AccountingLink

SEC

Summary
The Securities and Exchange Commission (SEC) is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the US.

SEC in Focus
Proposed rules
EY comment letters
Selected SEC speeches-Chairman and Commissioners
Selected SEC staff speeches
Selected news releases

SEC in Focus

3 July 2014

SEC in Focus - July 2014
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the second quarter of 2014.

3 April 2014

SEC in Focus - April 2014
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the first quarter of 2014.

9 January 2014

SEC in Focus - January 2014
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the fourth quarter of 2013.

8 October 2013

SEC in Focus - October 2013
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the third quarter of 2013.

3 July 2013

SEC in Focus - July 2013
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the second quarter of 2013.

4 April 2013

SEC in Focus - April 2013
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the first quarter of 2013.

10 January 2013

SEC in Focus - January 2013
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the fourth quarter of 2012.

4 October 2012

SEC in Focus - October 2012 edition
This issue highlights the SEC’s final rule on conflict minerals and the SEC staff's Final Report on IFRS work plan.

3 July 2012

SEC in Focus - July 2012 edition
This issue highlights the SEC staff’s focus on addressing implementation questions about the Jumpstart Our Business Startups Act.

5 April 2012

SEC in Focus - April 2012 edition
This issue highlights capital formation initiatives, including the Jumpstart Our Business Startups Act (JOBS Act), which gives private companies greater access to capital and make it easier for certain companies to go public. The JOBS Act recently cleared Congress and was signed into law by President Obama.

1 January 2012

SEC in Focus - January 2012 edition
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the fourth quarter of 2011.

3 October 2011

SEC in Focus - October 2011 edition
Our SEC in Focus provides an update on activities and events relating to SEC matters occurring during the third quarter of 2011.

1 July 2011

SEC in Focus - July 2011 edition
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the second quarter of 2011.

1 April 2011

SEC in Focus - April 2011 edition
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the first quarter of 2011.

1 January 2011

SEC in Focus - January 2011 edition
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the fourth quarter of 2010.

1 October 2010

SEC in Focus - October 2010 edition
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the third quarter of 2010.

Proposed rules

8 September 2014

Treatment of certain communications involving security-based swaps that may be purchased only by eligible contract participant
The SEC proposed a rule, under the Securities Act of 1933, to provide that certain communications involving security-based swaps that may be purchased only by eligible contract participants will not be deemed for purposes of Section 5 of the Securities Act to constitute offers of such security-based swaps or any guarantees of such security-based swaps that are securities. Under the proposed rule, the publication or distribution of price quotes relating to security-based swaps that may be purchased only by persons who are eligible contract participants and are traded or processed on or through a facility that either is registered as a national securities exchange or as a security-based swap execution facility, or is exempt from registration as a security-based swap execution facility pursuant to a rule, regulation, or order of the Commission, would not be deemed to constitute an offer, an offer to sell, or a solicitation of an offer to buy or purchase such security-based swaps or any guarantees of such security-based swaps that are securities for purposes of Section 5 of the Securities Act.

26 August 2014

SEC pilot plan to assess stock market tick size impact for smaller companies
The SEC announced that the national securities exchanges and the FINRA filed a proposal to establish a national market system plan to implement a targeted 12-month pilot program that will widen minimum quoting and trading increments (tick sizes) for certain stocks with smaller capitalization. The Commission plans to use the pilot program to assess whether such changes would enhance market quality for smaller capitalization stocks for the benefit of investors and issuers.

20 June 2014

Freedom of information act regulations: Fee schedule, addition of appeal time frame, and miscellaneous administrative changes
The SEC published for comment proposed amendments to the Commission’s regulations under the Freedom of Information Act (FOIA) to allow the Commission to collect fees that reflect its actual costs, add an appeals time frame that will create a more practical and systematic administrative process and clarify other issues in the regulations. The proposed amendments provide a formula for fees charged to FOIA requesters; incorporate a time frame in which a FOIA requester must file an appeal in the event a request or a portion thereof is denied; allow for submission of FOIA appeals by email or facsimile; and allow the Office of FOIA Services to issue responses to FOIA requests indicating that no records were located.

17 April 2014

Recordkeeping and reporting requirements for security-based swap dealers, major security-based swap participants, and broker-dealers; capital rule for certain security-based swap dealers
The SEC proposed new rules for security-based swap dealers and major security-based swap market participants. The proposed rules cover recordkeeping, reporting, and notification requirements for security-based swap dealers and major security-based swap participants and would establish additional recordkeeping requirements for broker-dealers to account for their security-based swap activities. The rulemaking is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which authorizes the SEC and other regulators to put in place a comprehensive framework to regulate the over-the-counter swaps and security-based swaps markets.

12 March 2014

Standards for covered clearing agencies
The SEC voted to propose new rules to enhance the oversight of clearing agencies that are deemed to be systemically important or that are involved in complex transactions, such as security-based swaps. The Dodd-Frank Wall Street Reform and Consumer Protection Act called for an enhanced regulatory framework for certain clearing agencies. The SEC’s proposal would apply to SEC-registered clearing agencies that have been designated as systemically important by the Financial Stability Oversight Council or that take part in more complex transactions, such as clearing security-based swaps.

18 December 2013

Amendments for small and additional issues exemptions under Section 3(b) of the Securities Act
The SEC proposed rule amendments to Regulation A to implement Section 401 of the Jumpstart Our Business Startups Act. The proposal would build upon Regulation A, which is an existing exemption from registration for small offerings of securities up to $5 million within a 12-month period. The updated exemption would enable companies to offer and sell up to $50 million of securities within a 12-month period. The proposed rules include issuer eligibility requirements, content and filing requirements for offering statements and ongoing reporting requirements for issuers.

23 October 2013

Crowdfunding
The SEC proposed rules under the JOBS Act to permit companies to offer and sell securities through crowdfunding. Crowdfunding describes an evolving method of raising capital that has been used outside of the securities arena to raise funds through the Internet for a variety of projects ranging from innovative product ideas to artistic endeavors like movies or music. Consistent with the JOBS Act, the proposed rules would among other things permit individuals to invest subject to certain thresholds, limit the amount of money a company can raise, require companies to disclose certain information about their offers, and create a regulatory framework for the intermediaries that would facilitate the crowdfunding transactions.

23 October 2013

Proposed interagency policy statement establishing joint standards for assessing the diversity policies and practices of entities regulated by the agencies
Six federal financial regulatory agencies are proposing joint standards for assessing the diversity policies and practices of the institutions they regulate. The proposed standards are intended to promote transparency and awareness of diversity policies and practices within the institutions.

18 September 2013

Pay ratio disclosure
The SEC proposed a new rule that would require public companies to disclose the ratio of the compensation of its CEO to the median compensation of its employees. The new rule, required under the Dodd-Frank Act, would not prescribe a specific methodology for companies to use in calculating a "pay ratio." Instead, companies would have the flexibility to determine the median annual total compensation of its employees in a way that best suits its particular circumstances.

28 August 2013

Re-proposed risk retention rule
The SEC, along with five other federal agencies, jointly re-proposed a rule required by Section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act that requires sponsors of securitizations of certain asset-backed securities to retain at least 5% credit risk in the underlying assets of such securities.

5 June 2013

Money market fund reform - Amendments to Form PF
The SEC proposed amendments to certain rules under the Investment Company Act of 1940 aimed at minimizing money market funds’ exposure to rapid redemptions and making the risks of investing in the funds more transparent. Comments on the proposal are due 90 days after publication in the Federal Register.

29 August 2012

Elimination the prohibition against general solicitation and general advertising in Rule 506 and Rule 144A offerings
Under the SEC proposed rules, which are mandated by the Jumpstart Our Business Startups Act, companies would be permitted to use general solicitation and general advertising to offer securities under Rule 506 of Regulation D of the Securities Act and Rule 144A of the Securities Act. The Commission will seek public comment on the proposed rules for 30 days.

21 September 2011

2012 XBRL SEC Taxonomy
The SEC staff is seeking public comment on its draft 2012 XBRL SEC Taxonomy. The 2012 XBRL SEC Taxonomy includes tags related to non-financial statement information, including document and entity information, currency, stock exchanges and investments information. The 2012 XBRL SEC Taxonomy may be used only after approval by the SEC, which is expected in the first half of 2012. The comment periods ends 31 October 2011.

19 September 2011

Conflicts of interest in ABS transactions
The SEC's proposal would prohibit certain material conflicts of interest involving those who package and sell asset-backed securities (ABS). SEC Chairman Mary Schapiro said the "proposed rule is designed to ensure that those who create and sell asset-backed securities cannot profit by betting against those same securities at the expense of those who buy them."

6 September 2011

Retrospective review of existing regulations
The SEC is seeking public comment on the process it should use to conduct retrospective reviews, such as how often rules should be reviewed, the factors that should be considered, and ways to improve public participation in the rulemaking process. Public comments are due by Oct. 6, 2011.

31 August 2011

Companies engaged in the business of acquiring mortgages and mortgage-related instruments
The SEC's concept release seeks information about companies engaged in acquiring mortgages and mortgage-related instruments that rely on an exclusion from registration under the Investment Company Act of 1940. With the evolution of mortgage-related pools and complex mortgage-related instruments, the SEC wants to determine whether some may be interpreting the exclusion too broadly or too narrowly. The exclusion is meant only for an entity that meets the definition of an investment company, but is primarily engaged in purchasing or otherwise acquiring mortgages and other liens and interests in real estate.

31 August 2011

Treatment of asset-backed issuers under the Investment Company Act
The SEC 's proposal would amend Rule 3a-7 of the Investment Company Act of 1940, which excludes certain issuers of asset-backed securities (ABS) from the definition of an investment company. In an advance notice of proposed rulemaking, the SEC asks, among other things, whether ABS issuers should continue to be exempt from the investment company definition based on a rating from a nationally recognized statistical rating organization or whether a new criterion should be established.

31 August 2011

Use of derivatives by investment companies
The SEC issued this concept release to know, among other things, how funds use various types of derivatives; the benefits, risks and costs of using derivatives; how to measure the amounts of fund leverage when investing in a derivative and how a fund should value a derivative to determine for diversification purposes the percentage of the fund's assets invested in a particular company. The information will help the SEC determine whether regulatory action or guidance is needed under the Investment Company Act of 1940.

26 July 2011

Re-proposal of shelf eligibility conditions for asset-backed securities and other additional requests for comment
The SEC re-proposed disclosure, reporting, and offering process requirements for asset-backed securities (ABS) to include requirements for certification, representations and warranties, and investor communications. ABS issuers also would be required to file copies of underlying transaction agreements at the date of the prospectus.

15 June 2011

Broker-dealer reporting
The SEC's proposal would require broker-dealers with custody of assets to assert compliance with Financial Responsibility Rules and have an independent registered public accounting firm examine its compliance and issue a report based on that examination.

26 May 2011

Work Plan for the consideration of incorporating IFRS into the financial reporting system for US issuers
The SEC's staff paper outlines a possible approach for incorporating IFRS into the US financial reporting system that Deputy Chief Accountant Paul Beswick described in December 2010 as "condorsement."

18 May 2011

Enhancing credit rating integrity and transparency
The SEC's proposal would improve the quality, integrity and transparency of credit ratings issued by a Nationally Recognized Statistical Rating Organization (NRSRO).

27 April 2011

Removal of certain references to credit ratings under the 1934 SEC Act
As part of its effort to reduce regulator and investor reliance on credit ratings, the SEC is proposing to preclude broker-dealers from relying on credit ratings when calculating their net capital.

30 March 2011

Listing standards for compensation committees and advisers
The SEC's proposal would direct national securities exchanges to adopt minimum listing standards related to compensation committees and compensation advisers.

30 March 2011

Risk retention by asset-backed security sponsors
The SEC's proposal would require an asset-backed securities (ABS) sponsor to retain at least 5% of the credit risk of the assets collateralizing the ABS without hedging the holdings. The proposal would give a sponsor various options to retain risk.

3 March 2011

References to credit ratings in certain investment company act rules and forms
The SEC's proposal would eliminate the credit ratings requirement for investments by a money market fund. Under the proposal, money market funds would be restricted to securities that a fund's board of directors or its delegate determines have the highest capacity to meet their short-term financial obligations (new first tier definition) or securities the board of directors or its delegate determines present minimal credit risks.

2 March 2011

Incentive-based compensation arrangements
The SEC 's proposal on incentive-based compensation by financial institutions, such as brokers, dealers or investment advisers, with assets of $1 billion would prohibit incentive-based compensation arrangements that encourage inappropriate risk taking.

9 February 2011

Security ratings: Form S-3 eligibility
The SEC's proposal would eliminate the requirement for some issuers to have an investment grade credit rating to use a short-form.(i.e., Form S-3 or Form F-3) in registering non-convertible securities, such as debt securities.

25 January 2011

Net worth standard for accredited investors
The SEC's proposal would change the criteria for "accredited investors" to exclude the value of a primary residence, and related secured debt, from the net worth calculation.

15 December 2010

Conflict minerals
The SEC's proposal would require new disclosures by reporting issuers concerning conflict minerals that originated in the Democratic Republic of the Congo or an adjoining country.

15 December 2010

Disclosure of payments by resource extraction issuers
The SEC's proposal would require certain issuers to disclose in their annual reports certain payments they make to foreign governments.

15 December 2010

End-user exception to mandatory clearing of security-based swaps
The SEC's proposal would provide the steps end-users will need to take to inform the regulators of how they meet their financial obligations when engaging in a security-based swap transaction that is exempt from mandatory clearing under the Dodd-Frank Act.

15 December 2010

Mine safety disclosure
The SEC's proposal would require the information required by new Items 106 and 601(b)(95) of Regulation S-K; new Item 16J to Form 20-F; and new Paragraph (18) of General Instruction B of Form 40-F.

28 October 2010

Reporting of proxy votes on executive compensation and other matters
Under the SEC's proposal, institutional investment managers that manage a portfolio with an aggregate value in equity securities of at least $100 million would be required to disclose the securities voted, executive compensation matters voted on, the number of shares voted and how the manager voted these shares.

17 September 2010

Short-term borrowings disclosure
The SEC's proposal would require quantitative and qualitative disclosures about various types of short-term borrowings in annual and interim MD&A, including the average amount outstanding during the reporting period, the maximum outstanding during the reporting period and the reasons for any material differences between average and period-end amounts.

14 July 2010

Concept Release on the US Proxy System
The SEC published a Concept Release soliciting public comment on the US proxy voting system. The Concept Release focuses on whether the US proxy system is operating with the accuracy, reliability, transparency and integrity shareholders and issuers should expect. The information gained from public comment will assist the SEC in future rulemaking to improve the US proxy system.

7 April 2010

Asset-backed securities
The SEC's proposed amendments to Regulation AB would change the offering, disclosure and reporting processes for publicly issued asset-backed securities (ABS). The proposed amendments also would impose new disclosure and reporting requirements for many privately placed ABS.

22 October 2009

Credit ratings disclosure
The SEC's proposal would require disclosure of information regarding credit ratings used by registrants, including closed-end management investment companies, in connection with a registered offering of securities so that investors will better understand the credit rating and its limitations.

14 November 2008

Roadmap for the potential use of financial statements prepared in accordance with IFRS by US issuers
The SEC issued its proposed “Roadmap” on the potential use of IFRS as issued by the IASB in financial statements prepared by US issuers. The Roadmap sets forth several milestones that, if achieved, could result in the mandatory use of IFRS in the US.

EY comment letters

24 March 2014

Comment Letter - SEC 'Regulation A+' proposal
In our comment letter on the SECs proposed amendments to allow exempt public offerings under Regulation A of up to $50 million in a 12-month period, we recommend that the SEC consider additional opportunities to leverage disclosure requirements in existing SEC rules and regulations for registered offerings and scale those requirements for unregistered offerings conducted under Regulation A. We also encourage the SEC to clarify certain terminology and disclosure requirements in the proposal that could be difficult to interpret or apply.

2 December 2013

Comment Letter - Pay ratio disclosure
In our comment letter, we focus on certain aspects of the proposal, including sampling methods and pay ratio computation. We also make recommendations that we believe would reduce the cost and burden on issuers, promote disclosure and enhance comparability. The proposal would require most issuers to disclose the median annual compensation of all of their employees (excluding the principal executive officer) and the ratio of that amount to the annual compensation of their principal executive officer.

30 October 2013

Comment Letter - SEC reproposal on credit risk retention
In our comment letter to the SEC on the credit risk retention reproposal it issued jointly with other agencies, we focus on the consolidation accounting ramifications. The proposal would require sponsors of certain asset-backed securitizations to retain at least 5% of the credit risk. The rule was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

12 September 2013

Comment Letter - SEC money market proposal
In our comment letter, we agree with the SEC that investments in money market funds should continue to meet the definition of cash equivalents under US GAAP if, as proposed, the SEC (1) requires a floating net asset value for certain funds and/or (2) permits redemption fees of up to 2% and suspensions of redemptions for up to 30 days if a fund fails to meet specified liquidity levels. We concur that under any of the proposed alternatives, entities should regularly evaluate changes in circumstances and whether an investment in a money market fund continues to meet the requirements of a cash equivalent.

11 September 2012

Comment Letter - Section 108 of the JOBS Act - Regulation S-K Review
Our comment letter recommends that the SEC broaden the scope of its review and eliminate redundant or outdated disclosures for all issuers. We also suggest that informational disclosures that are not specific to a reporting period should appear in a company profile and that only new information should be included in periodic reports.

6 October 2011

Comment Letter - Retrospective review of existing regulations
Our comment letter to the SEC strongly supports the SEC’s initiative to improve the retrospective review of its regulations.

26 August 2011

Comment Letter - Proposed rule on broker-dealer reports
Our comment letter on the SEC's proposed rule on broker-dealer reports generally supports the proposal because we believe it is a necessary step in updating broker-dealer financial reporting. We also believe the SEC's proposal would provide the clarity necessary for the PCAOB to develop and adopt appropriate auditing and reporting standards for auditors of registered broker-dealers.

8 August 2011

Comment Letter - Proposed rules for nationally recognized statistical rating organizations
Our comment letter discusses the SEC’s Nationally Recognized Statistical Rating Organizations (NRSRO) rule proposal that would include provisions requiring the issuer or underwriter of any asset-backed security (ABS) to make publicly available the findings and conclusions of third-party due diligence reports they obtain.

1 August 2011

Comment Letter - Credit risk retention
Our comments on this proposal are limited to (1) the possible consolidation accounting ramifications of the horizontal risk retention option and (2) the proposed agreed upon procedures report from an independent public accounting firm that would be required for a sponsor using a representative sample as a method to retain risk in the securitized assets.

28 July 2011

Comment Letter - Workplan for incorporating IFRS into the financial reporting system for US issuers
Our comment letter to the SEC supports the approach described in the Staff Paper. We believe that it is a thoughtful and balanced way of moving closer to achieving the ultimate goal of a single set of high-quality globally accepted accounting standards.

29 April 2011

Comment Letter - Clearing agency standards for operation and governance
Our comment letter supports the SEC proposal to allow a non-US- based clearing agency to post on its website audited financial statements prepared in accordance with either US GAAP or IFRS as issued by the IASB, without reconciliation to US GAAP.

2 March 2011

Comment Letter - Conflict minerals
Our comment letter brings up various concerns and issues related to the proposal as currently drafted.

31 January 2011

Comment Letter - Disclosure of payments by resource extraction issuers
Our comment letter notes that the cost and time required to obtain assurance on the Resource Extraction Issuers Exhibit might outweigh the benefits to users.

1 December 2010

Comment letter - Short-term borrowings disclosure
Our comment letter supports the Commission’s proposed alignment of the definition of “short-term borrowings” for purposes of both MD&A and Form 8-K Items 2.03 and 2.04.

15 November 2010

Comment Letter - Issuer review of assets in offerings of asset-backed securities
Our comment letter discusses the nature of procedures that accountants have historically performed related to ABS offerings. Analysis has shown that investors, as well as underwriters and issuers, in many cases did not adequately understand the risks of the assets underlying the ABS. We believe that Sections 945 and 932 of the Dodd-Frank Wall Street Reform Act were intended to mitigate these shortcomings by enhancing the understanding of the assets underlying the ABS.

2 August 2010

Comment letter - Asset-backed securities
Our comment letter provides our views on the third party review of repurchase obligations, accounting issues arising with the risk retention mandate, financial information regarding parties obligated to repurchase assets and servicer assessment of compliance with servicing criteria.

4 March 2009

Comment Letter - SEC proposed Roadmap for the potential use of IFRS by US registrants
Our comment letter provides Ernst & Young's views on the potential adoption of IFRS by US registrants.

Selected SEC speeches-Chairman and Commissioners

23 June 2014

Speech by SEC chair Mary Jo White at twentieth annual Stanford Directors’ College
SEC chair Mary Jo White gave a speech at Stanford University Rock Center for Corporate Governance twentieth annual Stanford Directors’ College entitled, "A Few Things Directors Should Know About the SEC."

20 June 2014

Speech by SEC chair Mary Jo White at the Economic Club of New York
SEC chair Mary Jo White gave a speech at the Economic Club of New York entitled, "Intermediation in the Modern Securities Markets: Putting Technology and Competition to Work for Investors."

20 May 2014

Remarks at the Financial Accounting Foundation trustees dinner
SEC Chair Mary Jo White gave remarks at the Financial Accounting Foundation trustees dinner on the importantance of the relationship between the SEC and the FAF and the FASB.

19 May 2014

Keynote address at Compliance Week 2014
SEC Commissioner Kara M. Stein gave the keynote address at Compliance Week 2014 speaking on the importance of compliance.

19 May 2014

Speech by Chair Mary Jo White at New York City Bar Association’s third annual white collar crime institute
Chair Mary Jo White gave a speech at the New York City Bar Association’s third annual white collar crime institute entitled, "Three key pressure points in the current enforcement environment."

12 May 2014

Commissioner Daniel Gallagher introductory remarks at The Evolving Role of Compliance in the Securities Industry Presentation
SEC Commissioner Daniel Gallagher made introductory remarks at The Evolving Role of Compliance in the Securities Industry Presentation in Washington, D.C.

29 April 2014

Testimony on "Oversight of the SEC’s agenda, operations and FY 2015 budget request"
SEC Chair Mary Jo White testified before the Committee on Financial Services regarding the recent activities of the SEC, the fiscal year 2015 budget request, and plans to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

28 April 2014

Joint statement on the conflict minerals decision
Commissioners Daniel M. Gallagher and Michael S. Piwowar submitted a joint statement on the D.C. Circuit decision that requiring issuers to describe certain of their products as not DRC conflict free violated the First Amendment.

27 March 2014

Commissioner Daniel Gallagher makes remarks at the 26th annual Corporate Law Institute
Commissioner Daniel Gallagher's talk focused on an area where the SEC should be taking less of a role: the regulation of corporate governance.

3 March 2014

Remarks given at the Institute of International Bankers 25th annual Washington conference
Commissioner Daniel Gallagher talked about regulatory capital requirements and the important differences between broker-dealer and bank capital requirements.

21 February 2014

Remarks by Chair Mary Jo White at the SEC Speaks conference
SEC Chair Mary Jo White, made remarks at the "SEC Speaks" conference in Washington D.C. on the state of the SEC.

27 January 2014

Speech by SEC Chair Mary Jo White at the 41st Annual Securities Regulation Institute
SEC Chair Mary Jo White gave a speech at the 41st Annual Securities Regulation Institute about some of the transformative changes at the SEC in 2014 and a preview a few of the specific rulemakings and other initiatives that are expect on the 2014 agenda.

10 December 2013

SEC Chair Mary Jo White stataement on the adoption of the Volcker Rule
SEC Chair Mary Jo White made a statement on the SEC, acting jointly with fellow agencies, adopting a final Volcker Rule designed to significantly reduce risks to the economy and financial system while preserving the vitality of the U.S. capital markets.

15 October 2013

Remarks by SEC Chair Mary Jo White at the National Association of Corporate Directors - Leadership Conference 2013
SEC Chair Mary Jo White gave a speech at the National Association of Corporate Directors - Leadership Conference 2013 in National Harbor, MD entitled, "The Path Forward on Disclosure."

3 October 2013

SEC Chair Mary Jo White gives the 14th annual A. A. Sommer, Jr. lecture at Fordham Law School
SEC Chair Mary Jo White gave the 14th annual A. A. Sommer, Jr. lecture at Fordham Law School on the topic, "The Importance of Independence."

11 July 2013

Commissioner Daniel Gallagher makes remarks at Society of Corporate Secretaries & Governance Professionals
Commissioner Daniel Gallagher talked about how it is incumbent upon the Commission to use its exemptive authority to balance the value to investors of new disclosure requirements against their costs.

10 July 2013

Opening statement by SEC Chair, Elisse Walter, at the 10 July SEC open meeting
SEC Chairman, Elisse Walter, makes opening remarks at the SEC meeting regarding the adoption of rules eliminating the prohibition against general solicitation, the adoption of rules regarding disqualification of “bad actors” from Rule 506 offerings.

25 June 2013

Speech by SEC Chair, Elisse Walter, at the 19th annual Stanford Directors College
SEC Chairman, Elisse Walter, made a speech at the 19th annual Stanford Directors College on corporate disclosure: the stage, the audience and the players.

30 May 2013

Keynote speech by SEC Chair, Elisse Walter, at the 32nd annual SEC and Financial Reporting Institute conference
SEC Chairman, Elisse Walter, made a keynote speech at the 32nd annual SEC and Financial Reporting Institute conference on the critical role accounting and auditing professionals play in our capital markets.

30 May 2013

Remarks by Paul Beswick at the 32nd annual SEC and Financial Reporting Institute conference
At the Conference, Mr. Beswick discussed why the US needs a strong IASB, provided a definition of a successful implementation of an accounting standard, the PCAOB accomplishments andinternal control over financial reporting and the new COSO Framework.

22 May 2013

Commissioner Luis Aguilar makes remarks at the Women’s Executive Circle of New York
Commissioner Luis Aguilar spoke on the topic, "Merely cracking the glass ceiling is not enough: Corporate America needs more than just a few women in leadership," at the Women’s Executive Circle of New York.

17 May 2013

Commissioner Daniel Gallagher makes remarks at 12th European corporate governance & company law conference in Dublin, Ireland
Commissioner Daniel Gallagher talked about the increasing role that governments - particularly, in the United States - play in corporate governance as well as the increasingly prominent influence of proxy advisory firms on how companies are governed and on how shareholders vote.

7 May 2013

Testimony by Mary Jo White on the President's FY 2014 budget request for the SEC
SEC Chair Mary Jo White testified in support of the President's FY 2014 budget request for the SEC and provided information on how the SEC would make effective use of the funds.

24 March 2013

Remarks by Chair Elisse Walter before the Australian Securities and Investments Commission
SEC Chair Elisse Walter, made remarks, via videoconference, to the Australian Securities and Investments Commission on the need to encourage consistent regulation for securities markets across borders, and the degree to which international regulatory policy is part of the core mission that all market regulators share.

21 March 2013

Commissioner Daniel Gallagher makes keynote address at the symposium on building the financial system of the 21st century
Commissioner Daniel Gallagher discussed an agenda for building the financial system for Europe and the Unites States in the 21st century.

21 March 2013

Compilation of remarks by Commissioner Luis Aguilar on the importance of diversity and inclusion in corporate America
SEC Commissioner Luis Aguilar, presented a compilation of remarks given on the importance of diversity and inclusion in corporate America at four separate events.

7 March 2013

Opening statement by SEC Chair Elisse Walter at the 7 March 2013 open meeting
Ms. Walter noted that the SEC will consider whether to propose a rule that would prove instrumental in the SEC efforts to bolster investor confidence, protect investors, and maintain fair and orderly markets. The proposed rule – Regulation SCI – would require entities essential to the smooth functioning of the US securities markets to have comprehensive policies and procedures regarding their technological systems.

26 February 2013

Commissioner Daniel Gallagher makes keynote address at the 7th Gulf Cooperation Council Regulators’ Summit
Commissioner Daniel Gallagher discussed the important work of the SEC to ensure that America's capital markets remain strong and competitive.

22 February 2013

Remarks by Chair Elisse Walter at the SEC Speaks conference
SEC Chair Elisse Walter, made remarks at the "SEC Speaks" conference in Washington D.C. on making the markets safe for informed risk-taking.

22 February 2013

Remarks by Commissioner Daniel Gallagher at the SEC Speaks conference
SEC Commissioner Daniel Gallagher, made remarks at the "SEC Speaks" conference in Washington D.C. on the Commission’s origin and role as an expert, independent agency in what has become in recent years a difficult environment for independent agencies.

22 February 2013

Remarks by Commissioner Luis Aguilar at the SEC Speaks conference
SEC Commissioner Luis Aguilar, made remarks at the "SEC Speaks" conference in Washington D.C. on addressing market instability through informed and smart regulation.

22 February 2013

Remarks by Commissioner Troy Paredes at the SEC Speaks conference
SEC Commissioner Troy Paredes, made remarks at the "SEC Speaks" conference in Washington D.C. on how what is disclosed and how it is disclosed empowers investors to make better decisions.

20 February 2013

Remarks by Luis Aguilar to emphasize the importance of robust proxy disclosure to shareholders
SEC Commissioner Luis Aguilar, made remarks to emphasis that shareholders need robust disclosure to exercise their voting rights as investors and owners.

14 February 2013

Testimony by Elisse Walter on "Wall Street reform: Oversight of financial stability and consumer and investor protections" before the Senate committee on banking, housing, and urban affairs.
SEC Chair, Elisse Walter, testified before the United States Senate Committee on banking, housing, and urban affairs on "Wall Street reform: Oversight of financial stability and consumer and investor protections." She shared the steps the SEC has taken and procedures followed in implement the Dodd-Frank Act.

13 February 2013

Opening statement by SEC Chair, Elisse Walter, at the 13 February SEC open meeting
SEC Chairman, Elisse Walter, made opening remarks at the 13 February SEC meeting to consider the proposed 2013 budget and accounting support fee for the Public Company Accounting Oversight Board. Under the Sarbanes-Oxley Act, which created the PCAOB, the Board's annual budget and support fee must be approved by the Commission.

13 February 2013

Remarks by Luis Aguilar at the 13 February SEC open meeting: Providing needed resources to the PCAOB
SEC Commissioner Luis Aguilar, made remarks at the 13 February SEC meeting to consider whether to approve the 2013 budget of the Public Company Accounting Oversight Board and the related annual accounting support fee for the Board under Section 109 of the Sarbanes-Oxley Act of 2002.

3 December 2012

Remarks by Luis Aguilar before the 2012 AICPA National Conference on current SEC and PCAOB developments
At the Conference, SEC Commissioner, Luis Aguilar, discussed issues related to capital formation and said he remains “seriously concerned” about the lack of effective US oversight for foreign auditors that issue audit reports or participate in the audits of US companies.

26 October 2012

Remarks by Mary Schapiro at the George Washington University Law School fourth annual regulatory reform symposium
SEC Chairman, Mary Schapiro, gave the keynote address at the symposium on the Dodd-Frank Act. She talked about the Securities Exchange Commission’s role in the law’s implementation and focused on the regulation of derivatives, consumer protections, and the credit ratings process.

17 October 2012

Opening statement by SEC Chair, Mary Schapiro, at the 17 October SEC open meeting
Ms. Schapiro noted that the Commission will consider proposing new rules that would establish capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants. And, also consider enhancing the capital requirements for the large broker-dealers that have been approved to use internal models in computing their net capital. The proposals stem from Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

29 August 2012

Opening statement by SEC Chair, Mary Schapiro, at the 29 August SEC open meeting
Ms. Schapiro noted that the Commission will consider a proposed rule mandated by the JOBS Act to eliminate the current prohibition against general solicitation and general advertising in certain securities offerings – particularly offerings conducted under Rule 506 of Regulation D.

22 August 2012

Opening statement by SEC Chair, Mary Schapiro, at 22 August 2012 meeting
Ms. Schapiro noted that the SEC will consider two items required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. First, whether to adopt a rule requiring companies to make certain specialized disclosure about conflict minerals. And, second,whether to adopt a rule requiring resource extraction companies to disclose payments they make to the U.S. or foreign governments.

17 May 2012

Remarks by Troy Paredes at the AICPA Council spring meeting
SEC Commissioner, Troy Paredes, speaking at the AICPA Council spring meeting, said that the PCAOB must engage in rigorous cost-benefit analysis of its rules, including its auditing standards.

25 April 2012

Testimony by Mary Schapiro on “SEC Oversight” at US House of Representatives Committee on Financial Services
Ms. Schapiro discussed: (a) operational improvements and recent accomplishments, (b) financial reform implementation (including hedge fund and other private fund adviser reporting, the whistleblower program, OTC derivatives, credit rating agencies, and the Volcker rule), (c) JOBS Act implementation, (d) Dodd-Frank Section 967 response and (e) the SEC's FY2013 budget request and future priorities.

15 March 2012

Remarks by Mary Schapiro at the Society of American Business Editors and Writers (SABEW) Annual Convention
Chairman Schapiro reviewed steps taken to improve the SEC's regulatory oversight of financial institutions.

8 March 2012

Meredith Cross makes keynote address at Practising Law Institute - Eleventh Annual Institute on Securities Regulation in Europe
Ms. Cross discussed recent SEC initiatives and indicated that Division of Corporation Finance is “looking beyond” U.S. borders to review how other jurisdictions are addressing capital formation matters. Ms. Cross also noted that the demographics of foreign private issuers regulated by the SEC has fundamentally changed and she is questioning whether the current reporting model is one that provides the appropriate investor protections.

24 February 2012

Remarks by Mary Schapiro at the Practising Law Institute’s SEC Speaks Conference
SEC Chairman, Mary Schapiro, gave a “State of the SEC” exposition - reviewing the SEC's recent activities, how the SEC has evolved and how the recent changes it has made will benefit markets and investors.

11 January 2012

Opening remarks by Mary Schapiro at SEC Open Meeting: PCAOB Proposed Budget and Accounting Support Fee for 2012
SEC Chairman, Mary Schapiro, makes opening remarks at the SEC meeting to consider the proposed 2012 budget and accounting support fee for the Public Company Accounting Oversight Board. Under the Sarbanes-Oxley Act, which created the PCAOB, the Commission must annually review and approve the Board’s budget and support fee.

15 December 2011

Remarks by Mary Schapiro at the Transatlantic Corporate Governance Dialogue
SEC Chairman, Mary Schapiro, discusses the importance of corporate governance and SEC initiatives in this area.

19 September 2011

Opening statement by Mary Schapiro at SEC open meeting - Conflicts of interest relating to certain securitizations
Ms. Schapiro noted that the Commission today will consider whether to propose a rule related to conflicts of interest in the structuring and offering of asset backed securities. It stems from Section 621 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

1 September 2011

Statement by Mary Schapiro re: Asset-backed issuers and mortgage-related pools
SEC Chairman Mary Schapiro provided an overview of two companion releases requesting public comment on the treatment of asset-backed issuers and the treatment of real estate investment trusts and other mortgage-related pools under the Investment Company Act.

1 September 2011

Statement by Mary Schapiro re: Use of derivatives by funds
In March 2010, the Commission announced a staff review of the use of derivatives by mutual funds, exchange traded funds, and other investment companies regulated under the Investment Company Act. Ms. Schapiro noted that the concept release we are considering today would inform our review and help us determine whether we should update the regulatory regime for the benefit of fund investors.

4 August 2011

Testimony by Mary Schapiro on enhanced oversight after the financial crisis: The Wall Street Reform Act at one year
In her testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, SEC Chairman Mary Schapiro provides an overview of the SEC's efforts to implement the Dodd-Frank Act.

16 June 2011

Testimony by Mary Schapiro on financial regulatory reform: The international context
In her testimony before the House Committee on Financial Services, SEC Chairman Mary Schapiro discussed the international implications of the Dodd-Frank Act

15 June 2011

Remarks by Mary Schapiro at SEC meeting to propose rule amendments regarding broker-dealer reports
SEC Chairman Mary Schapiro provided an overview of the proposal designed to strengthen the audits that broker-dealers must undergo, and enhance the ability of regulators to oversee the ways in which broker-dealers maintain custody of their customers' assets.

18 May 2011

Remarks by Mary Schapiro re: Proposed rules for nationally recognized statistical rating organizations
SEC Chairman Mary Schapiro provided an overview of the proposed rules for NRSROs

4 May 2011

Testimony by Mary Schapiro on the President's FY 2012 budget request for the SEC
SEC Chairman Mary Schapiro testified in support of the President's FY 2012 budget request for the SEC and provided information on how the SEC would make effective use of the funds.

27 April 2011

Testimony by Mary Schapiro on "Building the New Derivatives Regulatory Framework: Oversight of Title VII of the Dodd-Frank Act"
SEC Chairman Mary Schapiro discussed the SEC's progress and plans for implementing of Titles VII and VIII of the Dodd-Frank Wall Street Act, which primarily relate to the regulation of over-the-counter (OTC) derivatives and the supervision of systemically important payment, clearing, and settlement systems.

22 March 2011

Remarks by Kathleen Casey before the Forum for Corporate Directors
SEC Commissioner Kathleen Casey provided some insight into recent SEC activities and highlights of some of the implications and implementation issues flowing from the new Dodd-Frank Act.

2 March 2011

Statement by Mary Schapiro re: Proposal to remove credit rating references from investment company act rules and forms
SEC Chairman Mary Schapiro provided an overview of the a proposals to eliminate credit rating references from rules and forms under the Investment Company Act.

10 June 2010

An inflection point: The SEC and the current financial reform landscape - remarks by Luis Aguilar
SEC Commissioner Luis Aguilar discussed some of the SEC's new responsibilities under the Dodd-Frank Act and some of the challenges that lie ahead.

Selected SEC staff speeches

29 April 2014

Statement on the effect of the recent Court of Appeals decision on the conflict minerals rule
The SEC’s Director of the Division of Corporation Finance, Keith F. Higgins said in a statement, that registrants still need to file a Specialized Disclosure Report (Form SD), along with any required conflict minerals report (CMR), by the 2 June 2014 deadline to comply with portions of the conflict minerals rule that were upheld by the US Court of Appeals for the District of Columbia Circuit.

20 March 2014

Keynote address by Keith F. Higgins at PLI - Thirteenth annual institute on securities regulation in Europe
Keith F. Higgins, Director of the SEC Division of Corporation Finance, discussed changes that are occurring in securities regulation and shared a few observations about foreign issuers.

19 September 2013

Andrew Ceresney, co-director of the Division of Enforcement remarks at the American Law Institute Continuing Legal Education
Andrew Ceresney, Co-Director of the Division of Enforcement gave remarks at the American Law Institute Continuing Legal Education in Washington, D.C. The topic was financial reporting and accounting fraud, and the SEC’s efforts to combat it.

20 March 2013

SEC staff review of common financial reporting issues facing smaller issuers - slide presentation
These slides were presented at the forums on auditing in the small business environment hosted by the PCAOB during 2012. The slides are intended to provide a sampling of issues that the staff of the Division of Corporation Finance frequently encounters when reviewing filings for smaller public companies as well as an overview of developments within the Division. The slides are accompanied by detailed notes that provide additional context.

3 December 2012

Remarks by Brian Croteau before the 2012 AICPA National Conference on current SEC and PCAOB developments
At the Conference, Mr. Croteau discussed audit policy matters and initiatives, use of third party pricing service information, internal control over financial reporting and the new COSO framework, the Jobs Act and auditor and audit committee interactions.

3 December 2012

Remarks by Jenifer Minke-Girard before the AICPA National Conference on Current SEC and PCAOB Developments
At the conference, Ms. Minke-Girard discussed International Financial Reporting Standards (IFRS) and, more specifically, the SEC Staff’s IFRS Work Plan, including a summary of our findings as presented in the Final Staff Report.

3 December 2012

Remarks by Julie Erhardt before the AICPA National Conference on Current SEC and PCAOB Developments
At the conference, Ms. Erhardt discussed various factors that countries typically consider when deciding to incorporate IFRS into national accounting standards. In addition to the standards themselves, she noted that countries have also focused on the role that those accounting standards serve in their public capital markets, and then in turn how those capital markets serve their function in society, and ultimately under which approach their society would be better off.

3 December 2012

Remarks by Paul Beswick before the 2012 AICPA National Conference on current SEC and PCAOB developments
At the Conference, Mr. Beswick discussed international financial reporting standards, the financial reporting model and the scope of financial statements, convergence projects, auditor independence, internal control over financial reporting and the auditor reporting model.

6 August 2012

SEC Deputy Chief Accountant speaks before the American Accounting Association
Brian T. Croteau, Deputy Chief Accountant of the SEC’s Office of the Chief Accountant, made remarks regarding auditing and audit policy before the American Accounting Association at its annual meeting in Washington, D.C. He discussed: (a) the importance of the academic community and its work to audit policy and regulation, (b) the role of root cause analysis and the audit performance feedback loop, (c) global audit policy considerations and (d) legislative activity related to auditing.

9 February 2012

Slide Presentation (PDF): SEC Staff Review of Common Financial Reporting Issues Facing Smaller Issuers, PCAOB Forums on Auditing in the Small Business Environment
These slides were presented at the Forums on Auditing in the Small Business Environment hosted by the PCAOB during 2011. Participants were auditors from smaller registered public accounting firms. The slides are intended to provide a sampling of issues that the Staff of the Division of Corporation Finance (“CF” or the “Division”) frequently encounters when reviewing filings for smaller public companies as well as an overview of developments within the Division.

7 December 2011

Remarks by Craig Ollinger and Jill Davis before the 2011 AICPA National Conference on Current SEC and PCAOB Developments, Washington, D.C. - slide presentation (PDF)
Craig Ollinger, Deputy Chief Accountant of the SEC's Division of Corporation Finance (DCF), and Jill Davis, Associate Chief Accountant of the DCF, discussed international issues at the Conference.

7 December 2011

Remarks by Gerald J. Laporte before the 2011 AICPA National Conference on Current SEC and PCAOB Developments, Washington, D.C. - slide presentation (PDF)
Gerald J. Laporte, Chief of the Office of Small Business Policy at the SEC, discussed disclosure and financial reporting issues facing smaller issuers.

6 December 2011

Remarks by Howard Scheck before the 2011 AICPA National Conference on current SEC and PCAOB developments
Howard Scheck. Chief Accountant, SEC Division of Enforcement, discussed certain audit failures, his views on Section 10A and his views on what it means to be a gatekeeper.

5 December 2011

Remarks by Brian Croteau before the 2011 AICPA National Conference on current SEC and PCAOB developments
Mr. Croteau discussed various PCAOB initiatives including root causes analyses in audit failures, the proposed auditor reporting model, mandatory firm rotation and global auditing standards.

5 December 2011

Remarks by Christian Peo before the 2011 AICPA National Conference on current SEC and PCAOB developments
Mr. Peo discussed the COSO’s project to update its internal controls framework and audit quality.

5 December 2011

Remarks by James Kroeker before the 2011 AICPA National Conference on current SEC and PCAOB developments
Mr. Kroeker discussed various topics including registrant interaction with the SEC, adoption of global standards and required communications by auditors to audit committees.

5 December 2011

Remarks by Jason Plourde before the 2011 AICPA National Conference on current SEC and PCAOB developments
SEC Professional Practice fellow, Jason Plourse, discussed the use of pricing service information in informing fair value measurements and disclosure.

5 December 2011

Remarks by Paul Beswick before the 2011 AICPA National Conference on current SEC and PCAOB developments
Mr. Beswick discussed the SEC's IFRS Work Plan and the current status of the valuation profession.

5 June 2011

Remarks by James Kroeker at the University of Southern California SEC and Financial Reporting Institute Conference
SEC James Kroeker addressed several accounting and auditing developments on the SEC 2011 agenda.

7 April 2011

Testimony by James Kroeker on the role of the accounting profession in preventing another financial crisis
In his testimony before the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment, SEC Chief Accountant James L. Kroeker discussed the role of the accounting profession in preventing another financial crisis.

3 February 2011

Remarks by David Becker at the Practising Law Institute's ninth annual Institute on Securities Regulation in Europe
SEC General Counsel David Becker discussed some of the conflicting views of the world that underlie the debate about whistleblowers and how they play out in differing views about what the SEC should be doing with its whistleblower rules.

8 December 2010

Remarks by Craig Olinger at the 2010 AICPA National Conference on current SEC and PCAOB developments
SEC Deputy Chief Accountant Craig Olinger discussed international reporting issues.

6 December 2010

Remarks by Brian Croteau at the 2010 AICPA National Conference on current SEC and PCAOB developments
SEC Deputy Chief Accountant Brian Croteau (1) provided a brief update on a few overarching matters relative to the PCAOB and auditor oversight; (2) discussed a few points regarding the PCAOB’s standard setting and inspection functions that are particularly relative to improving audit quality; and (3) highlighted a couple reminders on internal control over financial reporting (ICFR) and auditor independence.

6 December 2010

Remarks by James Kroeker at the 2010 AICPA National Conference on current SEC and PCAOB developments
SEC Chief Accountant James Kroeker addressed the importance of the public trust and discussed ways that professionals may be able to show leadership in enhancing trust.

6 December 2010

Remarks by Wayne Carnall at the 2010 AICPA National Conference on current SEC and PCAOB developments (PDF slide presentations)
SEC Chief Accountant Wayne Carnall and the staff of the SEC Division of Corporation Finance discussed current development in the Division of Corporation Finance, including communications and transparency, reviews and issues, IFRS and goals for 2011.

6 December 2010

Statement by Paul Beswick at the 2010 AICPA National Conference on current SEC and PCAOB developments
SEC Deputy Chief Accountant Paul Beswick discussed IFRS - current update, next steps, and risks, consolidation accounting, and SEC staff speeches.

Selected news releases

5 September 2014

SEC names Brent J. Fields to lead office of the secretary
The SEC announced that Brent J. Fields has been appointed as the agency’s Secretary, who is responsible for overseeing the administrative aspects of Commission meetings, rulemakings, and procedures.

5 September 2014

Tracey L. McNeil named as SEC’s first ombudsman
The SEC announced that Tracey L. McNeil has been selected as the first ombudsman for the agency. She currently is a senior counsel in the SEC’s Office of Minority and Women Inclusion (OMWI), an office created by the 2010 Dodd-Frank Act. In her new role, Ms. McNeil will report to Rick Fleming, the first head of the SEC’s Office of the Investor Advocate. The Dodd-Frank Act called for the creation of the office and requires the Investor Advocate to appoint an ombudsman who will act as a liaison in resolving problems that retail investors may have with the Commission or self-regulatory organizations.

27 August 2014

SEC adopts credit rating agency reform rules
The SEC adopted new requirements for credit rating agencies to enhance governance, protect against conflicts of interest, and increase transparency to improve the quality of credit ratings and increase credit rating agency accountability. The new rules and amendments, which implement 14 rulemaking requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, apply to credit rating agencies registered with the Commission as NRSROs.

26 August 2014

SEC names James Schnurr as Chief Accountant
The SEC announced it has named James Schnurr as its chief accountant. Mr. Schnurr will begin his new post in October. He will replace Paul A. Beswick, who joined the SEC staff in September 2007 and has served as its chief accountant since 2012.

21 July 2014

Mark J. Flannery named SEC chief economist and director of economic and risk analysis division
The SEC announced it has named Mark J. Flannery as its chief economist and director of its Division of Economic and Risk Analysis (DERA), which provides interdisciplinary analysis to help inform the Commission’s policymaking, rulemaking, enforcement, and examinations. Dr. Flannery, currently a finance professor at the University of Florida’s Warrington School of Business Administration, will begin his new post in September.

25 June 2014

SEC adopts cross-border security-based swap rules
The SEC adopted the first of a series of rules and guidance on cross-border security-based swap activities for market participants. The new rules will be key to finalizing the remaining proposals. The rules and guidance explain when a cross-border transaction must be counted toward the requirement to register as a security-based swap dealer or major security-based swap participant. The rules also address the scope of the SEC’s cross-border anti-fraud authority.

25 June 2014

SEC announces order for tick size pilot plan
The SEC announced that it has ordered the national securities exchanges and the FINRA to act jointly to develop and file with the Commission a national market system plan to implement a targeted 12 month pilot program that will widen minimum quoting and trading increments (tick sizes) for certain small capitalization stocks. The Commission plans to use the program to assess whether these changes would enhance market quality to the benefit of U.S. investors, issuers, and other market participants.

15 May 2014

Chief accountant Paul Beswick to leave SEC
The SEC announced that Chief Accountant Paul A. Beswick is leaving the agency to return to the private sector. He will remain for a transitional period to help ensure continuity in the agency’s Office of the Chief Accountant.

2 May 2014

SEC issues partial stay of conflict minerals rules
The SEC issued an order staying the effective date for compliance with the portions of Exchange Act Rule 13p-1 and Form SD that would require statements by issuers that the Court of Appeals held would violate the First Amendment . The Commission stated that a stay of these portions of the rule avoids the risk of First Amendment harm pending further proceedings.

24 March 2014

SEC announces agenda, panelists for cybersecurity roundtable
The SEC announced the agenda and panelists for its 26 March roundtable on the issues and challenges cybersecurity presents for market participants and public companies. The roundtable will be divided into four panels. Participants on the first panel will discuss the cybersecurity landscape. The second panel will discuss cybersecurity disclosure issues faced by public companies. Participants on the third panel will discuss the cybersecurity issues faced by exchanges and other key market systems. On the final panel, participants will discuss how broker-dealers, investment advisers, and transfer agents address cybersecurity issues, including those involving identity theft and data protection.

10 March 2014

SEC launches enforcement cooperation initiative for municipal issuers and underwriters
The SEC announced a new cooperation initiative out of its Enforcement Division to encourage issuers and underwriters of municipal securities to self-report certain violations of the federal securities laws rather than wait for their violations to be detected.

14 February 2014

SEC to hold cybersecurity roundtable
The SEC announced that it will host a roundtable next month to discuss cybersecurity and the issues and challenges it raises for market participants and public companies, and how they are addressing those concerns. The roundtable will be held at the SEC’s Washington, D.C. headquarters on 26 March and will be open to the public and webcast live on the SEC’s website.

12 February 2014

David Fredrickson named chief counsel in the Division of Corporation Finance
The SEC announced that David Fredrickson has been named associate director and chief counsel in the agency's Division of Corporation Finance. He is expected to assume his new position in March. Mr. Fredrickson has been assistant general counsel in the SEC’s Office of General Counsel since 1998.

11 February 2014

SEC names Michael Maloney as new chief accountant in enforcement division
The SEC announced that Michael F. Maloney has been named the new chief accountant in the SEC’s Division of Enforcement. He has led teams conducting complex forensic investigations in high-profile accounting, securities, and other fraud matters. Mr. Maloney has more than 25 years of experience advising on financial accounting and reporting, including GAAP, GAAS, and SEC filings. He is a certified public accountant and certified fraud examiner, and he holds a certification in financial forensics.

3 February 2014

SEC publishes draft strategic plan for public comment
The SEC published for public comment its Draft Strategic Plan that outlines the agency’s strategic goals for fiscal years 2014 to 2018. The SEC’s draft plan surveys the forces shaping its environment and outlines more than 70 initiatives designed to support its primary strategic goals. Comment are due by 10 March 2014.

14 January 2014

Agencies approve interim final rule authorizing retention of interests in and sponsorship of collateralized debt obligations backed primarily by bank-issued trust preferred securities
Five federal agencies approved an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker rule.

9 January 2014

SEC 2014 examination priorities
The SEC announced its examination priorities for 2014, which cover a wide range of issues at financial institutions, including investment advisers and investment companies, broker-dealers, clearing agencies, exchanges and other self-regulatory organizations, hedge funds, private equity funds, and transfer agents. The examination priorities address market-wide issues and those specific to particular business models and organizations.

6 January 2014

SEC names Michael Osnato as chief of enforcement division’s complex financial instruments unit
The SEC announced that Michael J. Osnato, Jr. has been named chief of the Enforcement Division unit that conducts investigations into complex financial instruments. Mr. Osnato, who joined the SEC staff in 2008 and has served as an assistant director in the New York Regional Office since 2010, has played a key role in a number of significant SEC enforcement actions.

27 December 2013

Joint statement regarding treatment of certain collateralized debt obligations backed by trust preferred securities under the rules implementing Section 619 of the Dodd-Frank Act
The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commissionsaid they are reviewing whether it would be appropriate and consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act not to subject collateralized debt obligations backed by trust preferred securities to the investment prohibitions of section 619 of Dodd-Frank, otherwise known as the “Volcker rule.” The agencies intend to address the matter no later than 15 January 2014. The accounting staffs of the agencies believe that, consistent with generally accepted accounting principles, any actions in January 2014 that occur before the issuance of 31 December 2013, financial reports should be considered when preparing those financial reports.

24 December 2013

SEC issues annual staff reports on credit rating agencies
The SEC issued its annual staff report on the findings of examinations of credit rating agencies registered as nationally recognized statistical rating organizations. The agency also submitted an annual staff report on NRSROs to Congress.

20 December 2013

SEC issues staff report on public company disclosure
The SEC issued a staff report to Congress on its disclosure rules for U.S. public companies, as part of agency’s ongoing efforts to modernize and simplify disclosure requirements and reduce compliance costs for emerging growth companies. The report, mandated by Congress in the 2012 JOBS Act, offers an overview of the SEC’s Regulation S-K that governs public company disclosure, as well as the staff’s preliminary conclusions and recommendations.

18 December 2013

SEC proposes rules to increase access to capital for smaller companies
The SEC proposed rules intended to increase access to capital for smaller companies. The SEC’s proposal would build upon Regulation A, which is an existing exemption from registration for small offerings of securities up to $5 million within a 12-month period. The updated exemption would enable companies to offer and sell up to $50 million of securities within a 12-month period.

10 December 2013

Agencies issue final rules implementing the Volcker Rule
Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The final rules prohibit insured depository institutions and companies affiliated with insured depository institutions (“banking entities”) from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options on these instruments, for their own account. The final rules also impose limits on banking entities’ investments in, and other relationships with, hedge funds or private equity funds.

5 November 2013

SEC to hold roundtable on proxy advisory services
The SEC announced that its staff will host a public roundtable on 5 December to discuss the use of proxy advisory firm services by institutional investors and investment advisers.

3 October 2013

SEC annual Government-Business Forum on Small Business Capital Formation
The SEC announced that it will hold its annual Government-Business Forum on Small Business Capital Formation on 21 November at its Washington D.C. headquarters. This year’s forum will begin with panel discussions about small business capital formation matters, including implementation of the JOBS Act.

2 October 2013

SEC announces renewal of Advisory Committee on Small and Emerging Companies
The SEC announced the renewal of its Advisory Committee on Small and Emerging Companies, which will continue to focus on interests and priorities of small businesses and smaller public companies. The advisory committee was originally established on 4 October 2011 to operate for a term of two years.

30 September 2013

SEC to accept public feedback on OFR study on asset management issues
A webpage was opened on the SEC’s website for the public to provide feedback on a study entitled “Asset Management and Financial Stability” published by the Office of Financial Research of the Treasury Department. The study was undertaken and published at the request of the Financial Stability Oversight Council. Feedback is due by 1 November 2013.

26 September 2013

List of SEC initiatives for public comment required by the Dodd-Frank Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act includes provisions that require the SEC to undertake various initiatives, including rulemaking and studies touching on many areas of financial regulation. Members of the public interested in making their views known on these matters, even before official comment periods may be opened, are invited to submit those views via email.

27 August 2013

SEC Small Companies Committee to meet 17 September
The SEC Advisory Committee on Small and Emerging Companies announced that it will hold a public meeting 17 September. The meeting agenda includes matters relating to rules and regulations affecting small and emerging companies under the federal securities laws.

15 August 2013

Michael Piwowar sworn in as SEC commissioner
The SEC announced that Michael S. Piwowar was sworn into office as an SEC Commissioner. He replaces former Commissioner Troy Paredes who stepped down earlier this month.

9 August 2013

Kara Stein sworn in as SEC commissioner
The SEC announced that Kara M. Stein was sworn into office as an SEC Commissioner. Ms. Stein replaces former Commissioner Elisse Walter.

2 July 2013

SEC announces enforcement initiatives to combat financial reporting and microcap fraud and enhance risk analysis
The SEC announced three new initiatives that will build on its Division of Enforcement's ongoing efforts to concentrate resources on high-risk areas of the market and bring cutting-edge technology and analytical capacity to bear in its investigations. The initiatives are: (1) Financial Reporting and Audit Task Force, (2) Microcap Fraud Task Force, and (3) Center for Risk and Quantitative Analytics.

6 June 2013

SEC renames division focusing on economic and risk analysis
The SEC has changed the name of its Division of Risk, Strategy, and Financial Innovation to better reflect its core responsibilities and focus. It is now called the Division of Economic and Risk Analysis. The division serves a central role in the SEC's ongoing commitment to rigorous economic analysis.

15 May 2013

SEC names Keith F. Higgins as director of division of corporation finance
The SEC named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public companies about securities offerings, mergers and acquisitions, compliance, and corporate governance.

23 April 2013

SEC names Anne K. Small as General Counsel
The SEC announced that Anne K. Small has been named General Counsel of the agency. Ms. Small comes to the SEC from the White House Counsel’s Office. She has advised on legal policy questions with a focus on economic issues. Ms. Small previously worked at the SEC as Deputy General Counsel for Litigation and Adjudication, helping to oversee enforcement matters, appellate cases, and adjudications. She becomes the first woman to be named General Counsel of the SEC.

22 April 2013

SEC Advisory Committee on Small and Emerging Companies to meet on 1 May 2013
The SEC Advisory Committee on Small and Emerging Companies will meet on 1 May 2013. The SEC agenda for the meeting includes presentations that are expected to cover a wide array of issues regarding small and emerging companies, such as capital formation, securities trading, and research and offering communications.

10 April 2013

Mary Jo White sworn in as Chair of SEC
Mary Jo White was sworn in as the 31st Chair of the SEC. Chairman White comes to the SEC with decades of experience as a federal prosecutor and securities lawyer. She was nominated to be SEC Chair by President Barack Obama on 7 February 2013, and confirmed by the U.S. Senate on 8 April.

1 March 2013

Steven Harris and Jay Hanson reappointed to PCAOB
The SEC announced that PCAOB members Steven B. Harris and Jay D. Hanson have been reappointed for five-year terms.

27 February 2013

SEC to hold fixed income roundtable
The SEC will hold a roundtable on 16 April to discuss potential ways to improve the transparency and efficiency of fixed income markets. The roundtable will focus on the corporate bond market and the municipal securities market, which was the subject of a July 2012 Commission report.

26 February 2013

SEC to host credit ratings roundtable
The SEC will hold a credit ratings roundtable on 14 May in response to a recent staff report on credit ratings and related matters.

21 February 2013

SEC announces 2013 examination priorities
The SEC published its examination priorities for 2013, which cover a wide range of issues at financial institutions. These priorities were published to promote compliance and communicate with investors and registrants the areas perceived to have heightened risk.

13 February 2013

SEC approves PCAOB budget and prepares to implement possible budget cuts
The SEC unanimously approved the PCAOB's 2013 budget and related annual accounting support fee required by Section 109 of the Sarbanes-Oxley Act of 2002. The SEC also discussed the possible drastic budget cuts at the PCAOB, known as "sequestration," that would take effect in March 2013.

31 January 2013

George S. Canellos named Acting Director of Enforcement
George Canellos was named Acting Director of the SEC’s Division of Enforcement, succeeding Robert Khuzami who is leaving the agency on 8 February. Since June 2012, Mr. Canellos has served as the Division’s Deputy Director, after serving as the Director of the SEC’s New York Regional Office for three years. From 1994 to 2003, Mr. Canellos was a federal prosecutor in the Southern District of New York.

10 January 2013

SEC Advisory Committee on Small and Emerging Companies to meet on 1 February 2013
The SEC Advisory Committee on Small and Emerging Companies will meet on 1 February 2013. The SEC agenda for the meeting includes consideration of recommendations and other matters relating to rules and regulations affecting small and emerging companies under the federal securities laws.

10 January 2013

SEC Investor Advisory Committee to meet on 18 January 2013
The agenda for the meeting includes introductory remarks from Chairman Walter and Commissioners; introductory remarks from Committee officers; discussion of administrative matters; and reports from the four Investor Advisory Committee subcommittees (the Investor as Owner subcommittee, the Investor as Purchaser subcommittee, the Investor Education subcommittee, and the Market Structure subcommittee).

4 December 2012

Division of Corporation Finance Director Meredith Cross to leave SEC
The SEC announced that Meredith B. Cross, Director of the Division of Corporation Finance, will leave the SEC at the end of the year to return to the private sector. Ms. Cross has served as the Division’s Director since June 2009. She joined Chairman Mary Schapiro’s senior leadership team in the wake of the financial crisis and played a key role in the Chairman’s initiatives.

3 December 2012

SEC charges China affiliates of Big Four accounting firms with violating US securities laws in refusing to produce documents
The SEC began administrative proceedings against the China affiliates of each of the Big Four accounting firms and another large U.S. accounting firm for refusing to produce audit work papers and other documents related to China-based companies under investigation by the SEC for potential accounting fraud against U.S. investors.

26 November 2012

SEC Chairman Mary Schapiro to retire on 14 December 2012
After nearly four years in office, SEC Chairman Mary L. Schapiro announced that she will step down on 14 December 2012.

14 November 2012

SEC issues A Resource Guide to the U.S. Foreign Corrupt Practices Act
The SEC and the Department of Justice today released A Resource Guide to the U.S. Foreign Corrupt Practices Act. The 120-page guide provides a detailed analysis of the U.S. Foreign Corrupt Practices Act (FCPA) and closely examines the SEC and DOJ approach to FCPA enforcement.

8 November 2012

SEC announces agenda and panelists for Small Business Forum on 15 November 2012
The Securities and Exchange Commission today announced the agenda and panelists for next week’s Government-Business Forum on Small Business Capital Formation. The first panel will focus on JOBS Act implementation and the second panel will focus on small business capital formation issues not addressed by the JOBS Act. In the afternoon, breakout groups will develop recommendations on a variety of issues related to small business capital formation.

25 September 2012

Suggestions solicited for this year’s Forum on Small Business Capital Formation
The SEC is requesting public comment for agenda topics for its annual Government-Business Forum on Small Business Capital Formation on 15 November 2012 at the SEC’s headquarters in Washington, DC. The forum will focus on the Jumpstart Our Business Startups Act and issues not covered by the act.

29 August 2012

SEC Advisory Committee on Small and Emerging Companies to meet
The SEC Advisory Committee on Small and Emerging Companies (the Committee) will meet on 7 September 2012 in San Francisco to discuss disclosure rules for smaller public companies, as well as market structure issues and the effect on initial public offerings.

29 August 2012

SEC proposes rules to implement Jobs Act provision about general solicitation and advertising in securities offerings
The SEC proposed rules to eliminate the prohibition against general solicitation and general advertising in certain securities offerings. Under the proposed rules, which are mandated by the Jumpstart Our Business Startups Act, companies would be permitted to use general solicitation and general advertising to offer securities under Rule 506 of Regulation D of the Securities Act and Rule 144A of the Securities Act.

22 August 2012

SEC adopts rule for disclosing use of conflict minerals
The SEC adopted a rule mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to require companies to publicly disclose their use of conflict minerals that originated in the Democratic Republic of the Congo (DRC) or an adjoining country.

22 August 2012

SEC adopts rules requiring payment disclosures by resource extraction issuers
The SEC adopted rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act requiring resource extraction issuers to disclose certain payments made to the U.S. government or foreign governments.

15 August 2012

SEC Advisory Committee on Small and Emerging Companies
The SEC Advisory Committee on Small and Emerging Companies (the Committee) is scheduled to hold a public meeting on Friday, 7 September 2012, at 9:00 a.m. (PDT) in the SEC’s San Francisco Regional Office. The meeting agenda is expected to include discussions of (a) market structure issues and their effect on initial public offerings and (b) other matters relating to rules and regulations affecting small and emerging companies under the federal securities laws.

16 July 2012

Paul A. Beswick named Acting Chief Accountant
Securities and Exchange Commission Chairman Mary Schapiro today announced the appointment of Paul A. Beswick as the Acting Chief Accountant in the SEC's Office of the Chief Accountant. In his new role, Mr. Beswick will oversee accounting interpretations, international accounting matters, and professional practice issues. Mr. Beswick replaces James L. Kroeker, who left the SEC last Friday.

13 July 2012

SEC staff publishes final report on work plan for global accounting standards
The SEC Office of the Chief Accountant published its final staff report on the Work Plan related to global accounting standards.

11 July 2012

SEC approves new rule requiring consolidated audit trail to monitor and analyze trading activity
The SEC voted to require the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) to establish a market-wide consolidated audit trail that will significantly enhance regulators’ ability to monitor and analyze trading activity.

2 July 2012

SEC approves rules and interpretations on key terms for regulating derivatives
The SEC took another step toward regulating the over-the-counter derivatives market by unanimously approving rules and interpretations for key definitions of certain derivative products.

20 June 2012

SEC adopts rule requiring listing standards for compensation committees and compensation advisers
The SEC has approved a rule that directs national securities exchanges to adopt listing standards for public company boards of directors and compensation advisers.

20 June 2012

SEC Chief Accountant James Kroeker to leave the Commission
The SEC announced that Chief Accountant James L. Kroeker will leave the SEC in July to enter the private sector.

11 June 2012

SEC announces phase-in of derivatives regulation
The SEC issued a policy statement describing the order in which it expects new rules regulating the derivatives market would take effect. The statement covers final rules to be adopted by the SEC under the Dodd-Frank Act (the Act).

4 June 2012

SEC Advisory Committee on Small and Emerging Companies to meet on 8 June
The SEC announced that its Advisory Committee on Small and Emerging Companies will meet on Friday, 8 June, beginning at 9 a.m. Eastern time. The discussion is expected to include the recently enacted JOBS Act, market structure issues, and scaling of disclosure and corporate governance rules for smaller public companies.

11 April 2012

SEC Seeks Public Comment Prior to JOBS Act Rulemaking
The SEC today announced it will begin accepting comments from the public as the agency sets out to make rules required under the recently-signed Jumpstart Our Business Startups (JOBS) Act.

9 April 2012

SEC Announces Members of New Investor Advisory Committee
The SEC announced the formation of a new Investor Advisory Committee required by the Dodd-Frank Act. The 21-member committee replaces the advisory committee that was disbanded after the Dodd-Frank Act became law. The committee is expected to submit findings and recommendations for review and consideration by the SEC.

13 February 2012

New compliance and disclosure interpretation: proxy description of advisory vote on executive compensation
The staff of the SEC’s Division of Corporation Finance issued an interpretation to clarify how a company should describe the advisory vote on executive compensation in its proxy materials.

3 February 2012

SEC names Jeanette M. Franzel to the Public Company Accounting Oversight Board
The SEC today announced that it has named Jeanette M. Franzel to be a member of the PCAOB. Ms. Franzel, currently a Managing Director of the US Government Accountability Office (GAO) with over 20 years of public service, will replace Daniel L. Goelzer, one of the founding members and a former interim Chairman of the five-member Board.

26 January 2012

SEC Advisory Committee on Small and Emerging Companies - meeting agenda
The SEC announced that its Advisory Committee on Small and Emerging Companies will meet on 1 February 2012, beginning at 10 a.m. EST. The committee will discuss potential recommendations to the Commission on issues relevant to small and emerging companies and hear presentations on the report of the IPO Task Force, “Rebuilding the IPO On-Ramp,” which was presented to the U.S. Department of the Treasury in October 2011.

19 January 2012

Division of Corporation Finance: Financial Reporting Manual
The SEC Division of Corporation Finance published an updated Financial Reporting Manual (FRM) as of September 30, 2011.

10 January 2012

SEC Advisory Committee on Small and Emerging Companies to hold next meeting on 1 February 2012
The SEC Advisory Committee on Small and Emerging Companies provided notice that it will hold a public meeting on Wednesday, February 1, 2012. The meeting will begin at 10:00 a.m. (EST) and will be open to the public. The meeting will be webcast on the Commission’s website at www.sec.gov. The agenda for the meeting includes consideration of recommendations and other matters relating to rules and regulations affecting small and emerging companies under the federal securities laws.

21 December 2011

SEC adopts Dodd-Frank mine safety disclosure requirements
The SEC has adopted new rules outlining how mining companies must disclose the mine safety information required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

21 December 2011

SEC adopts net worth standard for accredited investors under Dodd-Frank Act
The SEC has amended its rules to exclude the value of a person’s home from net worth calculations used to determine whether an individual may invest in certain unregistered securities offerings. The changes were made to conform the SEC’s definition of an “accredited investor” to the requirements of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

15 December 2011

List of Rules to be Reviewed Pursuant to the Regulatory Flexibility Act
The Securities and Exchange Commission published a list of rules that it will review in the next 12 months pursuant to the Regulatory Flexibility Act. The statute requires agencies to review rules that have a significant economic impact on a substantial number of small entities within 10 years of their publication as final. The SEC said in a release that its review goes beyond the RFA to identify rules that are in need of modification or even rescission.

15 December 2011

SEC Advisory Committee on Small and Emerging Companies to meet on 6 January 2012
The SEC Advisory Committee on Small and Emerging Companies (the Committee) will meet via telephone on 6 January 2012 to consider, among other things, how the Commission could relax restrictions on general solicitation and advertising in offerings exempt from SEC registration. An audio webcast of the meeting will be available on the Commission's website.

9 November 2011

SEC approves new rules to toughen listing standards for reverse merger companies
The SEC approved new rules of the three major U.S. listing markets that toughen the standards that companies going public through a reverse merger must meet to become listed on those exchanges.

7 November 2011

Daniel Gallagher Sworn in as SEC Commissioner
The SEC announced that Daniel M. Gallagher has been sworn into office as an SEC Commissioner.

25 October 2011

SEC advisory committee on small and emerging companies to hold first meeting on 31 October
This SEC release announces the agenda for the first meeting of advisory committee on small and medium entities.

21 October 2011

SEC Staff to hold roundtable on "measurement uncertainty in financial reporting"
This roundtable in the Financial Reporting Series, to be held on November 8, will examine the extent to which financial reporting should include measurement uncertainties, and the information investors find important to understanding and assessing those uncertainties.

14 October 2011

SEC announces agenda and panelists for roundtable on conflict minerals
The SEC will host a public roundtable on 18 October to discuss the agency's required rulemaking under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which relates to reporting requirements regarding conflict minerals originating in the Democratic Republic of the Congo and adjoining countries. Agenda and panelists are announced in the news release.

19 September 2011

SEC proposes rule to prohibit conflicts of interest in certain asset-backed securities transactions
The SEC voted unanimously to propose a rule intended to prohibit certain material conflicts of interest between those who package and sell asset-backed securities (ABS) and those who invest in them.

6 September 2011

SEC to seek comment on review of existing regulations
The SEC is seeking public comment on the process it should use to conduct retrospective reviews, such as how often rules should be reviewed, the factors that should be considered, and ways to improve public participation in the rulemaking process.

31 August 2011

SEC seeks public comment on asset-backed issuers and mortgage-related pools under investment company act
The SEC is requesting public comment on the treatment of asset-backed issuers as well as real estate investment trusts (REITs) and other mortgage-related pools under the Investment Company Act.

31 August 2011

SEC seeks public comment on use of derivatives by mutual funds and other investment companies
The SEC is seeking public comment on a wide range of issues raised by the use of derivatives by mutual funds and other investment companies regulated under the Investment Company Act. The Commission will use the comments received in response to this concept release to help determine whether further guidance is necessary.

26 July 2011

SEC re-proposes new shelf eligibility requirements for asset-backed securities
The SEC is re-proposing for public comment some rules requiring greater accountability and enhanced quality around asset-backed securities (ABS) when issuers seek to use an expedited registration process known as shelf registration.

15 June 2011

SEC proposes ways to strengthen audits and reporting of broker-dealers to protect customer assets
The SEC is proposing amendments to the broker-dealer financial reporting rule in order to strengthen the audits of broker-dealers as well as the SEC's oversight of over this industry.

26 May 2011

SEC adopts rules to establish whistleblower program
The SEC adopted rules to create a whistleblower program that rewards individuals who provide the agency with high-quality tips that lead to successful enforcement actions.

20 April 2011

SEC announces roundtable on international financial reporting standards
The SEC announced that on 7 July 2011 it will sponsor a roundtable to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.

2 March 2011

SEC proposes rule amendments to remove credit rating references in investment company act rules and forms
The SEC proposed rule amendments to remove references to credit ratings in certain rules and forms under the Investment Company Act of 1940, including rule 2a-7 governing the operations of money market funds.

2 March 2011

SEC proposes rules on disclosure of incentive-based compensation arrangements at financial institutions
The SEC proposed a rule that would require certain financial institutions to disclose the structure of their incentive-based compensation practices, and prohibit such institutions from maintaining compensation arrangements that encourage inappropriate risks.