SEC

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• Rep. Scott Garrett Holds a Hearing On the Sec Budget

(CORRECTED COPY) HOUSE COMMITTEE ON FINANCIAL SERVICES, SUBCOMMITTEE ON CAPITAL MARKETS AND GOVERNMENT-SPONSORED ENTERPRISES HOLDS A HEARI...

• Political Transcript Wire
• March 21, 2011

• Gabelli v. SEC, 568 U.S. (2013)

1 (Slip Opinion) OCTOBER TERM, 2012 NOTE: Where it is feasible, a syllabus (headnote) will be released, as isbeing done in connection with this case, ...

• U.S. Supreme Court

• Schapiro Doubts Sec Will Ban Short-Selling

NEW YORK (Reuters) - The U.S. Securities and Exchange Commission is unlikely to join the European Union in imposing another ban on short-selling, SEC Chairman Mary Schapiro said on Thursday [Oct. 20]. Never say never, but it is hard for me to imagine the SEC ever doing a ban on short-selling again," Ms. Schapiro said at a hedge fund industry conference. During the financial crisis in 2008, the SEC limited traders' abilities to bet that certain stocks would fall.

• Reuters Hedgeworld
• October 21, 2011

• An Examination of Sec Investigative Bias Among Foreign Registrants and Domestic Registrants with Foreign Operations

The objective of this study is to examine country-specific factors that are related to the Securities and Exchange Commission's (SEC) issuance of foreign-related Accounting and Auditing Enforcement Releases (AAER). Foreign-related AAERs include sanctions issued against foreign firms registered in the US and against domestic firms with foreign operations. The SEC's objectives of prevention and deterrence are compromised to the extent that intentional misstatements are overlooked for any portion of the registrant population. This study makes two contributions to the existing literature. First, although prior research evaluates AAER composition, no study has tested whether macro-level risk factors can explain the SEC's issuance of AAERs. Second, while numerous papers have discussed the reg...

• Southern Business Review
• Vol. 34 Nbr. 1, January 2009

• Dark Pool Operator Pipeline Settles U.S. Sec Charges

EDITOR'S NOTE: This story has been updated with a statement from SEC Enforcement Director Robert Khuzami. WASHINGTON (Reuters) - Pipeline Trading Systems LLC will pay a $1 million penalty after U.S. securities regulators said it misled customers about how their trades were executed on its "dark pool" trading platform.

• Reuters Hedgeworld
• October 25, 2011

• U.S. Sec Urged to Adopt More Revolving Door Safeguards

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission needs to keep better track of the ethics advice it doles out to ensure former officials don't get caught up in conflicts of interest when they go into the private sector, a new government study has found. The report by the Government Accountability Office is the latest rebuke of the SEC's "revolving door" policies. A report by the SEC's inspector general earlier this year criticized the SEC for failing to keep adequate records about potential conflicts of interest.

• Reuters Hedgeworld
• July 14, 2011

• Sec Curious About Drop in Material Weaknesses

Registrants and auditors improve the overall confidence of investors by fulfi lling their responsibilities to provide the increased transparency" about internal control over fi nancial reporting, he said. "I encourage the profession to continue focusing on internal control over fi nancial reporting to ensure the design of controls is evaluated appropriately and all material weaknesses are identified and reported.

• Compliance Week
• Vol. 7 Nbr. 73, February 2010

• Duplicative, Confusing, and Legally Inaccurate: The Sec's Attempt to Regulate Fixed Indexed Annuities

Across the US many investors have seen their portfolios' value fall significantly during the recent credit crisis. Because of this, investors are reminded of the risk associated with equity investments. One financial product -- a Fixed Indexed Annuity (FIA) -- offers its owners the opportunity to participate in the gains of the stock market, with zero downside risk. However, the cost of an FIA may soon increase, thanks to a new rule that the Securities and Exchange Commission (SEC) recently finalized, Rule 151A, which is now tied up in litigation. This Note argues that the SEC's Rule is based on an incorrect theory of investment risk, overemphasizes the difference between investment risk and insurance risk, is unsupported by judicial precedent, and imposes substantial costs in exchange ...

• Journal of Corporation Law
• Vol. 35 Nbr. 3, April 2010

• Are Auditors of Public Companies Prepared for the Transition to Ifrs?

As of this writing, non-US companies using International Financial Reporting Standards (IFRS) are permitted to list their securities on US stock exchanges without reconciling those statements to US GAAP. In February 2010, the SEC stated that US issuers would not be required to employ IFRS until 2015 at the earliest. The SEC further stated that it would vote in 2011 whether to go forward with a mandate to employ IFRS solely or to allow firms to use either IFRS or US GAAP. A survey was sent to a random sample of 2,000 AICPA members employed by public accounting firms that have substantial publicly traded companies as clients. When asked about the comfort level with their own current IFRS knowledge, respondents generally did not think that they had the current competence level to effective...

• CPA Journal, The
• Vol. 81 Nbr. 3, March 2011

• It's Time to Give the Sec a Stronger Bite

Along with the obvious benefits of self-funding, however, come challenges. Giving the SEC control of its own billiondollar budget means requiring the agency to have effective internal controls in place; it also strips Congress of its primary means of controlling the SEC. Under the SEC's current funding structure, the Offi ce of Management and Budget and the appropriations process provide this fiscal discipline for the agency.

• Compliance Week
• Vol. 6 Nbr. 69, October 2009