5 Things to Know About Power of Attorneys for Section 16 Filings

One of the most critical pieces of your papertrail, your work-arounds, your compliance program is to obtain powers of attorney from your executive officers – and the members of the board of directors – to enable you to timely make Section 16 filings – the Form 3, Form 4, Form 5 – with the SEC on their behalf.

Here are 5 things you should know about power of attorneys – known as “POAs” – for Section 16 reports:

1. Get the POA right away
2. Decide which forms, which SEC filings it covers
3. Decide how many attorney-in-facts you have
4. Include “magic” substitution language
5. Decide when to file the POA with the SEC

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