Securities and Exchange Commission August 2007 – Federal Register Recent Federal Regulation Documents
Results 101 - 150 of 197
Concept Release on Allowing U.S. Issuers To Prepare Financial Statements in Accordance With International Financial Reporting Standards
The Commission is publishing this Concept Release to obtain information about the extent and nature of the public's interest in allowing U.S. issuers, including investment companies subject to the Investment Company Act of 1940, to prepare financial statements in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board for purposes of complying with the rules and regulations of the Commission. U.S. issuers presently prepare their financial statements in accordance with generally accepted accounting principles as used in the United States, referred to as U.S. GAAP.
Amendments to Regulation SHO
The Securities and Exchange Commission (``Commission'') is re- proposing amendments to Regulation SHO under the Securities Exchange Act of 1934 (``Exchange Act''). The proposed amendments are intended to further reduce the number of persistent fails to deliver in certain equity securities by eliminating the options market maker exception. In addition, we are requesting comment regarding specific alternatives to our proposal to eliminate the options market maker exception. We are also proposing an amendment to the long sale marking provisions of Regulation SHO that would require that brokers and dealers marking a sale as ``long'' document the present location of the securities being sold.
Amendments to Regulation SHO
The Securities and Exchange Commission (``Commission'') is adopting amendments to Regulation SHO under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments are intended to further reduce the number of persistent fails to deliver in certain equity securities by eliminating the grandfather provision of Regulation SHO. In addition, we are amending the close-out requirement of Regulation SHO for certain securities that a seller is ``deemed to own.'' The amendments also update the market decline limitation referenced in Regulation SHO.
Short Selling in Connection With a Public Offering
The Securities and Exchange Commission (``Commission'') is adopting amendments to Regulation M to further safeguard the integrity of the capital raising process and protect issuers from manipulative activity that can reduce issuer's offering proceeds and dilute security holder value. The amendments eliminate the covering element of the former rule.
Deletion of References to IRS Identification Numbers
We are removing a number of references to filers' IRS identification numbers currently found in several disclosure schedules and forms because we do not need that information to process the documents, nor is the information material to investors.
Revisions of Limited Offering Exemptions in Regulation D
We propose to revise Regulation D to provide additional flexibility to issuers and to clarify and improve the application of the rules. We propose to create a new exemption from the registration provisions of the Securities Act of 1933 for offers and sales of securities to ``large accredited investors.'' The exemption would permit limited advertising in an exempt offering where each purchaser meets the definition of ``large accredited investor.'' We also propose to revise the term ``accredited investor'' in Regulation D to clarify the definition and reflect developments since its adoption. In addition, we propose to shorten the timing required by the integration safe harbor in Regulation D, and to apply uniform disqualification provisions to all offerings seeking to rely on Regulation D. We are soliciting comments on possible revisions to Rule 504. Finally, we also solicit additional comments on the definition of ``accredited natural person'' for certain pooled investment vehicles in Securities Act Rules 216 and 509 that we proposed in December 2006.
Definition of the Term Significant Deficiency
We are defining the term ``significant deficiency'' for purposes of the Commission's rules implementing Section 302 and Section 404 of the Sarbanes-Oxley Act of 2002.
Prohibition of Fraud by Advisers to Certain Pooled Investment Vehicles
The Securities and Exchange Commission is adopting a new rule that prohibits advisers to pooled investment vehicles from making false or misleading statements to, or otherwise defrauding, investors or prospective investors in those pooled vehicles. This rule is designed to clarify, in light of a recent court opinion, the Commission's ability to bring enforcement actions under the Investment Advisers Act of 1940 against investment advisers who defraud investors or prospective investors in a hedge fund or other pooled investment vehicle.
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