SEC adopts new rules of practice; while the new rules do not provide for compulsory pre-hearing discovery, they generally are favorable to respondents

Article Abstract:

The Securities and Exchange Commission implemented new Rules of Practice in July 1995, most notably making procedures friendlier to respondents and improving disgorgement and temporary relief measures. Papers may now be served via fax or express delivery service, pre-hearing conferences are required, and while there is still no discovery, some changes encourage certain forms of it. Document subpoenas are now returnable, and motions to dismiss are now broader and more flexible. More testimony is now admissible.

Civil procedure, Administrative courts

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Final shareholder proposal rules fall short of reform; although the new rules may result in more proposals in proxy materials, the SEC did not drastically change the status quo

Article Abstract:

The key aspect of the 1998 SEC proxy rules is the reversal of the Cracker Barrel interpretation of the 'ordinary business' exclusion, with the shareholder proposal rules allowing a company to omit a shareholder proposal dealing with a matter relating to the conduct of the company's ordinary business from its proxy materials. The underlying policy, consistent with state corporate law, is to confine the resolution of ordinary business problems to management.

Corporate governance, Voting rights (Stockholders)

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