Tag: SEC

COVID-19 Vaccine Developers Ask the SEC to Help Keep the Secret of How They Set Prices

Mary Pat Campbell

Link: https://www.newsweek.com/covid-19-vaccine-developers-ask-sec-help-keep-secret-how-they-set-prices-1565904

Excerpt:

When the U.S. government awarded over $10 billion in contracts and advance- purchase commitments to drug companies working on COVID-19 vaccine and treatments, it did not require the recipients of government money to agree to offer their products at fair prices or share intellectual property rights to enable faster production.

Now, two of the companies awarded those contracts—Pfizer and Johnson & Johnson—are trying to prevent shareholders from voting on resolutions to require the companies to disclose information about the impact of government funding on vaccine access.

Author: Julia Rock

Publication Date: 1 February 2021

Publication Site: Newsweek

Incentivizing Financial Regulators

Mary Pat Campbell

Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3072695

Abstract:

I study how promotion incentives within the public sector affect financial regulation. I assemble individual data for all SEC enforcement attorneys between 2002 and 2017, including enforcement cases, salaries, and ranks. Consistent with tournament model, attorneys with stronger promotion incentives are involved in more enforcement, especially against severe financial misconduct, and in tougher settlement terms. For identification, I rely on cross-sectional tests within offices and ranks and on exogenous variation in salaries resulting from a rule-based conversion to a new pay system. The findings highlight a novel link between incentives and regulation and show that the regulator’s organizational design affects securities markets.

Author: Joseph Kalmenovitz

Publication Date: 28 March 2019

Date Accessed: 30 January 2021

Publication Site: SSRN

Harvey, Illinois, faces renewed scrutiny of 2014 SEC consent agreement

Mary Pat Campbell

Link: https://fixedincome.fidelity.com/ftgw/fi/FINewsArticle?id=202101211503SM______BNDBUYER_00000177-2650-dd2a-a17f-f7d29f810001_110.1#new_tab

Excerpt:

A federal judge ordered Harvey, Illinois, to rehire a consultant and prove the status of management reforms the city agreed to in a 2014 consent judgment that settled charges the Chicago suburb fraudulently used bond proceeds.

After a series of communications over the last year about the status of the impoverished city’s compliance, the Securities and Exchange Commission dragged the city back to court in October.

Author: Yvette Shields

Publication Date: 21 January 2021

Publication Site: Fidelity

Original Publisher: Bond Buyer