In addition to the SEC's recent rule change permitting IFRS financial statements by foreign private issuers, here are a few other noteworthy developments:

1.    Rule 144 changes:   The SEC voted to  shorten the holding period for restricted securities of reporting companies from one year to six months.  Also for sales by non-affiliates, volume limits, manner of sale requirements, and other restrictions are eliminated, except for the requirement of current public information until the securities have been held for one year.  For affiliate sales of debt securities, the Commission eliminated the manner of sale requirements and eased the volume limits.

2.    Proxy access:  The SEC codified its intepretation of Rule 14a-8(i)(8) allowing issuers to exclude proxy access shareholder proposals.  In a party-line vote, Commissioner Annette Nazareth dissented.

3.    Terrorism disclosures:    The SEC recently issued a concept release seeking public comment on its efforts to monitor and facilitate public access to company disclosures regarding business activities with State Sponsors of Terrorism (Cuba, Iran, North Korea, Sudan, and Syria).

4.     ISS 2008 Proxy Advisory Policy Updates:  Proxy advisory firm ISS Governance Services (fka Institutional Shareholder Services) recently announced its US and international policy updates regarding its proxy voting recommendations.

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