12 May 2013
Prompted by the Netflix CEO’s post on Facebook about monthly online viewing rates. The SEC statement is here. Excerpt:
“Washington, D.C., April 2, 2013 — The Securities and Exchange Commission today issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to disseminate such information.”
Posted in Equity capital markets, Financial services and market conduct, Regulators, Reporting and accounts, United States |
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25 January 2013
Mary Jo White, presently a partner at Debevoise and Plimpton, is to be nominated by President Obama to head up the US’s lead securities regulator. Here is Bloomberg’s take on the appointment, the New Yorker’s, and the Economist’s.
Posted in Financial services and market conduct, Lawyers, Regulators, United States |
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8 January 2013
A lengthy NYT article discusses the rise of crowdfunding and peer-to-peer lending in the United States, and the delay in writing new rules required under the JOBS Act as the SEC struggles to balance encouraging these new financing models with investor protection.
See also: Lots more crowdfunding posts.
Posted in Financial services and market conduct, Regulators, United States |
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4 December 2012
…in connection with the spate of accounting misdemeanours involving Chinese companies listed on US capital markets, of which the Sino-Forest scandal has been the most high-profile. SEC press release here.
On the same day, Canada’s stock market regulator has accused Ernst & Young LLP of failing to conduct a proper audit of Sino-Forest.
See also: European Commission proposals for reform of the audit market: Big Four firms may have to separate their audit businesses
Posted in Equity capital markets, Regulators, Reporting and accounts, United States |
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29 November 2012
The NYT Dealbook’s overview of the SAC / Martoma insider dealing case explains controlled-liability theory:
“…the S.E.C.’s warning is the boldest regulatory shot yet across SAC’s bow. The commission filed a parallel civil suit last week alongside the Justice Department’s criminal charges that named Mr. Martoma and CR Intrinsic, the SAC unit that employed Mr. Martoma, as defendants.
A person briefed on the investigation said that an additional action against SAC, or even Mr. Cohen, could involve accusations of fraud based on the so-called controlled-liability theory, meaning that it was in “control” of Mr. Martoma when he engaged in insider trading.”
See also: Expert network firms
Posted in Equity capital markets, Financial services and market conduct, Regulators, United States |
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10 October 2012
This excellent Bloomberg article details the various ways in which the SEC pressed Facebook for fuller and more accurate disclosures about its business ahead of its shambolic IPO. Excerpts:
read more »
Posted in Equity capital markets, Regulators, United States |
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