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CALIFORNIA CORPORATE & SECURITIES LAW

There’s Still Time For Congress To Void The SEC’s Resource Extraction Rule

Last June, the Securities and Exchange Commission belatedly adopted a rule requiring disclosure of resource extraction payments by issuers.  As I wrote at the time: Congress had ordered the SEC to adopt a rule by April 17, 2011.  After belatedly adopting a rule, the U.S. District Court vacated the rule and sent it back to the SEC.  American…

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Can Congress Veto A Rule Adopted By The SEC?

The Small Business Regulatory Enforcement Fairness Act of 1996, P.L. 104-121, March 29, 1996, provides that before a federal agency rule may take effect, the agency must submit to each house of the Congress and to the Comptroller General a report containing: a copy of the rule; a concise general statement relating to the rule, including whether…

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