The Securities and Exchange Commission adopted final rules requiring public companies (other than foreign private issuers and certain fund issuers) to disclose in proxy statements their policies regarding hedging transactions in the company’s securities by directors and employees.  The Commission was required by Section 955 of the Dodd-Frank Act to adopt such rules.

The Commission’s fact sheet notes that new Item 407(i) of Regulation S-K will require a company to describe any practices or policies it has adopted regarding the ability of its employees (including officers) or directors to purchase securities or other financial instruments, or otherwise engage in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of equity securities granted as compensation, or held directly or indirectly by the employee or director.

The final rule text has not been released yet.

On October 31, 2018, the US Securities and Exchange Commission issued a final rule to modernize required property disclosures for mining registrants. The requirements are currently set out in Item 102 of Regulation S-K and Industry Guide 7. This Legal Update discusses key points of the Final Rule as well as its practical implications.

Read our Legal Update here.

 

The Commission announced an open meeting for October 31st in order to consider amendments related to the property disclosure requirements for mining registrants.  The proposed amendments were released in 2016. The amendments as proposed would rescind Industry Guide 7 and include the mining property disclosure requirements in Regulation S-K and align the disclosure requirements with industry and global regulatory standards.  See the meeting notice here.