Business and Finance
Informal Corporate Disclosure Under Federal Securities Law 2011 Edition
AREA: US
Bound Book
Price 19,300yen (20,265yen included tax)
Pub. May 2011
ISBN 9780808027805
Informal Corporate Disclosure Under Federal Securities Law, 2011 Edition examines the regulation of informal disclosure - e.g., press releases, speeches, analyst conference calls, webcasts, and investor roadshows - as distinguished from formal, highly structured disclosure in SEC filings. The coverage includes discussion of federal securities law, rules and court decisions; self-regulatory organization rules for listed companies, and standards of practice prescribed by the National Investor Relations Institute (NIRI).
The 2011 Edition includes discussion of the NYSE's recent rule change on the use of company websites as a means of public dissemination of material information; the Supreme Court’s Matrixx opinion on the materiality of adverse events reported in connection with pharmaceuticals; recent guidance regarding SAB No. 99 memoranda; new staff guidance on Regulation FD; discussion of regulatory issues raised by company use of blogs, discussion forums and social media; guidance on non-GAAP financial measures; and case law on pre-merger negotiations.
Contents Includes
PART I: GENERAL CONSIDERATIONS
Chapter 1: Overview
- 101 Overview and Scop
- 102 Regulatory Environment
- 103 Statements Attributable to Company
Chapter 2: Governing Law and Rules
- 201 Overview
- 202 Antifraud Provisions
- 203 Regulation FD
- 204 Regulation G
- 205 Securities Offering Provisions
- 206 Proxy Rules
- 207 Forward-Looking Statement Safe Harbor
- 208 Form 8-K
- 209 State Law
- 210 SRO Rules
- 211 NIRI Standards of Practice
Chapter 3: Duty to Disclose
- 301 Introduction
- 302 General Duty to Disclose
- 303 Duty Not to Mislead
- 304 Duty to Correct
- 305 Duty to Update
- 306 "Abstain or Disclose" Rule
- 307 Rumors and Unusual Trading
- 308 Defenses and Exceptions
Chapter 4: Materiality
- 401 In General
- 402 Federal Securities Law
- 403 Accounting and Auditing Standards
- 404 SRO Rules
- 405 NIRI Standards
Chapter 5: Timing, Content and Dissemination
- 501 In General
- 502 Timing
- 503 Content and Preparation
- 504 Dissemination Means
- 505 Selective Disclosure
Chapter 6: Regulation FD
- 601 Overview
- 602 Background
- 603 SEC Position and Adoption
- 604 Covered Issuers
- 605 Persons Acting on Issuer's Behalf
- 606 Recipients of Disclosure
- 607 Material, Nonpublic Information
- 608 Intentional and Non-intentional Disclosure
- 609 "Public" Disclosure
- 610 Securities Offerings
- 611 Liability Issues
- 612 Enforcement
- 613 NIRI Standards
- 614 Best Practices
- 615 International Standards
PART II: PARTICULAR DISCLOSURES
Chapter 7: Disclosures During Sensitive Regulatory Periods
- 701 In General
- 702 Public Offerings
- 703 Proxy Solicitations
- 704 Stock Repurchases
Chapter 8: Analyst Disclosures
- 801 Introduction
- 802 Role of Analysts
- 803 Relationship with Management
- 804 Corporate Liability for Analysts' Statements
- 805 Securities Act Rules
- 806 Selective Disclosure
- 807 Hyperlinks to Reports
- 808 Undue Issuer Influence
- 809 NIRI Standards
Chapter 9: Forward-Looking Statements
- 901 In General
- 902 Statutory Safe Harbor
- 903 "Bespeaks Caution" Defense
- 904 Materiality
- 905 Duty to Update
Chapter 10: Websites and Other Electronic Media
- 1001 In General
- 1002 Adequacy of Electronic Media
- 1003 Hyperlinks to Third-Party Sites
- 1004 Summary Information
- 1005 Duty to Update
- 1006 Safe Harbor for Forward-Looking Statements
- 1007 Publicity During Offering Process
- 1008 Webcasts and Conference Calls
- 1009 Blogs, Discussion Forums and Social Media
Chapter 11: Financial Disclosures
- 1101 In General
- 1102 Materiality
- 1103 "Pro Forma" Information
- 1104 Guidance on Earnings
- 1105 Form 8-K Report
Chapter 12: Roadshows
- 1201 In General
- 1202 Industry Practices
- 1203 Electronic and Internet Dissemination
- 1204 Rule 144A
- 1205 Private Investor Actions
- 1206 Selective Disclosure
Chapter 13: Other Particular Disclosures
- 1301 In General
- 1302 Merger Negotiations and Similar Activity
- 1303 Legal, Regulatory and Criminal Proceedings
- 1304 New Products
- 1305 Contract Representations
Appendices: Earnings Release Content and Timeline
Glossary
Topical Index
PART I: GENERAL CONSIDERATIONS
Chapter 1: Overview
- 101 Overview and Scop
- 102 Regulatory Environment
- 103 Statements Attributable to Company
Chapter 2: Governing Law and Rules
- 201 Overview
- 202 Antifraud Provisions
- 203 Regulation FD
- 204 Regulation G
- 205 Securities Offering Provisions
- 206 Proxy Rules
- 207 Forward-Looking Statement Safe Harbor
- 208 Form 8-K
- 209 State Law
- 210 SRO Rules
- 211 NIRI Standards of Practice
Chapter 3: Duty to Disclose
- 301 Introduction
- 302 General Duty to Disclose
- 303 Duty Not to Mislead
- 304 Duty to Correct
- 305 Duty to Update
- 306 "Abstain or Disclose" Rule
- 307 Rumors and Unusual Trading
- 308 Defenses and Exceptions
Chapter 4: Materiality
- 401 In General
- 402 Federal Securities Law
- 403 Accounting and Auditing Standards
- 404 SRO Rules
- 405 NIRI Standards
Chapter 5: Timing, Content and Dissemination
- 501 In General
- 502 Timing
- 503 Content and Preparation
- 504 Dissemination Means
- 505 Selective Disclosure
Chapter 6: Regulation FD
- 601 Overview
- 602 Background
- 603 SEC Position and Adoption
- 604 Covered Issuers
- 605 Persons Acting on Issuer's Behalf
- 606 Recipients of Disclosure
- 607 Material, Nonpublic Information
- 608 Intentional and Non-intentional Disclosure
- 609 "Public" Disclosure
- 610 Securities Offerings
- 611 Liability Issues
- 612 Enforcement
- 613 NIRI Standards
- 614 Best Practices
- 615 International Standards
PART II: PARTICULAR DISCLOSURES
Chapter 7: Disclosures During Sensitive Regulatory Periods
- 701 In General
- 702 Public Offerings
- 703 Proxy Solicitations
- 704 Stock Repurchases
Chapter 8: Analyst Disclosures
- 801 Introduction
- 802 Role of Analysts
- 803 Relationship with Management
- 804 Corporate Liability for Analysts' Statements
- 805 Securities Act Rules
- 806 Selective Disclosure
- 807 Hyperlinks to Reports
- 808 Undue Issuer Influence
- 809 NIRI Standards
Chapter 9: Forward-Looking Statements
- 901 In General
- 902 Statutory Safe Harbor
- 903 "Bespeaks Caution" Defense
- 904 Materiality
- 905 Duty to Update
Chapter 10: Websites and Other Electronic Media
- 1001 In General
- 1002 Adequacy of Electronic Media
- 1003 Hyperlinks to Third-Party Sites
- 1004 Summary Information
- 1005 Duty to Update
- 1006 Safe Harbor for Forward-Looking Statements
- 1007 Publicity During Offering Process
- 1008 Webcasts and Conference Calls
- 1009 Blogs, Discussion Forums and Social Media
Chapter 11: Financial Disclosures
- 1101 In General
- 1102 Materiality
- 1103 "Pro Forma" Information
- 1104 Guidance on Earnings
- 1105 Form 8-K Report
Chapter 12: Roadshows
- 1201 In General
- 1202 Industry Practices
- 1203 Electronic and Internet Dissemination
- 1204 Rule 144A
- 1205 Private Investor Actions
- 1206 Selective Disclosure
Chapter 13: Other Particular Disclosures
- 1301 In General
- 1302 Merger Negotiations and Similar Activity
- 1303 Legal, Regulatory and Criminal Proceedings
- 1304 New Products
- 1305 Contract Representations
Appendices: Earnings Release Content and Timeline
Glossary
Topical Index
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