In her first two weeks on the job, the Securities and Exchange Commission’s new chairman wasted no time making changes aimed at bolstering the agency’s enforcement and called for a “serious self-evaluation” of the way it operates. As promised, Mary Schapiro, in her first speech as SEC chairman, announced the end of the Commission’s two-year […]
Melissa Klein Aguilar
Posted inRegulatory Enforcement
Madoff Whistleblower Blasts SEC Inaction
The whistleblower credited with repeatedly tipping off the Securities and Exchange Commission over the last nine years about the alleged multi-billion dollar Ponzi scheme involving Bernard Madoff publicly blasted the agency as “over-lawyered” and captive to the industry it regulates. Harry Markopolos, the whistleblower who provided the SEC with findings of his own nine-year investigation […]
Posted inFrom the Archive
SEC Extends Comment Period on Proposed IFRS Roadmap
The Securities and Exchange Commission has extended the comment period on its proposed roadmap for the potential use of International Financial Reporting Standards by U.S. issuers. The original comment period was scheduled to end on Feb. 19. In response to commenters, the SEC is extending the comment period for 60 days until April 20. The […]
Posted inUncategorized
SEC Okays Nasdaq Rule Change on Annual Reports
The Securities and Exchange Commission has approved a Nasdaq rule filing that modifies the exchange’s listing requirements related to the distribution of annual reports. Previously, Nasdaq Rule 4350(b)(1)(A) required that a company either distribute a physical copy of its annual report to shareholders, or issue a press release announcing the filing of its annual report […]
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Fed Rule of Evidence 502 Affects e-Discovery
Some early court rulings’ decisions applying new federal rules about accidentally disclosing privileged legal information are giving corporate legal departments new glimpses into best practice for electronic discovery. Federal Rule of Evidence 502, which took effect in September 2008, aims to ease fears that companies could accidentally waive attorney-client or work-product protections when they turn […]
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Roundtable Addresses Comp Trends in 2009
As companies revise their executive compensation practices in 2009 to address the economic downturn, they need to balance good governance and fiscal discipline with the need to keep top talent, compensation experts advise. Douglas Corporate America won’t see a complete revolution in executive pay, but many companies are likely to amend at least some parts […]
Posted inFrom the Archive
Report Details Recs for New SEC Disclosure System
A high-level plan to modernize the Securities and Exchange Commission’s disclosure system envisions a new interactive filing system that would enable companies to file basic information once and update it as required. A 28-page report published by the staff of the 21st Century Disclosure Initiative calls for the SEC to scrap its current system of […]
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XBRL Adopting Release Arrives
Just in time for the weekend, financial reporting executives have some light reading, courtesy of the Securities and Exchange Commission. The agency has finally posted the long-awaited 206-page adopting release for the rule mandating the use of XBRL technology. The rule, formally known as Interactive Data to Improve Financial Reporting, was approved by the Commission […]
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COSO to Unveil Monitoring Guidance Next Week
Heads up: The Committee of Sponsoring Organizations plans to unveil its long-awaited guidance on monitoring internal controls next week. The introduction to the guidance is already available on the COSO Web site. The entire four-volume set of guidance will be available Feb. 4. Compliance Week will provide its readers full coverage of the details of […]
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SEC Posts New Compliance & Disclosure Interpretations
Heads up: The staff of the Securities and Exchange Commission has posted dozens of new Compliance and Disclosure Interpretations. One set relates to Exchange Act Rule 13e-3 as it applies to “going private” transactions and related Schedule 13E-3. The other relates to the rules adopted under the Securities Act. The going private C&DIs replace the […]
