Search Results for keywords:"material violations"

The Securities and Exchange Commission (SEC) is seeking public comments as part of its Paperwork Reduction Act procedures on the reinstatement of a previously approved information collection, which is gathered under rules regarding professional conduct for attorneys. These rules require attorneys practicing before the SEC to report evidence of material violations by an issuer. An alternative procedure allows issuers to create a Qualified Legal Compliance Committee (QLCC) to handle such reports. The SEC estimates that 3% of issuers have or will establish a QLCC, which will result in an annual burden of 692 hours and a cost of $242,200, mainly due to involvement of outside counsel. Public comments on this collection are invited until February 14, 2025.

The Securities and Exchange Commission (SEC) is requesting public comments on information collection related to rules for attorney conduct when representing companies. These rules require attorneys to report evidence of significant violations to the company's higher-ups or the SEC. The SEC aims to reinstate an approved process, which involves creating a legal committee when needed for reporting. The public is invited to comment on the necessity and burden of this reporting by March 31, 2025.

The Securities and Exchange Commission issued a notice about a correction in a previous publication in the Federal Register. This correction involves changing a heading from "Proposed Collection" to "Submission for OMB Review" due to a typographical error. The mistake appeared in a document related to reports of material violations, published on February 27, 2025. Naomi P. Lewis is the contact person for more information regarding this correction.