In a dearth of disclosure lies exposure; the 'bespeaks caution' doctrine and safe-harbor rules do not eliminate the need for policies governing corporate disclosures

Article Abstract:

Well-planned communications management can reduce legal liability, raise a company's credibility, and enhance shareholder relations, but solid ground rules founded on an understanding of applicable laws and regulations are essential. Companies only have a duty to disclose even material information due to SEC filing requirements, the duty to correct erroneous statements, the duty to update if past statements become invalid, and the disclose-or-abstain rule. Materiality, selective disclosure, and other topics are addressed.

Corporate governance

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New system links securities markets: 'FIPS' disclosure regime facilitates equity offerings by foreign issuers in Canada

Article Abstract:

Canada's revised Foreign Issuer Prospectus and Continuous Disclosure System (FIPS) builds on the successful multijurisdictional disclosure system (MJDS) to facilitate public offerings in Canada by foreign issuers. Under FIPS, an issuer's disclosure statements prepared under US law receive minimal review from Canadian regulators. This system has not yet been used, but it heralds the recognition in Canada of the global trading network in equity, debt, and other securities.

Canada, Foreign securities, international

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When securities analysts are brought 'over the wall' to conduct due diligence in IPOs, their research reports risk improper disclosure of nonpublic information

Article Abstract:

Securities analysts' involvement in initial public offerings has been increasing, with investment bankers relying on their assessment of an issuer's business plan. When analysts have penetrated the Chinese wall during an initial public offering, restriction of what they are allowed to write must be imposed to avoid the impression that they are reporting on the basis of nonpublic information acquired during the due diligence transaction.

Management, Going public (Securities), Initial public offerings

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