Congress approves securities law reforms in an effort to streamline regulation, reduce regulatory burdens and promote capital formation for U.S. businesses

Article Abstract:

Congress passed the National Securities Markets Improvement Act of 1996 to deal with the double state and federal regulatory burden which increased the US business community's cost of capital without providing investors with adequate protection. Congress allocated to the SEC more regulatory activities national in scope while leaving to the states power to regulate securities matters just regional or local. The law also effected other reforms relating to mutual funds, broker-dealer, investment advisers and the SEC's own operations. Securities regulation should be modernized and streamlined as a result of this act.

Venture capital, Working capital, states

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An insurgent planning to initiate a proxy contest needs to assemble a team of advisers, develop a detailed understanding of the target and prepare a strategy

Article Abstract:

Insurgents planning proxy contests must develop a detailed understanding of the target company and assemble an experienced team including attorneys, proxy solicitors, investment bankers and public relations experts. These advisers can help formulate a strategy for the contest and develop a message for the shareholders, the financial community and other constituencies. Reviewing the target company's public documents and the material contracts on file with the SEC is essential preparation. Strategy once the proxy contest has been initiated is detailed.

Corporate governance

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Proxy rules face some opposition

Article Abstract:

The SEC has proposed changes to its proxy rules that are intended to facilitate communication among stockholders, make proxy voting better informed and reduce compliance costs. It has been claimed that current restrictions on shareholder communications resulting from a wide interpretation of 'solicitation' may violate constitutionally guaranteed freedom of speech. However, since large blocks of stocks are owned by institutional and professional concerns, some claim that liberalized communication may allow formation of voting blocks.

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