Regulation Archive

Dec 12, 2018
Mifid II going global, says research
Mifid II rules on the funding of investment research are changing behavior on a global scale, according to new research. It’s a development that has huge implications for fund houses, banks, brokers and investors globally – and a trend anticipated by IR Magazine more than a year ago. The research – by Liquidnet, a global institutional investment network ...
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Dec 11, 2018
Mifid II experts challenge AMF chairman’s assertions on regulation
Comments made by Robert Ophèle, chairman of French market securities regulator the Autorité des marchés financiers (AMF), on Mifid II have been given short shrift by Mifid II experts.  Ophèle recently warned: ‘Even without Brexit we would have had to look at [Mifid II] again because there are very detrimental effects on research, especially for mid-caps, that’s absolutely clear.’...
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Dec 05, 2018
Adjusting to Mifid II
Andrew Holt talks to EQS CEO Achim Weick about the latest trends involving Mifid II What trends have you seen develop as a result of Mifid II? Mifid II obliges investment companies to separate the costs of additional services like research and the organization of investor meetings and roadshows from the trading of securities. As a result, companies and investors are now questioning whether to allocate budget to these services or take...
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Nov 30, 2018
Opinion: Changing the way IROs work
Investor relations has changed a lot in 30 years. Today’s financial markets are much more complex: alternative finance and many new investment instruments have made it harder to identify shareholders, while new classes of investors have emerged with different – sometimes opposing – expectations. Shareholder communication has evolved and now includes new goals and topics of discussion. Regulatory developments have escalated over the past decade in response to a...
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Nov 29, 2018
NYSE opens comp committee exemptions to more companies
The SEC has approved changes to the NYSE’s listed company manualthat will enable more smaller issuers to benefit from exemptions from compensation committee compliance requirements. The SEC in June adopted amendments to the ‘smaller reporting company’ (SRC) definition to expand the number of companies that qualify for certain existing disclosure benefits. The changes went into effect on Septem...
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Nov 28, 2018
Opinion: New strategic plan aligns NIRI with the future of IR
Over the course of the past year, NIRI leaders engaged in conversations with chapter leaders and members, and scanned the environment to work out where things are and where they are going. The result is a new plan that will help NIRI serve the profession and members. For nearly 50 years, NIRI has worked to advance the professional practice of investor relations and enhance the credibility and prestige of practitioners. This foundation won’t change, but our world h...
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Nov 16, 2018
SEC hosts proxy adviser debate case as new legislation proposed in Senate
The SEC could be open to imposing a review period for issuers to assess the accuracy of proxy advisory firms’ reports prior to publication, SEC commissioner Elad Roisman said yesterday during an event hosted by the regulator.  The SEC hosted a full-day event to review and assess the proxy process, looking at the way votes are administered and cast, digging into how shareholder proposals are p...
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Nov 02, 2018
SEC guides on tackling shareholder proposals
On October 23, 2018, the SEC’s division of corporation finance published Staff Legal Bulletin No 14J (SLB 14J), providing important guidance concerning shareholder proposals. Specifically, SLB 14J addresses board analyses that may be provided in the context of certain ‘ordinary business’ or ‘relevance’ no-action requests, the ‘micro-management’ prong of the ‘ordinary business’ exclusion, and the application of the ‘ordinary business’ exclusion ...
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Oct 30, 2018
Have regulators got proxy advisers wrong?
Andrew Gebelin, senior director of proxy research for Glass Lewis, says the call for regulation of proxy advisers considered to have too much influence over institutional investors’ voting is based on a misunderstanding about the real role these firms play in the formation of voting policy. ‘While there is some correlation between our views on some issues, it’s certainly not a determinant of any vote,’...
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