Most companies could still wring more efficiency out of their Sarbanes-Oxley compliance efforts, according to a new study, even after four years of practice at SOX compliance and relaxed standards from the Securities and Exchange Commission issued last year. The report, based on interviews with more than 30 senior finance and internal control professionals, concludes […]
Melissa Klein Aguilar
Posted inUncategorized
Small Gov. Contractors Slammed by Ethics Rule
A sweeping new ethics rule that takes effect this month marks the beginning of some major compliance headaches for government contractors. Starting Dec. 12, amendments to the Federal Acquisition Regulation—the body of regulations that spell out the government procurement process—require mandatory disclosure by government contractors of certain violations of federal criminal law, the False Claims […]
Posted inFrom the Archive
Some Cos. Won’t File 404(b) Reports in 2008 10-Ks
There may be a silver lining for some smaller companies who’ve been hammered by the market downturn. Issuers who have seen their public float clobbered in recent months may not be required to file the auditor attestation on internal control over financial reporting with their 2008 annual reports if they’re no longer accelerated filers. In […]
Posted inFrom the Archive
Staff Posts Guide On Cross-Border Changes
The Securities and Exchange Commission staff has posted a small entity compliance guide to help filers comply with the amendments to its rules governing certain cross-border business combination transactions and rights offerings. The amendments to the cross-border exemptions, adopted Aug. 27, are effective as of Dec. 8 and apply where the target company in a […]
Posted inFrom the Archive
Corporation Finance Staff Posts Securities Act C&DIs
FYI: The staff of the Securities and Exchange Commission’s Division of Corporation Finance has posted dozens of Compliance and Disclosure Interpretations (CDIs) related to the Securities Act of 1933, which regulates the sale of securities. The updated C&DIs, posted Nov. 26, comprise the staff’s interpretations of the Securities Act Sections. Some of the C&DIs were […]
Posted inRegulatory Enforcement
FCPA Decision Narrows Local-Law Defense
Bad news for anyone worried about violations of the Foreign Corrupt Practices Act: An already tough-to-sell affirmative defense under the law is now even harder to use, thanks to a recent court ruling. A federal district court judge in New York ruled last month that the FCPA’s local-law defense—where payment to a foreign official is […]
Posted inInternal Controls
Survey: Many Fearful of Fraud Spike in 2009
An exclusive Compliance Week survey shows that many corporations are bracing for a drop in revenues next year and a spike in fraud—not that they have the internal controls ready to fight it. That’s according to the results of an online survey of 249 compliance, legal, finance, and risk executives at public companies conducted by […]
Posted inBoards & Shareholders
RiskMetrics Unveils 2009 Proxy Voting Policies
Tax gross-ups, perks, and clawbacks are among the pay-related items that will get a close look by proxy advisory firm RiskMetrics Group during the upcoming proxy season, according to its 2009 proxy voting policies. Among other things, RiskMetrics has expanded its U.S. Poor Pay Practices Policy, which identifies pay practices that would prompt recommendations against […]
Posted inFrom the Archive
Global Regulators Tackle Short Selling, Derivatives Abuses
Global securities regulators have formed a trio of task forces to coordinate global regulatory efforts to tackle trading abuses related to short selling, derivatives trading, and activity by unregulated entities such as hedge funds. The International Organization of Securities Commissions Technical Committee announced the launch of the three task forces following a Nov. 24 meeting […]
Posted inFrom the Archive
Hewitt Announces January Departure From SEC
Chief Accountant Conrad Hewitt became the latest official to announce his pending departure from the Securities and Exchange Commission. The SEC announced that Hewitt, who joined the agency in August 2006, will leave in January. SEC spokesman John Nester said Hewitt “plans to return to corporate governance through boards and audit committees.” Prior to joining […]
