News Centre

Statement At Open Meeting On Procedural Requirements And Resubmission Thresholds Under Exchange Act Rule 14a-8, SEC Commissioner Hester M. Peirce, Sept. 23, 2020

Date 23/09/2020

Thank you, Chairman Clayton. I support today’s amendments to certain procedural requirements and the resubmission thresholds under the shareholder proposal rule. While it can be difficult to discern the signal from the noise around today’s amendments, the reality of the situation is that we are making simple, sensible, and long over-due changes to the shareholder proposal rule.

MIAX Options And MIAX Emerald Have Changed The Opening And Intra-Day Quote Width And Minimum Quote Size Requirements For Several Symbols Effective On Thursday, September 24, 2020

Date 23/09/2020

The symbols listed below will have a maximum valid quote width of $10.00 and a minimum quote size requirement of one (1) contract.

• ADBE   Adobe, Inc.
• CRM    Salesforce.com, Inc.
• NVDA  NVIDIA Corporation
• ZM       Zoom Video Communications, Inc.

Statement On Procedural Requirements And Resubmission Thresholds Under Exchange Act Rule 14a-8, SEC Commissioner Caroline A. Crenshaw, Sept. 23, 2020

Date 23/09/2020

Today the majority of the Commission is approving amendments to the procedures governing shareholder proposals. The amendments are described as a “modernization,” designed to reduce costs for corporations. Even if I agreed that was necessary, I cannot agree with the method.

Office Of The Comptroller Of The Currency Reports Decline In Mortgage Performance

Date 23/09/2020

The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system declined during the second quarter of 2020.

Statement On The Amendments To Rule 14a-8, SEC Commissioner Allison Herren Lee, Sept. 23, 2020

Date 23/09/2020

The final rules represent the capstone in a series of policies that will dial back shareholder oversight of management at the companies they own. Last year, the Commission adopted guidance on proxy advisors and proxy solicitation that made it more difficult and costly for investment advisers to vote shares on behalf of their clients in reliance on independent proxy voting advice. Then, earlier this year, the Commission adopted new rules and additional guidance related to proxy advisors that injected further cost and complexity into the voting process and mandated greater issuer involvement in proxy voting decisions. Having made it more difficult for shareholders to exercise their voting rights, the Commission now adopts amendments that will narrow access to another important mechanism for shareholder oversight: the shareholder proposal process. These actions collectively put a thumb on the scale for management in the balance of power between companies and their owners.

Nigerian Stock Exchange Hosts Dangote Cement To Joint Virtual Facts Behind The Figures And Sustainability Report

Date 23/09/2020

The Nigerian Stock Exchange (NSE or The Exchange) hosted Dangote Cement Plc to a joint virtual Facts Behind the Figures and Sustainability Report on Wednesday, 23 September 2020. The event provided a platform for the Management of Dangote Cement Plc to present its financial performance, strategic and operational developments and sustainability initiatives to the capital market community.

SEC Adopts Amendments To Modernize Shareholder Proposal Rule

Date 23/09/2020

The Securities and Exchange Commission today voted to adopt amendments to modernize its shareholder proposal rule, which governs the process for a shareholder to have its proposal included in a company’s proxy statement for consideration by all of the company’s shareholders.  The principal requirements for: (1) initial inclusion in the proxy statement — the amount and length of ownership of the proposing shareholder — and (2) for subsequent resubmission if the proposal is not approved — the amount of support from other shareholders — have not been substantively amended since 1998 and 1954, respectively.    

ESMA Agrees Position Limits Under MiFID II

Date 23/09/2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).

JSS Real Estate SOCIMI To Start Trading On BME Growth On 25 September

Date 23/09/2020

• It is the 7th company to list on this BME Market in 2020
• The company will have a value of 58 million euros on its market debut

Statement On Procedural Requirements And Resubmission Thresholds Under Exchange Act Rule 14a-8, SEC Commissioner Elad L. Roisman, Sept. 23, 2020

Date 23/09/2020

Change is difficult.  Especially when something has been a certain way for as long as you can remember.  Twenty-two years have passed since the Commission last updated Rule 14a-8.  In particular, the submission threshold was last substantively reviewed and amended in 1998, and the resubmission thresholds have not been updated since 1954.  Yet, over the last several decades, not only has the composition of public company ownership changed drastically, but the ways in which shareholders communicate with companies, and with each other, have evolved with the times as well.  I believe that the only constant in our markets is the fact that they will change.  It is a regulator’s job to adjust rules to respond to, if not to anticipate, such dynamics.  It is our responsibility to adjust these rules to reflect our current markets, and the time is now.