The Securities and Exchange Commission may postpone the implementation of Section 404 of the Sarbanes-Oxley Act for certain companies. Nicolaisen Donald Nicolaisen, the Commission’s chief accountant, confirmed the regulator is considering a delay, possibly for smaller companies that are having difficulty meeting the deadline, which is currently for all filers above $75 million in market […]
Stephen Taub
Posted inFrom the Archive
Settlement Developments: Rise Of The Independent Monitor
Apublished report that the Securities and Exchange Commission may require an independent monitor to oversee American International Group for awhile as part of an overall settlement with the insurance giant raises the question: How common is this kind of arrangement? Bostrom “It is becoming increasingly common,” confirms Bob Bostrom, partner at Winston & Strawn who […]
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SEC’s New Registration Rules: Who Benefits Most?
When word spread that the Securities and Exchange Commission was planning to loosen the rules governing the so-called “quiet period,” the word out was that it would greatly benefit the companies and underwriters planning an initial public offering. Kroenlein In fact, the proposals really aren’t about the “quiet period” and IPOs, but rather a sweeping […]
Posted inInternal Controls
Why Section 404 Could Hold Up Quarterly Filings
When Flowserve Corp. announced last week it would delay the filing of its second and third quarter filings, it came as little surprise to those who follow the $2.4 billion maker of pumps, valves, and flow control equipment. After all, this is the third straight quarter it has postponed its quarterly filing. In the second […]
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Did Governance Raters Foresee Marsh, AIG?
When New York State Attorney General Eliot Spitzer recently sued Marsh & McLennan for improperly steering business to insurers and rigging bids, it didn’t come as much of a surprise to the folks at Institutional Shareholder Services, or fans of their “Corporate Governance Quotient.” RELATED REPORTS View ISS “CGQ” Rating For Marsh & McLennan Download […]
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Foreign Firms Invade IPO Market, Defying SOX Fears
Shortly after the Sarbanes-Oxley Act was passed by Congress in the summer of 2002, many pundits predicted a stream of foreign companies would head for the stock exchange exits and few companies would be interested in listing their shares in the U.S. They were wrong. This year, the U.S. initial public offering market is staging […]
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Clarification Needed For New Deferred Compensation Rules
President Bush is about to sign into law new rules that will shake up the way deferred compensation plans are structured, and may prevent executives from taking out their money whenever they choose. However, lawyers and compensation experts say the new law—The American Jobs Creation Act of 2004—still raises many questions that need to be […]
Posted inBoards & Shareholders
Pension Funds To Test Proxy Access On Disney
Four of the largest pension funds are turning up the heat on Walt Disney Co. and pressing to elect their own nominees to the media giant’s board at its upcoming annual meeting. But their underlying motive also seems to be to pressure the Securities and Exchange Commission to issue its final proposed rules for proxy […]
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Full Speed Ahead For Options Expensing
Looks like it’s full speed ahead for the expensing of options. That’s largely because lawmakers are expected to head home this week after failing to pass a bill that would have either delayed the implementation of the new rules proposed by the Financial Accounting Standards Board or severely restricted the scope of the rules. Except […]
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Why Didn’t The SEC Go “Up-The-Ladder”?
When the Securities and Exchange Commission settled charges against the former general counsel for Electro Scientific Industries, it certainly seemed like the first case involving the so-called “up-the-ladder” provision of Sarbanes-Oxley. Section 307 of SOX sets “standards of professional conduct for attorneys appearing and practicing before the Commission in any way in the representation of […]