Dave & Marty on Tax Opinions, ISS Policies and Train Songs

Be sure to check out the Thanksgiving edition of the Dave & Marty radio show, where Marty and I discuss, among other fascinating topics, the federal securities law provisions for which we are most thankful. The other show topics include:

– Marty’s tips for tax opinions
– Things people say that irk us
– Favorite train songs

I also discuss the recent ISS Policy Update, including what to expect under the new “holistic” executive compensation analytical approach that will work off of a significantly condensed list of problematic pay practices.

If you have any topics that you would like to hear covered on the radio show (whether related to the securities laws or not), please send them my way.

COSO to Update the Internal Control Framework

As the internal control framework developed by the Committee of Sponsoring Organizations of the Treadway Commission nears its twentieth birthday, COSO has announced a project to review and update the framework. This update isn’t designed to alter the core principles of the framework, but rather will seek to “facilitate more robust discussion of internal control” through refinements to some of the concepts and guidance included in the framework. PwC is going to support the project, with an anticipated publication date in 2012.

FINRA IPO Abuse Rule Effective in May

As I noted in the blog last month, the SEC recently approved FINRA Rule 5131, which will regulate practices such as quid pro quo arrangements, “spinning,” inequitable penalty bids and the acceptance of market orders for new issue shares before commencement of secondary market trading. FINRA has now issued Regulatory Notice 10-60, which announces that the effective date of new Rule 5131 is May 27, 2011.

– Dave Lynn