Apparently undeterred by their previous legal losses, the plaintiffs in a lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board have asked the Supreme Court to review their case. As expected, lawyers for the plaintiffs, the Free Enterprise Fund and accounting firm Beckstead & Watts, filed a petition for certiorari seeking a review […]
Melissa Klein Aguilar
Posted inRegulatory Enforcement
FCPA Enforcement Expected to Stay High in 2009
2008 marked another banner year for Foreign Corrupt Practices Act enforcement, and with roughly 100 open investigations in the pipeline, 2009 is likely to be just as busy for enforcers of the anti-bribery statute. That’s according to a review of FCPA enforcement actions by the law firm Gibson Dunn & Crutcher, which reports a combined […]
Posted inFrom the Archive
SEC IG: Probe to Include Broader Look At SEC Procedures
The head of the watchdog body probing the Securities and Exchange Commission’s handling of the case involving Wall Street money manager Bernard Madoff says his review will go beyond recommendations related specifically to that case to look more broadly at the agency’s operations. During testimony before House lawmakers on Capitol Hill on Jan. 5, SEC […]
Posted inUncategorized
A New SEC Chief Faces New Problems in ’09
The new head of the Securities and Exchange Commission will have her hands full in 2009: multiple contentious rulemaking projects, possibly consolidating the SEC with other government agencies, and a slipshod enforcement division that let the largest Ponzi scheme in history strike thousands of investors. By most accounts, Mary Schapiro is well-prepared for the challenge. […]
Posted inFrom the Archive
Reminder: 2009 Means e-Proxy Rules for All
Just a year-end compliance reminder: When the clock strikes 2009, federal e-proxy rules, which require companies to make their proxy materials available to shareholders via a publicly accessible Internet Website, will be in effect for all public companies. The e-proxy rules, adopted by the Securities and Exchange Commission in July 2007, took effect for large […]
Posted inFrom the Archive
Study Says Ban on Shorting Banks Stocks Didn’t Help Much
The financial stocks subject to the Securities and Exchange Commission’s temporary ban on short selling suffered a severe degradation in market quality, price stability, and intraday volatility. That’s the conclusion of an academic study analyzing the impact of the ban. “All the empirical evidence says shorting restrictions cause prices to be wrong, and the evidence […]
Posted inFrom the Archive
Foreign Investors Keep Their Taste for U.S. Lawsuits
The growing trend of foreign investors’ involvement in U.S. securities class-action lawsuits remains alive and well, according to statistics tracked by RiskMetrics Group. From 1996 through 2007, international institutional investors sought to serve as lead plaintiff in a U.S. securities class-action lawsuit 234 times in 134 separate cases. Those investors have filed lead plaintiff motions […]
Posted inUncategorized
Nasdaq Extends Suspension of Delisting Rules
The Nasdaq Stock Market has asked the Securities and Exchange Commission to extend the temporary suspension of some of its listing requirements for another three months. A proposed rule change, filed Dec. 18, would extend until April 19, 2009, the current suspension of the bid price and market value of publicly held shares requirements for […]
Posted inRegulatory Enforcement
False Claims Act May Bite Harder in ’09
Compliance with the False Claims Act, always a headache for government contractors, could swell into a permanent migraine in 2009. Legislation is winding through Congress to amend the FCA, which is the government’s primary tool to combat fraud in procurement. Observers say the changes would drastically expand the statute, sweep many more companies under its […]
Posted inTechnology
SEC Mandates XBRL Filings by July 2009
The Securities and Exchange Commission has given corporations one final farewell gift before the end of the Bush Administration: six more months to comply with the new XBRL mandate. The SEC approved the mandate on a four to one vote last week, requiring all companies and mutual funds to use XBRL technology when filing financial […]
