Archives for February 2010

Today, the Securities and Exchange Commission voted 3-2 to adopt a short sale-related circuit breaker solution (the “Alternative Uptick Rule”) to limit excessive short selling pressure on individual stocks.  The SEC’s press release is available at http://www.sec.gov/news/press/2010/2010-26.htm. The Alternative Uptick Rule, Securities Exchange Act Rule 201 of Regulation SHO, was formally proposed by the Commission in August 2009, see Release No. 34-60509 (Aug. 17, 2009), available at  http://www.sec.gov/rules/proposed/2009/34-60509.pdf.1

At a meeting held on January 27, 2010, the Securities and Exchange Commission (“SEC”) approved by a 3-2 vote an interpretive release (the “Interpretive Release”) providing guidance to public companies on the SEC’s existing disclosure requirements as they apply to climate change matters.  The Interpretive Release makes clear that companies who have not done so should establish a process for assessing whether and to what extent climate change matters are material to the company and, if so, include appropriate disclosures in their SEC filings.[1]  This is especially critical for calendar-year companies who will be filing their Annual Reports on Form 10-K in the coming weeks.  The Interpretive Release is available at http://www.sec.gov./rules/interp/2010/33-9106.pdf.