What's New in the Division of Corporation Finance
March 2016

Compliance and Disclosure Interpretations

• Exchange Act Rule 14a-4(a)(3) (UPDATED 03/22/2016)
  • Section 301. Description under Rule 14a-4(a)(3) of Rule 14a-8 Shareholder Proposals
    • New CDI 301.01

Accounting and Financial Reporting

• Division of Corporation Finance Financial Reporting Manual (UPDATED 03/17/16)

  Revisions to update guidance on significance testing for equity method investments, conform guidance for the Fixing America's Surface Transportation (FAST) Act, and add guidance relating to the implementation of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (as amended by Accounting Standards Update No. 2015-14) and IFRS 15, Revenue from Contracts With Customers.

No-Action, Interpretive and Exemptive Letters

• Canaccord Genuity Inc., March 24, 2016
   
• Syngenta AG, March 21, 2016
   
• Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, March 14, 2016
   
• iShares MSCI Frontier 100 ETF, March 14, 2016
   
• Royal Alliance Associates, Inc., SagePoint Financial, Inc. and FSC Securities Corporation, March 14, 2016
   
• American International Group, Inc., March 14, 2016
   
• Biotie Therapies Oyj, March 8, 2016