Corporate > AG Deal Diary
16 Feb '18

This week, we highlight a report by EY Center for Board Matters on the top five priorities for companies in 2018 based on outreach conversations with institutional investors. Investors offer that their top five priorities this year are:

Click here to view the full report.

Read More

05 Feb '18

SEC enforcement

New leadership and priorities at the SEC. In May 2017, Jay Clayton, President Trump’s pick for the position of Chairman of the SEC, was sworn into office. Chairman Clayton, a former partner at Sullivan & Cromwell LLP, has said that he will not seek “wholesale changes to the Commission’s fundamental regulatory approach,” though he has outlined a new set of priorities. In particular, he has cited retail investor fraud, investment professional misconduct, insider trading, market manipulation, accounting fraud, and cyber matters as areas on which the Commission should focus in order to best serve “Main Street” investors. Also in May 2017, William Hinman was named the new director of the SEC’s Division of Corporation Finance. Given his experience as a partner in the Silicon Valley office of Simpson Thacher & Bartlett LLP, Mr. Hinman’s selection complements Chairman Clayton’s stated objective of encouraging more companies to join the public market. Annual statistics for SEC enforcement actions during its 2017 fiscal year have yet to be released, but, in August 2017, The Wall Street Journal published an analysis that showed that financial regulators have imposed far lower penalties in the first six months of Donald Trump’s presidency than they did during the first six months of 2016 (during the Obama administration).

Read More

30 Jan '18

Akin Gump litigation partner, Douglas Rappaport, has been quoted in The Deal on litigation strategies for shareholder activists. Rappaport addresses the report that shareholder activists and corporations are filing fewer lawsuits targeting each other, but that they are continuing to write letters and with challenges seeking books and records, outside the public view.

Click here to read the full alert.

Read More

16 Jan '18

Akin Gump has issued an alert on administration and congressional activity since President Trump’s inauguration. The report highlights key regulatory and legislative developments across a range of policy areas. This document also previews the policy agenda for the coming year and concludes with a political update and analysis of the 2018 congressional elections.

Read More

08 Jan '18

Board composition

One of the primary functions of a board of directors is to enhance shareholder value. Advocates argue and studies show that companies with greater board diversity outperform those companies with less diversity. This is one of the reasons that board composition (and, in particular, gender, race and ethnic diversity) is a topic of increasing focus among corporate governance groups, investors, and regulators in both the U.S. and Europe.

Read More

01 Dec '17

On November 29, 2017, Deputy Attorney General Rod Rosenstein announced the addition of an FCPA Corporate Enforcement Policy to the U.S. Attorneys’ Manual (USAM). The Policy largely codifies upon the Department of Justice’s (DOJ) 2016 FCPA Pilot Program, but makes some modifications.

Read More

06 Nov '17

On October 23, 2017, the Securities and Exchange Commission (“SEC”) unanimously approved (the “Approval Release”) the Public Company Accounting Oversight Board’s (“PCAOB”) proposal to adopt a new auditing standard, AS 3101, The Auditor’s Report on an Audit of Financial Statements When Auditor Expresses an Unqualified Opinion, and related amendments to other auditing standards. As discussed in the Approval Release, the PCAOB adopted the new standard in final form on June 1, 2017, subject to SEC approval, following a PCAOB concept release, proposal and reproposal process beginning in 2011.

Read More