The Securities and Exchange Commission’s proposed guidance for management on implementing Section 404 of Sarbanes-Oxley drew hundreds of comments from Corporate America and the public, signaling that debate over how best to amend compliance burdens for the law is still far from over. The SEC wants to provide guidance that would allow companies to scale […]
Melissa Klein Aguilar
Posted inBoards & Shareholders
Plaudits, Mostly, For FPI Deregistration Plan
The Securities and Exchange Commission’s proposal to clear a path for foreign private issuers to exit U.S. listings is winning plaudits from many corners of the business community, although some critics still say the plan has room for improvement. Currently, FPIs only can exit the Securities Exchange Act registration and reporting regime if the class […]
Posted inRegulatory Enforcement
SEC Speaks To Small Cos.; Canada Overhaul
T he Securities and Exchange Commission has again reassured smaller companies that they don’t need to do the same amount of work as their larger counterparts to assess and report on their internal controls under the SEC’s proposed management guidance for Section 404 of the Sarbanes-Oxley Act. In remarks earlier this month at the SEC […]
Posted inRegulatory Enforcement
FCPA Enforcement Keeps Hitting New Highs
2006 marked a banner year for enforcement actions and prosecutions under the Foreign Corrupt Practices Act—and experts say 2007 could be busier yet. The number of enforcement actions under the FCPA—a statute that, among other things, makes it illegal to bribe foreign officials to obtain or keep business—skyrocketed last year, with the Justice Department and […]
Posted inRegulatory Enforcement
Overseas, A Slow Pace To Follow FCPA Path
The United States blazed the trail against bribery of overseas officials when it enacted the Foreign Corrupt Practices Act 30 years ago. Other nations, however, are taking some very different routes to achieve the same goal. The FCPA is the world’s oldest statute aimed at combating bribery of public officials in another nation. Since the […]
Posted inUncategorized
IRS Offers Backdating Tax Guidance
The Internal Revenue Service has published new regulations to shield workers who unwittingly received backdated stock options from getting hit by a huge tax liability—but companies must act fast if they want to protect their employees via the new program. Known as the Compliance Resolution Program and unveiled by the IRS on Feb. 8, the […]
Posted inRegulatory Enforcement
IFRS Summit Set; Proxy-Disclosure Guidance
The Securities and Exchange Commission will convene a roundtable meeting in two weeks to gather input on the current state of filing financial statements using International Financial Reporting Standards, as the Commission slogs ahead with plans to harmonize IFRS and U.S. Generally Accepted Accounting Principles by the end of the decade. The meeting, to be […]
Posted inRegulatory Enforcement
Amid Fewer Lawsuits, D&O Premiums Fall
Good news for companies footing the bill for liability coverage for corporate officers and directors: Thanks primarily to excess capacity in the insurance market, companies should be able to get more D&O coverage for less money. Driven by increasing capacity in the insurance market as a whole and by decreasing frequency and severity of losses […]
Posted inRegulatory Enforcement
Backdating Enforcement; Fees For WKSIs
Keeping its promise to crack down on improperly dated grants of stock options, the Securities and Exchange Commission has filed new backdating charges against former executives of a defense contractor, even as rumors swirled that the Commission is closed to generating some sort of formula to determine penalties for companies caught in such cases. The […]
Posted inInternal Controls
IIA Unveils New Guidance For IT Controls
The Institute of Internal Auditors has unveiled new guidance intended to help companies and auditors scope the IT general controls that should be included in their annual assessments of internal controls over financial reporting under Sarbanes-Oxley. IT general controls—the controls that assure the proper operation of IT applications and automated controls and help protect data […]
