- Last week, we learned that whistleblowers that use snail mail for disclosing alleged violations to the SEC are still protected. This week, Bingham suggests that three courts have adopted even more relaxed disclosure restrictions, which in some cases, include “internal reports of wrongdoing.” Bingham reviews all three cases here.
- Earlier this year, the SEC directed the national securities exchanges to require listed companies’ compensation committee members to be independent and to implement standards for determining when a compensation committee member is independent. A few weeks ago, both the NASDAQ and NYSE submitted their proposals. In a recent client alert, Wilson Sonsini has the specifics of these updated requirements, as well as information on when and how the NYSE and NASDAQ will implement them.
- Late last month, the Division of Corporation Finance of the SEC published some additional guidance in Q&A format on who qualifies as an emerging growth company (EGC) under Title I of the JOBS act. Highlights include that while it is acceptable for a non-EGC to spin off a subsidiary that will qualify as an EGC to take advantage of the reduced filing requirements, such efforts will be “questioned” by the SEC. There is also some guidance on how the SEC will apply the $1 billion annual revenue test. Katten Muchin Rosen has a summary of the updates here.