Coming This Summer: A Dramatic Change in Auditor Reporting
Later this summer, audit reports for large accelerated filers will include a new section addressing “critical audit matters,” which “will be a dramatic change in auditor reporting and is expected to generate significant media attention, particularly in the first year of adoption.”
SEC Proposes Amendments to “Accelerated Filer” and “Large Accelerated Filer” Definitions
On May 9, the SEC proposed amendments to Exchange Act Rule 12b-2 that would revise the “accelerated filer” and “large accelerated filer” definitions in order to reduce costs for certain lower-revenue companies.
SEC Announces New Streamlined Procedure for Confidential Treatment Extensions
The SEC recently announced a streamlined procedure for registrants to apply for an extension of confidential treatment for previously granted requests under the traditional CTR regime.
SEC Approves Silicon Valley-Based Stock Exchange
On May 10, the SEC approved the Long-Term Stock Exchange’s application to become a national securities exchange, clearing the way for the San Francisco-based company to launch the nation’s 14th stock exchange.
New Study Examines How Public Companies Measure Executive Performance
A new study by Corporate Board Member and Compensation Advisory Partners surveyed 258 public company board members to “determine how board members measure performance and incorporate it in their company’s incentive compensation plans.”
SEC Adopts Rules to Modernize and Simplify Regulation S-K
On March 20, the SEC announced that it had adopted final rules to modernize and simplify certain disclosure requirements in Regulation S-K.
SEC Issues Guidance on Redaction of Exhibits Containing Immaterial, Competitively Harmful Information
On April 1, the SEC issued guidance to assist registrants in complying with the new rules and procedures governing the redaction of exhibits.
SEC Issues Guidance on Board Diversity Disclosure
The SEC recently updated its compliance and disclosure interpretations (CDIs) to provide guidance on what disclosure of directors’ self-identified diversity characteristics is required under Item 401 of Regulation S-K and, with respect to director nominees, under Item 407.
Proposed Legislation Would Mandate Board and C-Suite Diversity Disclosure
The proposed legislation would require any proxy statement relating to the election of directors to include disclosure of certain self-identified diversity characteristics of the company’s directors, director nominees and executive officers.
Director Diversity and Other Board Matters: A Look at the Data
Two new publications by Deloitte and Ernst & Young provide useful data to assist boards in comparing their own composition, views and practices to those of other boards.