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A no-action letter is a letter written by the staff members of a government agency, requested by an entity subject to regulation by that agency, indicating that the staff will not recommend that the agency take legal action against the entity, should the entity engage in a course of action proposed by the entity through its request for a no-action letter.
The name "Wells notice" is derived from the Wells Committee of the SEC which proposed this process in 1972. This SEC committee was named after John A. Wells, its chair. [5] The other members of the committee were former SEC Chairmen Manuel F. Cohen and Ralph Demmler. [6] Among the recommendations made by the committee was the following:
No-action letters are letters by the SEC staff indicating that the staff will not recommend to the commission that the SEC undertake enforcement action against a person or company if that entity engages in a particular action. These letters are sent in response to requests made when the legal status of an activity is not clear.
The Securities and Exchange Commission is sending an open letter to U.S. public companies asking that firms evaluate their disclosure obligations with "specific tailored disclosure" about how ...
The U.S. Securities and Exchange Commission has given Elon Musk until Monday to respond to an offer to resolve a probe into the billionaire's $44-billion takeover of Twitter in 2022, a source ...
Form 4 is a United States SEC filing that relates to insider trading.Every director, officer and owner of more than 10 percent of a class of a particular company's equity securities registered under Section 12 of the Securities Exchange Act of 1934 must file with the United States Securities and Exchange Commission a statement of ownership regarding such security.
The SEC filing is a financial statement or other formal document submitted to the U.S. Securities and Exchange Commission (SEC). Public companies , certain insiders, and broker-dealers are required to make regular SEC filings.
Two commissioners have stated that even if the letters provide a defense in private securities litigation, that they are not a defense in an SEC enforcement action. [ 2 ] Even more controversial than the letters themselves is the practice of buying securities subject to a big boy letter and then reselling the securities to a third party without ...