Fee Rate Advisory #1 for Fiscal Year 2017
The Securities and Exchange Commission today announced that in fiscal year 2017 the fees that public companies and other issuers pay to register their securities with the Commission will be set at $115.90 per million dollars. The securities laws require the Commission to make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934. The Commission must set rates for the fees paid under Section 6(b) to levels that the Commission projects will generate collections equal to annual statutory target amounts. The Commission’s…
Read MoreRBC to Pay $2.5 Million for Proxy Statement Disclosure Violations
The Securities and Exchange Commission today announced that RBC Capital Markets LLC has agreed to a $2.5 million settlement for causing materially false and misleading disclosures about its valuation analysis in a proxy statement for Rural/Metro Corporation’s sale in 2011 to a private equity firm. RBC was the lead financial adviser to Rural/Metro, a medical transportation services provider, and received a $500,000 fee for a fairness opinion presented to Rural/Metro’s board as it considered the sale. An SEC investigation found that RBC’s presentation contained materially false and misleading statements which made the bid look more attractive, and caused that information…
Read MoreSEC Whistleblower Program Surpasses $100 Million in Awards
The Securities and Exchange Commission’s awards to whistleblowers have surpassed the $100 million mark with the program’s second-largest award of more than $22 million announced earlier today. The whistleblower program was established by Congress to incentivize whistleblowers with specific, timely and credible information about federal securities law violations to report to the SEC. To date, enforcement actions resulting from whistleblower tips have resulted in orders for more than $500 million in financial remedies, much of which has been returned to harmed investors. “The SEC’s whistleblower program has proven to be a game changer for the agency in its short time…
Read More$22 Million Whistleblower Award for Company Insider Who Helped Uncover Fraud
The Securities and Exchange Commission today announced the award of more than $22 million to a whistleblower whose detailed tip and extensive assistance helped the agency halt a well-hidden fraud at the company where the whistleblower worked. The $22 million-plus award is the second-largest total the SEC has awarded a whistleblower. The largest, $30 million, was awarded in 2014. “Company employees are in unique positions behind-the-scenes to unravel complex or deeply buried wrongdoing. Without this whistleblower’s courage, information, and assistance, it would have been extremely difficult for law enforcement to discover this securities fraud on its own,” said Jane Norberg, Acting Chief…
Read MoreSEC Adopts Amendments Providing Authorities Access to Data Obtained by Security-Based Swap Data Repositories
The Securities and Exchange Commission today adopted amendments to a rule that would require security-based swap data repositories to make data available to regulators and other authorities, allowing them to share information and more effectively oversee the security-based swap market. “These rules are fundamental to effective supervision of the security-based swap market,” said SEC Chair Mary Jo White. “Regulators must have timely, reliable access to data repositories in order to carry out their oversight responsibilities and reduce threats to financial stability, increase transparency, and improve the integrity of the market.” The Dodd-Frank Act established provisions for regulators to access security-based…
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