Paul Dudek, Chief of Office of International Corporate Finance, to Leave Agency
The Securities and Exchange Commission today announced that Paul Dudek, Chief of the Office of International Corporate Finance in the Division of Corporation Finance, is leaving the agency at the end of the month. Mr. Dudek has headed the Office of International Corporate Finance for more than 22 years. The office serves as the point of contact for non-U.S. companies and governments that register securities with the SEC. The office also is responsible for rulewriting initiatives and interpretive matters relating to offerings by foreign issuers in the U.S. and multinational offerings by foreign and domestic issuers. “Paul has played a…
Read MoreC. Dabney O’Riordan Named as Co-Chief of the Asset Management Unit
The Securities and Exchange Commission today announced that C. Dabney O’Riordan has been named co-chief of the Division of Enforcement’s Asset Management Unit, a national specialized unit that focuses on misconduct by investment advisers, investment companies, and private funds. She joins Anthony Kelly as co-chief of the unit and succeeds Marshall Sprung, who left the agency in April. Ms. O’Riordan has investigated or supervised a number of significant enforcement cases addressing a wide variety of misconduct across the asset management industry and that touch on many of the unit’s priority areas. These matters include advisers who misallocated private fund expenses, including…
Read MoreSEC Proposes Rule Requiring Investment Advisers to Adopt Business Continuity and Transition Plans
The Securities and Exchange Commission today proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans. The proposed rule is designed to ensure that investment advisers have plans in place to address operational and other risks related to a significant disruption in the adviser’s operations in order to minimize client and investor harm. “While an adviser may not always be able to prevent significant disruptions to its operations, advance planning and preparation can help mitigate the effects of such disruptions and in some cases, minimize the likelihood of their occurrence,…
Read MoreSEC Adopts Rules for Resource Extraction Issuers Under Dodd-Frank Act
The Securities and Exchange Commission today announced it adopted rules to require resource extraction issuers to disclose payments made to governments for the commercial development of oil, natural gas or minerals. The rules, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are intended to further the statutory objective to advance U.S. foreign policy interests by promoting greater transparency about payments related to resource extraction. The final rules require an issuer to disclose payments made to the U.S. federal government or a foreign government if the issuer engages in the commercial development of oil, natural gas, or minerals…
Read MoreSEC Proposes Amendments to Smaller Reporting Company Definition
The Securities and Exchange Commission voted today to propose amendments that would increase the financial thresholds in the “smaller reporting company” definition. The proposal to update the definition would expand the number of companies that qualify as smaller reporting companies, thus qualifying for certain existing scaled disclosures provided in Regulation S-K and Regulation S-X. “Raising the financial thresholds in the smaller reporting company definition is intended to promote capital formation and reduce compliance costs for smaller companies while maintaining important investor protections,” said SEC Chair Mary Jo White. “The Commission will benefit greatly from the public comments we receive from…
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