Changes and Proposals Affecting Rules 144, 145 and Regulations
Cooley Godward Kronish LLP
This alert details the SEC recent changes in rules 144 and 145 as they pertain to the holding period for certain securities.
Finders' Fees and Securities Laws
Joel S. Heiser of Arter & Hadden LLP
Generally speaking, federal and Ohio securities laws effectively prohibit finders or promoters from engaging or professing to engage, directly or indirectly, in the purchase or sale of securities with the expectation of receiving a commission, fee or other compensation as a result of such purchase or sale, unless they are properly licensed to engage in such activities.
SEC Adopts Final Rules on Listing Standards for Audit Committees
Morrison & Foerster LLP
On April 1, the SEC adopted new rules directing the NYSE, Nasdaq and AMEX to prohibit the listing of any security of a company that is not in compliance with certain audit committee requirements established by the Sarbanes-Oxley Act. Public companies whose securities are listed with an SRO must be in compliance with the relevant listing standards by the earlier of their first annual meeting after January 15, 2004 or October 31, 2004.