The Filing Cabinet

“FinCEN Exchange” seeks to enhance public-private information-sharing

ZTE agrees to $1.4B settlement with ‘stringent compliance measures’

Yellen pushes back on deregulation with rousing defense of post-crisis rules

SEC Finally Approves Money Market Fund Rules

After years of internal debate that spanned two chairmen, the Securities and Exchange Commission has adopted money market fund reforms to address the risk of investor runs. The new rules require a floating net asset value for institutional prime money market funds and allow liquidity fees and redemption gates. Commissioners Kara Stein and Michael Piwowar opposed the rules. In greater detail, the amendments require institutional prime money market funds to price shares using a more precise method so that investors are more likely to see fluctuations in value. Details inside.

XBRL Update: SEC Staff Review, Corporate Actions, More

For those wondering what's new in the world of interactive data, here's a roundup of the latest news and information.The Securities and Exchange Commission has posted some information that should be of interest to anyone involved in the preparation of their company's interactive data submissions in compliance with the Commission's...

XBRL Update: Corp. Actions, Taxonomy Addendum, More

It's been busy in the interactive data arena for the last few weeks. Here's an update of the latest XBRL-related news.Efforts to improve the processing of corporate actions data in the U.S. by tagging those actions using XBRL are under way, with the creation of a stakeholder group to represent...

XBRL U.S. Shows Common Errors, Checks Consistency

Information that might be of interest for those public companies preparing to comply with the Securities and Exchange Commission's XRBL mandate for the first time: A new white paper detailing some of the most common errors companies make related to XBRL U.S. GAAP Taxonomy rules.Since the SEC's mandate for companies...

XBRL Rule Vote Scheduled for Dec. 17

The long-awaited final details of the Securities and Exchange Commission’s plan to mandate the use of interactive data are finally poised to become public.More than six months after it first published its proposed rule to phase-in the adoption of XBRL, or extensible business reporting language, which would require companies to...

XBRL Rule Out by Year-End?

No promises, so don’t hold your breath, but it’s possible that the Securities and Exchange Commission could publish the adopting release on its XBRL rule before the lights go out on 2008.That’s according to SEC Chief Accountant Conrad Hewitt, who told attendees on Nov. 18 at the Financial Executives International’s...

XBRL International, SEC Seeking Input on XBRL

For those with an interest in Extensible Business Reporting Language, or XBRL, two groups are currently seeking public input related to the standard.XBRL International Inc., the global consortium responsible for development and promotion of the business reporting standard, is seeking public comment on the future business requirements and technical roadmap...

XBRL Guidance for Internal Audit Available

New guidance is available for internal auditors on their potential role in helping their organizations transition to filing financial statements in XBRL.A free whitepaper published by The Institute of Internal Auditors Research Foundation, "XBRL: What's in it for Internal Auditors," provides an overview of XBRL and the Securities and Exchange Commission's...

XBRL Analytics Firm Wins Application Development Prize

Calcbench, an open source application that leverages corporate XBRL data and performs comparative analytics, scored a $20,000 prize for winning the XBRL challenge. The contest was created to spur development of tools that use the SEC's interactive data tagging system.

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...

World Bank Procurement Framework Approved

Safe Harbor Squashed; What’s Next for European Data Transfers?

With Gensler's Replacement in Limbo, Wetjen Named Acting Chair

Members of the Commodity Futures Trading Commission on Monday elected Commissioner Mark Wetjen to take the over the reins from Chairman Gary Gensler upon his departure this month. He will hold the position on an interim basis until a permanent replacement is confirmed by the U.S. Senate.

Williams named president and CEO of New York Fed

Instagram's Privacy Policy Mess

Instagram's new terms of service, specifically its intended use of personal photos for advertising, have outraged many users. As regulators dig deeper into online data collection issues, and with an updated Children's Online Privacy Protection Act set to be announced on Wednesday, the photo sharing service may face added scrutiny from watchdogs and regulators.

Why one Republican voted against the CHOICE Act

Why Hui Chen left the Justice Department

Who Is the Most Systemic of Them All? JP Morgan

White: SEC Enforcement Not Targeting Compliance Professionals

The message from SEC Chairman Mary Jo White to compliance officers: They are not the target of enforcement efforts. Speaking to 1,000 compliance officers from financial services firms and broker-dealers at a Commission-sponsored forum, White said, “We do not bring cases based on second guessing compliance officers’ good faith judgments, but rather when their actions or inactions cross a clear line that deserve sanction.” Details inside.

SEC Disclosure Reform Moving Forward, Despite Hurdles

The next steps in a comprehensive rethinking of the Securities and Exchange Commission's disclosure regime should be coming soon and an assessment is underway by the Division of Corporation Finance, according to SEC Chairman Mary Jo White. The biggest hurdle, she said, is balancing the needs of retail and institutional investors. More details inside.

SEC: New Disclosure Rules Won’t Delay General Solicitation

The Securities and Exchange Commission will not withdraw a JOBS Act-related rule proposal that has drawn the ire of Congressional Republicans, and new disclosure requirements will not delay the ability of issuers to advertise their private offerings, said Chairman Mary Jo White in a letter to members of Congress last week.

White: As Securities Offerings Change, SEC Adapts