SEC, Congress clarify securities disclosure issues; the recent reform act and new SEC proposals will help simplify some reporting requirements

Article Abstract:

Sec 102 of the Private Securities Litigation Reform Act of 1995, related Securities and Exchange Commission proposals, and the recommendations of the Task Force on Simplified Disclosure all affect corporate securities disclosure. The 1995 Act seeks to expand and ensure the utility of existing safe harbor provisions for forward-looking business statements. The task force's March 1996 announcement called for eliminating 45 rules and 4 forms, and would affect 23% of the SEC's rules and 54% of its forms and schedules.

Powers and duties, United States. Securities and Exchange Commission

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Will 'plain English' expose issuers to liability risks; companies concerns about the SEC's proposal to minimize 'legalese' may be addressed by a safe harbor rule

Article Abstract:

Proposals requiring the securities industry to use plain English in prospectuses and disclosure documents could backfire. Underwriters and issuers could become vulnerable to liability claims in the absence of traditional legalese. Plain English could become another form of legal jargon, undermining the goal of providing clearer disclosure. The standards for plain English and its use throughout a securities document remain unclear, so some type of safe harbor rule may be needed.

Law, Legal language

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Alert compliance programs avert insider trading; the compliance officer should monitor trading by individuals with access to sensitive data

Article Abstract:

Insider trading, punishable by heavy fines and criminal penalties, can be avoided through proper compliance monitoring procedures. Corporate secretaries can act as compliance officers empowered to monitor employee stock transactions and trades. Trading window periods and restrictions are often used to prevent employee insider trading. A number of insider trading cases are discussed, particularly with regards to the area of tippee liability.

Practice, Insider trading in securities, Insider trading (Securities), Corporation secretaries

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