SEC Advisory Committee on Small and Emerging Companies to Hold Conference Call Meeting
The Securities and Exchange Commission today announced that its Advisory Committee on Small and Emerging Companies will hold a public meeting by conference telephone call on February 17. The advisory committee plans to vote at the upcoming meeting on recommendations to the Commission regarding the definition of an “accredited investor.” The committee’s vote follows its Dec. 17, 2014 meeting which focused on the accredited investor definition. Under the federal securities laws, certain securities transactions are exempt from registration if the securities are sold to accredited investors. The meeting will begin at 2:00 p.m. ET and live audio will be available…
Read MoreSEC Charges Stock-Based Lender With Selling Billions of Penny Stock Shares as Unregistered Broker-Dealer
The Securities and Exchange Commission today charged a Chicago-area company that provides stock loans using equities as collateral, its two co-founders, and its former chief operating officer with selling more than nine billion shares of penny stocks through purported stock-based loans, block trades, and other transactions without registering with the SEC as a broker-dealer as required under the federal securities laws. International Capital Group (ICG) and the executives agreed to collectively pay more than $4.3 million to settle the SEC’s charges. “By selling billions of shares of penny stock without registering with the SEC, ICG and its principals subverted core protections…
Read MoreRobert E. Rice, Chief Counsel to SEC Chair, to Leave SEC
The Securities and Exchange Commission today announced that Robert E. Rice, Chief Counsel to Chair Mary Jo White, will leave the agency at the end of February. Chair White named Mr. Rice her Chief Counsel in June 2013. In that position, Mr. Rice has been a senior legal and policy advisor to Chair White and has provided advice and counsel on a wide range of regulatory matters across the Commission’s divisions and offices, including enforcement actions and strategy; oversight and examinations of broker-dealers, investment advisers, self-regulatory organizations and credit rating agencies; and cross-border regulatory matters. “Bob is one of the…
Read MoreSEC Names Erin Schneider as Associate Regional Director in San Francisco Office
The Securities and Exchange Commission today announced that Erin E. Schneider has been named the Associate Regional Director for enforcement in the San Francisco office. Ms. Schneider began working in the San Francisco office in 2005 as a staff attorney and became an Assistant Regional Director in 2012. She has served as a member of the Division of Enforcement’s Asset Management Unit since its inception in 2010. In her new role, Ms. Schneider will oversee the San Francisco office’s enforcement efforts for northern California and the Pacific Northwest. “Erin is a savvy, accomplished, and dedicated investigator and manager,” said Andrew…
Read MoreSEC to Hold Roundtable on Proxy Voting
The Securities and Exchange Commission today announced that it will host a roundtable on February 19 to explore ways to improve the proxy voting process. The roundtable, which will be held at the SEC’s Washington, D.C. headquarters, will focus on universal proxy ballots and retail participation in the proxy process. Proxy voting is important to both investors and companies. The ability to vote allows investors to make their views known to the company’s management and to participate effectively at annual or special meetings. Thus, the proxy voting process should be robust, effective and workable. The roundtable will be divided into…
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