With H1N1 (aka Swine influenza A) making headlines, and the filing deadline for Form 10-Q rapidly approaching for most companies, issuers need to quickly consider whether they need to add swine flu as a risk factor in their 10-Q risk factor update. “Responsible companies as part of the disclosure process at least want to think […]
Melissa Klein Aguilar
Posted inRegulatory Enforcement
SEC Enforcement Director Promises Changes
In testimony yesterday before the Senate Banking Committee’s Subcommittee on Securities, Insurance, and Investment, Robert Khuzami, the new Securities and Exchange Commission enforcement director, promised numerous reforms that the Enforcement Division will be implementing to improve its performance. The hearing came just one day after the Government Accountability Office released a report that flagged numerous […]
Posted inFrom the Archive
CalSTRS Pushes for Executive Pay Policies
The California State Teachers Retirement System has called on 300 of its largest portfolio companies to develop more responsible executive pay policies in light of the economic crisis, and to allow shareholders advisory votes on those policies. CalSTRS, the second largest public pension fund in the United States with $111 billion in assets, said its […]
Posted inRegulatory Enforcement
Stepped-Up Global Import-Export Enforcement
Know your customer” is sage advice for any good business. For companies that export goods or technology overseas, a recent case in Canada serves as a reminder that it’s also a compliance obligation. Canadian authorities charged a Toronto man in April with attempting to ship nuclear technology to Iran, after first purchasing the equipment from […]
Posted inUncategorized
Washington Brews With Looming Governance Reform
Washington finally seems to be gearing up for its full-court press of corporate governance reforms. Rumors flew around the Beltway last week that both the Securities and Exchange Commission and key Congressional lawmakers were poised to unveil their long-awaited reforms. No such pronouncements actually arrived, but few doubt they are coming soon and will transform […]
Posted inRegulatory Enforcement
FTC Delays Enforcement of Red Flags Rule Again
The Federal Trade Commission has extended for another three months its delay of enforcement of the new Red Flags Rule to give creditors and financial institutions more time to develop and implement written identity theft prevention programs. Like the previous enforcement delay, the latest delay, in effect until Aug. 1, 2009, is limited to the […]
Posted inFrom the Archive
Corporate America Braces for Wave of Governance Reforms
Add it to the list of consequences of the dismal economy: Companies could face a slew of potential corporate governance reforms in the coming months, as lawmakers and regulators look to shake up governance practices in the wake of the financial crisis. Among other things, Congress is expected to introduce legislation that would mandate a […]
Posted inFrom the Archive
Heads Up: An Abundance of New Staff C&DIs Posted
Heads up: The staff of the Securities and Exchange Commission’s Division of Corporation Finance has been busy updating a number of its Compliance and Disclosure Interpretations. Various sections were updated by the staff on April 24 and April 30, including Securities Act Sections Question 104.01, Question 125.06 , and Question 139.26, Exchange Act Act Section […]
Posted inFrom the Archive
Reminder: XBRL Rule Requires Changes in Q and K Filings
Reminder: The form requirements for Form 10-Q and Form 10-K have been tweaked in connection with the adoption of the Securities and Exchange Commission rule requiring the submission of financial statements tagged using XBRL. With the XBRL rule in effect as of April 13, the following paragraph is now required to be included on the […]
Posted inInternal Controls
Preventing Fraud in the Era of Budget Cuts
The cost-cutting craze sweeping Corporate America is leaving internal control systems full of holes that could be potential entry points for fraud, even as temptation to commit fraud is soaring, a new survey says. The Association of Certified Fraud Examiners polled more than 500 anti-fraud professionals, and more than half reported an increase in the […]
