Regulation Archive

Mar 25, 2020
SEC enforcers warn directors about insider trading amid Covid-19
The SEC’s top enforcers have warned directors and executives against taking advantage of developments arising from the Covid-19 pandemic to engage in insider trading. Stephanie Avakian and Steven Peikin, co-directors of the SEC’s division of enforcement, in a statement on Monday emphasized the need to follow corporate controls and procedures during this period. ‘[I]n these dynamic circumstances, corporate insiders are regularly learning new material non...
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Mar 20, 2020
Guest article: Covid-19 becomes Black Swan of 2020
Countries, companies, individuals and institutions are personally impacted by the virus, with lives at risk. Understandably, IR practitioners have been inundated with requests from the investing community and the media regarding the impact on their company, how management is preparing for this Black Swan event, and some basic granular issues related to the employees, customers, suppliers and business contingency and continuity. Singapore leaders have indicated th...
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Mar 17, 2020
SEC grants proxy meeting flexibility with new guidance
The SEC will allow companies to postpone their annual meetings, change the location or, in some cases, host a virtual shareholder meeting if an in-person meeting cannot go ahead.  The regulator released new guidance on March 13 that gives greater flexibility to issuers as they grapple with the effects of Covid-19. If a company intends to change the date or location of its meeting, it should include a con...
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Mar 12, 2020
UK regulator to push companies on climate-risk reporting
The UK’s Financial Conduct Authority (FCA) is looking to strengthen regulation on climate-risk reporting for premium-listed companies, with a potential for expansion to all UK issuers.  The FCA proposes requiring premium-listed companies to report on climate risk using the Task Force on Climate-related Disclosures’ (TCFD) guidelines, or to explain why they’re not using the framework, according to a statement issued by the regulator on March 6. It...
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Feb 27, 2020
Singapore Exchange announces whistleblowing policy
Singapore Exchange (SGX) regulator SGX RegCo is taking steps to improve public market transparency with the launch of a new whistleblowing policy and an AI stock surveillance tool.   SGX RegCo – the regulatory body that oversees SGX – plans to strengthen its current whistleblowing regime with a new policy designed to ensure the confidentiality of complainants and protection against retaliation, reports Regulation Asia.   ...
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Feb 20, 2020
Diageo fined $5 mn over alleged disclosure lapses
Alcohol company Diageo has agreed to pay a $5 mn penalty to settle allegations that it failed to make necessary disclosures following efforts by its North American subsidiary to counteract weak market conditions. Diageo, which is listed on both the NYSE and London Stock Exchange, owns brands including Johnnie Walker, Crown Royal, J&B, Buchanan’s and Windsor whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinn...
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Jan 31, 2020
North American and EU budgets hit by Mifid II knock-on effect
Two years on from the introduction of Mifid II, large and mega-cap companies’ IR budgets in Europe have been curtailed, while resources allocated for IR activities at small and mid-cap firms in the region have seen an increase, research shows. Mega-cap companies have experienced the greatest fall in IR spending in the last five years, with a notable drop over two years, according to an overview of the IR Magazine Global Investor Relations Practice Report ...
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Jan 24, 2020
Industry gets first insight into SEC’s 14a-8 no-action shift
Governance professionals at companies, law firms and investors are beginning to find out how the SEC will apply its revised approach to handling companies’ requests to exclude shareholder proposals from their AGMs – specifically, where the agency declines to give a written explanation of its decision. The division of corporation finance’s staff on September 6 issued a ...
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