Corporate Governance Update: Real Time Disclosure Becomes a Reality and the SEC Nixes Shell Company Schemes

摘要

This article supplements the author's update appearing in the spring edition and focuses on the Securities and Exchange Commission's (the "SEC") comprehensive, new "real time disclosure" requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In addition, this update provides a survey of the proxy season disclosure of 30 New York Stock Exchange (the "NYSE") listed issuers related to compliance with recently adopted corporate governance disclosure requirements by the SEC and the NYSE. Finally, this piece describes a recently proposed rulemaking by the SEC that is intended to curb fraud and abuse through the use of shell companies in the market for highly speculative securities that trade at low share prices.