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Scrutiny Sparks Shift to Passive Investing Justice Dept.
Recently enacted SEC fee
disclosure rules will likely accelerate this trend.
While Hewitt has established substantial safeguards to ensure that our consultants provide purely objective advice and counsel, the recent SEC fee
disclosure rules and political environment are pressuring some clients to avoid the issue entirely by moving to completely independent advisors.
NSMIA also modified the SEC fee structure - including extension to NASDAQ trades of the transaction fees imposed by Section 31 of the Securities Exchange Act of 1934.
Action in the 104th Congress In 1995, control of Congress shifted to the Republican Party and the legislative agenda was crowded, leaving unaddressed the SEC fee issue.
3005 without the fee provisions on June 27, 1996, setting up a conference in which the SEC fee issue would have to be resolved.
For example, in fiscal year 1997, total SEC fee
collections actually grew to 324% of its appropriated authority and 382% of its requested budget.
A DI incurs expenses including listing and SEC fees
, legal and accounting fees, marketing fees, and proxy and reporting fees.
In addition, National Starch incurred miscellaneous fees such as accounting, printing, proxy solicitation, and SEC fees in connection with the transaction.
The Court in INDOPCO concluded that investment banker fees, legal fees, proxy costs, and SEC fees incurred by a target corporation in a friendly takeover must be capitalized if the takeover produces significant future benefits.