Recent Moves by SEC Increasingly Favor Flexibility for Companies and Their Management Teams

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INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.

Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Tamara Kurtzman.

The Tamara Kurtzman Commentaries

On a recent Price of Business, Host Kevin Price visited with California attorney Tamara Kurtzman.

Under current regulations, publicly traded companies must report earnings and other information on a quarterly basis, an expensive and time-consuming task, especially for smaller reporting companies. That may soon be changing, though. Earlier this month, the Chair of the SEC announced that the agency would soon be proposing a change that would offer companies the option of reporting semi-annually, rather than quarterly. Proponents argue that this change will make U.S. public companies more attractive and competitive by eliminating compliance requirements and legal complexities which increase the cost of operations while offering scant actual investor protection. This rule change would also bring the U.S. in line with an increasing number of foreign jurisdictions which currently require only semi-annually reporting.
Earlier this month, the SEC also issued a policy statement announcing that a prospective IPO company’s decision to adopt a mandatory arbitration provision in its governance documents to require investors to resolve claims through arbitration will not affect the SEC’s decision to accelerate the effectiveness of that company’s registration statement under the Securities Act. Traditionally, SEC staff would not accelerate IPOs when a company’s governance documents required an investor or shareholder to arbitrate its claims arising under the federal securities laws with the issuer. Although this policy change appears to remove an important obstacle to the adoption of mandatory shareholder arbitration in governance documents, it is important to keep in mind that certain state laws may nonetheless prohibit such inclusion of mandatory arbitration provisions. It is critical therefore that prospective IPO companies invest in qualified counsel to ensure that their bylaw provisions comply with the applicable state law and well as the SEC’s IPO disclosure requirements.

Ms. Kurtzman received her undergraduate degree from the University of Chicago, with honors, and subsequently graduated cum laude from Case Western Reserve University School of Law where she received her juris doctor. While attending Case Western Reserve University School of Law, Ms. Kurtzman served as both an associate member and, subsequently, as Editor-In-Chief of The Internet Law Journal.

Before founding TMK, Ms. Kurtzman served as a partner in a California general-practice law firm specializing in corporate representation where she co-chaired, among other divisions, both the firm’s commercial contracts and litigation practices. Ms. Kurtzman has been featured in:

  • The Wall Street Journal
  • The Los Angeles Business Journal
  • Bloomberg News
  • Law360
  • The Daily Journal
  • Los Angeles Lawyer
  • Inside Counsel
  • Westlaw’s Sports & Entertainment Journal
  • The Beverly Hills Courier
  • Backstage
  • The ABA Journal
  • The Hollywood Times
  • Business Law Today
  • The Journal of Internet Law
  • Corporate Counselor
  • Price of Business

In 2012, Ms. Kurtzman was named one of 50 attorneys on the “Fast Track” to becoming the country’s top lawyers and leaders. In 2013, Ms. Kurtzman was inducted into the Beverly Hills Bar Association’s Order of Distinguished Attorneys. In 2017-2021, each year Ms. Kurtzman was selected to SuperLawyer’s Southern California Rising Stars list; each year, less than 3% of the lawyers in the state are selected by the research team at Super Lawyers to receive this honor. Also in 2019, Ms. Kurtzman was named one of the Up-and-Coming 50 Women Southern California Rising Stars by SuperLawyers. In 2015, Ms. Kurtzman became one of the youngest adjunct law professors in the state and, over the years, Ms. Kurtzman has taught pretrial litigation practice and business organizations to numerous classes of law school students. In both 2023 and 2024, Ms. Kurtzman was selected to SuperLawyer’s Southern California Super Lawyer list which recognizes the top 5% of attorneys in each state.

Born and raised in Los Angeles, California, in her spare time Ms. Kurtzman practices Krav Maga and is an avid sabre fencer and bagpiper. Ms. Kurtzman also serves on the Board of American Family Housing, an organization providing long-term housing solutions for formerly homeless veterans and families.

Learn more at www.tmkattorneys.com.

 

Connect with Tamara Kurtzman on social media:

LinkedIn: https://www.linkedin.com/in/tamara-kurtzman-2b540615

 

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