UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Dismissal of Pending Administrative Proceedings by the Securities and Exchange Commission.
On Friday, June 2, 2023, the Securities and Exchange Commission (“SEC”) issued an order dismissing proceedings as Release No. 4413, advising 42 companies, including Digital Brand Media & Marketing, Inc. (the “Company”), that their pending administrative proceedings had been dismissed.
Since the Initial Decision Dismissal on November 12, 2019, by ALJ Carol Fox Foelak, it had remained the standing order as it related to the Company, until the SEC announcement which superseded and dismissed the administrative proceeding as a final order.
A review of certain practices by the SEC ‘s Division of Enforcement was initiated by the Chair of the Commission under the supervision of the Commission’s General Counsel (the “review team” / “OGC”). The review team has been supported by Berkeley Research Group, LLC, a consulting firm retained by OGC that includes a team of experienced investigators and forensic analysts.
The SEC’s enforcement and in-house ruling arms are supposed to be kept completely separate from each other regarding such matters. The “Chinese Wall” between adjudication and enforcement is a sacrosanct tenet of the SEC and of internal control policy.
After the SEC concluding that the enforcement staff had improper access to materials meant for the commission officials ruling on those cases, all cases affected were dismissed “to preserve the Commission’s resources.”
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: June 5, 2023 |
Digital Brand Media & Marketing, Inc. (Registrant) |
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By: |
/s/ Linda Perry |
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Linda Perry |
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Principal Executive Officer Principal Financial Officer Executive Director |
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Document And Entity Information |
Jun. 02, 2023 |
|---|---|
| Document Information Line Items | |
| Entity Registrant Name | DIGITAL BRAND MEDIA & MARKETING GROUP, INC. |
| Trading Symbol | DBMM |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Central Index Key | 0001127475 |
| Document Period End Date | Jun. 02, 2023 |
| Entity Emerging Growth Company | false |
| Entity Incorporation, State or Country Code | FL |
| Entity File Number | 333-85072 |
| Entity Tax Identification Number | 59-3666743 |
| Entity Address, Address Line One | 845 Third Avenue |
| Entity Address, City or Town | New York |
| Entity Address, State or Province | NY |
| Entity Address, Postal Zip Code | 10022 |
| City Area Code | (646) |
| Local Phone Number | 722-2706 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.001 par value per share |
| Security Exchange Name | NONE |