DDD15

Dirt Diggers Network: Digest No. 15
August 12, 2002

Editor: Philip Mattera


1. Peeking at internal company documents

2. SEC proposes rule on analyst certification

3. SEC moving faster toward putting insider trading forms online

4. New corporate and securities law blog

5. State Department letter on Exxon Mobil and human rights in Indonesia

6. Article on researching business affiliations


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1. Peeking at internal company documents


A new website called Internal Memos <www.internalmemos.com>

provides access to what it says are internal documents from a

variety of companies. Some of the documents can be viewed for

free, while full access to the collection requires a monthly

subscription fee of $45.


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2. SEC proposes rule on analyst certification


CEOs and CFOs may not be the only players in the securities

world who have to certify their documents. The SEC recently announced

a proposed rule <http://www.sec.gov/rules/proposed/33-8119.htm>  that

would require that any research report disseminated by a broker or dealer

include certifications by the research analyst that the views expressed in the

research report accurately reflect the analyst's personal views, and whether

the analyst received compensation or other payments in connection with

his or her specific recommendations or views. A research analyst would

also be required to provide certifications and disclosures in connection with

public appearances.


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3. SEC moving faster toward putting insider trading forms online


The SEC recently announced <http://www.sec.gov/rules/other/34-46313.htm>

that it will accelerate its move toward requiring insider trading reports

(Form 4) to be filed electronically and to be disseminated via the EDGAR

system. The SEC had been talking about the change for a while, but the

faster movement is mandated by the Sarbanes-Oxley corporate reform

act passed by Congress last month. The Act requires insider transactions

to be reported within two days, though the legislation allows the SEC to

determine alternative rules where the two-day timetable may not be feasible.


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4. New corporate and securities law blog


If you are a close follower of corporate and securities law, you may want to

check out a new blog (weblog) that has been set up as part of RR Donnelley's

RealCorporateLawyer.com website. The blog can be accessed directly at

http://www.realcorporatelawyer.com/blog/blog.html


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5. State Department letter on Exxon Mobil and human rights in Indonesia


The U.S. State Department has taken the unusual step of asking a federal judge

to dismiss a lawsuit against Exxon Mobil for its alleged complicity in human

rights violations in Indonesia. The International Labor Rights Fund, which brought

the suit, has posted the State Department letter to the court as well as other

documents on the case on its website at http://www.laborrights.org/. Apparently,

the Bush Administration is willing to go only so far with its supposed support of

corporate social responsibility.


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6. Article on researching business affiliations


The Online Journalism Review recently posted the second of two articles on researching

people using the internet. Part II <http://www.ojr.org/ojr/technology/1028068074.php>

covers affiliations with businesses and other organizations. It contains a useful and

up-to-date list of links to sources of information on state corporate filings, UCC filings,

non-profit Form 990 filings, campaign contributions, etc.

 

Philip Mattera
pmattera@goodjobsfirst.org