Parsing the SEC’s “Perks” Investigations

Gibson Dunn’s Tom Kim and Davis Polk’s Kyoko Takahashi Lin talk about perk disclosures and the SEC’s recent Enforcement actions in the perks area, including:

1. How are the recent perk cases different from the other perks cases that the SEC has brought over the years?
2. How might the SEC’s perks disclosure standard be difficult to implement in practice?
3. What types of perks tend to be the most challenging when it comes to making a disclosure determination?
4. What types of disclosure controls should be used to ensure all perks – or potential perks – come to the attention of those that need to know for compliance purposes?
5. If the SEC’s Enforcement Division does contact a company asking about perks, what steps should the company initially take?