Under the Trump administration, the Securities and Exchange Commission (SEC) has...
WASHINGTON - Under the Trump administration, the Securities and Exchange Commission has taken more than two dozen measures - including trimming rules - that make life easier for corporate America, according to a Reuters analysis of SEC announcements and interviews with more than a dozen lawyers, academics and advocacy groups.
The change allows firms more flexibility to work out kinks with the SEC before subjecting their finances to public scrutiny. The SEC has proposed a hard cap of $30 million when it recovers over $100 million, and a cap of $2 million when it recovers a smaller amount. The changes may help to deter bogus or unhelpful tips that have stretched staff, say lawyers.
In December 2018, the SEC opened a public consultation on ways to ease the reporting burden, including by potentially moving to a semiannual cycle. But opponents of the proposal, including Jackson and Harvard University academics, say it could lead to more corporate fraud.In September, the agency finalized a new rule that allows all companies to privately sound out prospective institutional and certain accredited investors before filing for a stock exchange listing, expanding another provision of the 2012 JOBS Act.
Last year, for example, the SEC updated disclosure rules for hedging transactions and to ensure investors get a comprehensive picture of mining companies’ assets. In August, the SEC also proposed giving companies more flexibility in how they disclose general business development issues, litigation and risk factors.
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