Today we continue our bi-weekly installment shining a light on the best of the corporate and securities blogosphere. Highlights include a new Chairman for the SEC, the latest in the political spending disclosure battle, the fight over SEC enforcement and more. If there are any corporate or securities blogs you think should be highlighted by our Top 5, please comment on this post and we’ll check them out!
1) DealBook: The Dual Duties of the Next SEC Chief – This week President Obama nominated Mary Jo White to be the next Chairman of the SEC saying eloquently “you don’t mess with Mary Jo.” In this post, Peter Henning examines the background and skills that White brings to the job as well as what challenges lie ahead of her at the Commission.
2) The Corporate Counsel: Battle Lines Being Drawn: Political Spending Disclosures - Despite the passing of the latest national election, interest in disclosure of political spending continues to be very high. The latest tally of comments on the rulemaking petition seeking political spending disclosures has reached 320,000. In this post, Broc Romanek discusses the latest including the opening shot from the Chamber of Commerce.
3) SEC Actions: Will Morrison End the Debate Over PRC Based Audit Work Papers? - In Morrison v. National Australia Bank Ltd. the Supreme Court held that Exchange Act Section 10(b) has no extraterritorial reach beyond the shores of the United States. Since the decision is based largely on the intention to avoid interference with foreign legal regimes by U.S. statutes, Tom Gorman thinks Morrison may resolve a significant international issue, the dispute between the SEC and the People’s Republic of China regarding the availability of audit work papers for issuers in China.
4) Securities Law Prof Blog: SEC Enforcement Directors Respond to Professor Coffee’s Criticisms: Who’s Got the Facts Straight? - Professor John Coffee of Columbia Law School recently wrote a blog post in which he lamented that the SEC rarely sues individual defendants at large financial institutions. When it does sue individuals he asserts it frequently loses and penalties collected are declining overall. As you can imagine, Rob Khuzami and George Canellos have something to say about that. In this post, Professor Barbara Black discusses the controversy.
5) Pension Risk Matters: Flu Economics for Companies - The flu has been all over the news lately as it spreads wildly through most of the United States. In this post, Susan Mangiero (herself a flu victim!) discusses the complex economic consequences of sick people showing up to work – a trend called “presenteeism.”
Tags: Accounting, audit work papers, Chamber of Commerce, flu outbreak, George Canellos, John Coffee, Mary Jo White, morrison v. national australia bank, People's Republic of China, political spending disclosure, PRC, presenteeism, Robert Khuzami