四半期開示の廃止について

Leidos, Inc. v. Indiana Public Retirement System

Kevin LaCroix:

The U.S. Supreme Court has agreed to take up a case that will address a recurring issue that has arisen in the securities class action litigation arena – that is, whether or not the alleged failure to make a disclosure required by Item 303 of Reg. S-K is an actionable omission under Section 10(b) and Rule 10b-5.

Thomas O. Gorman:

The Supreme Court agreed to hear another securities case this week. Leidos, Inc. v. Indiana Public Retirement System, No. 16-581. … Leido , a securities class action based on Exchange Act Section 10(b) and Rule 10b-5 thereunder, presents the following question, according to the Petition for a Writ of Certiorari: “Whether the Second Circuit erred in holding – in direct conflict with the decisions of the Third and Ninth Circuits – that Item 303 of SEC Regulation S-K creates a duty to disclose that is actionable under the Section 10(b) . . .” of the Exchange Act.

最高経営責任者の報酬と中間(median)に位置する従業員の報酬の割合の開示

最終規則が制定されました。

証券取引委員会の委員の声明や反対意見があります。

APAとの関係について、DP&Wがコメントしています。

via Skkaden, Gibson, Dunn, Sidley, Sullivan & Cromwell, Wachtell Lipton, Davis Polk, Davis Polk

SECのEDGARでの情報開示が購読者に対して早く開示しているという研究

もともとは,Bloombergの記事で,シカゴ大教授らの論文について,次の通り指摘されていました。

The study of Form 4s, which track changes to stock holdings by company directors and officers, showed an average timing advantage of about 10 seconds.

この有利さは,現在では,小さくなっているとの記事があります。

On Tuesday, filings were published on the SEC’s website an average of 35 seconds after Mr. Jackson received them on his direct feed. The lag dropped to 27 seconds on Wednesday, when the Journal article was published. On Thursday and Friday the delay narrowed even more, with filings appearing on the SEC’s “Edgar” site an average of about three seconds and 2.5 seconds, respectively, after being published on Mr. Jackson’s feed. The drop in the lag time continued Monday, according to Mr. Mitts.