May 30, 2013

SEC Extends Comment Period on Proxy Fees

Last week, the SEC issued this order extending the comment period for revising the fees that companies pay to have their proxy materials distributed. The order summarizes the comments received to date.

Yesterday, the SEC came out with its own version of “The Internship” movie. No Vince Vaughn or Owen Wilson though…

Nasdaq Agrees to $10 Million Fine for Facebook IPO

Yesterday, the SEC announced that Nasdaq had settled with the SEC for securities laws violations resulting from its poor systems and decision-making during the Facebook IPO by paying a $10 million penalty – the largest ever against an exchange. This Bloomberg article gives a play-by-play…

Federal Court Accords Deference to SEC’s Whistleblower Rules

Last week, the US District Court for the Southern District of New York joined four other district courts in holding – in Murray v. UBS Securities – that the SEC’s rules implementing the Sarbanes-Oxley whistleblower protection provisions are entitled to deference.

Supreme Court Grants Certiorari in Sarbanes-Oxley Whistleblower Case

Last week, as noted in this article, the Supreme Court granted certiorari in Lawson v. FMR to address whether an employee of a privately-held contractor or subcontractor of a public company is protected from retaliatory discharge by Section 806 of Sarbanes-Oxley, the whistleblower provision. A divided First Circuit had held that Sarbanes-Oxley didn’t apply to such employees.

– Broc Romanek