Corporate financial reporting folks take note: The staff of the Securities and Exchange Commission’s Division of Corporation Finance have made some more updates to the Financial Reporting Manual, the internal staff reference document that reflects staff view on various reporting issues. The July 7 updates cover issues related to Regulation S-X Rule 3-01, Rule 3-05, […]
Melissa Klein Aguilar
Posted inFrom the Archive
SEC Votes to Publish Proxy System Concept Release
As expected, the Securities and Exchange Commission’s five commissioners voted unanimously to publish its long-awaited Concept Release on the U.S. Proxy System. The so-called “proxy plumbing” concept release, which is expected to include a 90-day comment period when published, is part of the first comprehensive SEC review of the infrastructure of the U.S. proxy voting […]
Posted inRegulatory Enforcement
Flurry of False Claims Activity Expected to Continue
Bad news for those who receive any federal funds, directly or indirectly: It’s been a busy first-half in the False Claims Act arena, and it’s expected to stay that way, thanks to a combination of changes in the law, massive government spending, increased fraud enforcement resources, state legislative and enforcement activities, and pipeline full of […]
Posted inUncategorized
SEC Aggressively Policing Swaps After Recent Loss
The Securities and Exchange Commission recently lost its first battle to enforce insider-trading laws over the vast business of credit default swaps, but compliance departments should take note: The agency still won the right to police such trading generally. The SEC saw its case—one of the first filed under its new system of specialized, fast-acting […]
Posted inBoards & Shareholders
Audit Committee Checklist: FCPA Compliance
Audit committees have many concerns on their plates these days. But none, it seems, are as vexing and consequential as the Foreign Corrupt Practices Act. Board directors see all the same headlines that compliance officers do, trumpeting the latest huge fines and regulatory settlements stemming from some violation of the FCPA. Worse, other governments are […]
Posted inData Privacy
Must-Read: Major HIPAA Changes Out for Comment
Healthcare compliance officers take note: Sweeping changes to the privacy rules under the Health Insurance Portability and Accountability Act are out for comment. The Department of Health and Human Services has published proposed rulemaking that will significantly modify the HIPAA Privacy, Security, and Enforcement Rules. The proposals are out for a 60-day comment period after […]
Posted inFrom the Archive
Proxy Plumbing Concept Release on the Agenda for July 14
The long-awaited Securities and Exchange Commission “proxy plumbing” concept release to seek input on how to modernize the voting infrastructure is officially on the agency’s agenda. The SEC has scheduled an open meeting for July 14 to consider whether to issue a concept release to solicit public comment on whether the agency should consider revisions […]
Posted inRegulatory Enforcement
Litigation Consequences of Supreme Court’s Big Decisions
The U.S. Supreme Court has given Corporate America and its lawyers plenty to ponder over the summer, issuing important opinions on securities lawsuits and anti-fraud enforcement that should have a significant effect on litigation in years to come. First came a decision in Morrison v. National Australia Bank on June 24 that essentially barred “F-cubed” […]
Posted inRegulatory Enforcement
SEC Bounty Program May Complicate Whistleblowing
As compliance officers spend the summer poring over the 2,000-plus pages of Congress’ regulatory reform bill, they might want to pay particular attention to one provision about whistleblowing that could become a big deal for all public companies. Tucked away in Section 922 is wording to create a bounty program within the Securities and Exchange […]
Posted inFrom the Archive
S&P FAQs on ERM Evaluation at Non-financial Cos.
Standard & Poor’s Ratings Services has issued a set of frequently asked questions about its ongoing initiative to incorporate an evaluation of enterprise risk management practices into its credit ratings of nonfinancial companies. The company has posted a list of 15 FAQs about the initiative, which has been underway since 2008. The six-page document says […]
