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The Corporate Counsel, Vol. XIV, No. 3
May-June 1989
The Section 16 Proposals (CC May-June 89)
As we go to press, it is clear that the Staff is intent upon having a number of long-standing Staff projects completed and presented to the Commission before Chairman Ruder and perhaps other members of the Commission leave. Chairman Ruder has already announced his intent to leave the Commission and return to teaching in August. As a result, for example, the S-8 proposals have just been released, adoption of the Rule 144A proposals, which many believed had been stalled, is now on the Commission's calendar for the meeting of July 10th, and we expect the adoption of the Section 16 proposals to be on the Commission's calendar in the month of August.

Regarding the Section 16 proposals, it is still our take that the Staff will ask the Commission to adopt retroactive proxy statement and 10-K reporting of all delinquent Form 3 and 4 filings. Even if the Staff does not prevail here, any delinquencies after the effective date of the amendments (late Fall?) would have to be reported. In short, as we have noted before, those issuers that have not yet beefed up their Section 16 compliance procedures should get on the stick.

There is a chance that the new amendments will be adopted in time to be reported in our next issue.

©1998 Executive Press, Inc.


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