Corporate & Securities Law

SEC Senior Official Examines Auditor

Posted on December 22, 2007
SEC Senior Official Examines Auditor Independence IssuesAt a recent conference, a senior SEC accounting official made some interesting remarks on the ever-popular issue of auditor independence, particularly on the factors the SEC considers when deciding on what is a network firm and on what advice outside auditors could give a company client without impairing their independence...

Key Senator Calls on SEC to Fully

Posted on December 20, 2007
Key Senator Calls on SEC to Fully Use SRO Audits and ResourcesIn a letter to SEC Chairman Christopher Cox, Senator Charles Grassley asked the Commission to remedy its failure to tap investigative resources provided by the SROs by implementing a plan allowing the SEC to consider such information as part of its work to safeguard market integrity...

4th Circuit Finds Venue Proper

Posted on December 18, 2007
4th Circuit Finds Venue Proper Through EDGAR ServerA fraud defendant who did business in Las Vegas will have to defend criminal charges in the Eastern District of Virginia based on the filing of allegedly false Form 10-Q reports. In a December 14, 2007, decision, a 4th Circuit panel found that venue was proper in the Eastern District, even though, as the court acknowledged, the defendant's "lone contact with the Eastern District for the purposes of this offense" was the fact that "EDGAR?s Management Office of Information and Technology and the system?s computer servers, which store the transmitted files and make them publicly available through the EDGAR website, are located in Alexandria, Virginia, in the Eastern District of Virginia...

SEC Examining Possible Abuse in

Posted on December 18, 2007
SEC Examining Possible Abuse in Rule 10b5-1 PlansAs a result of academic studies suggesting that Rule 10b5-1 plans may be being abused, the SEC staff is looking into the situation to make sure that people are not doing here what they were doing with stock options...

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House Report Finds Deficiencies

Posted on December 16, 2007
House Report Finds Deficiencies in Disclosure of Exec Comp ConsultantsA House oversight committee report found widespread and pervasive conflicts of interest among executive compensation consultants. Indeed, over 100 large public companies hired compensation consultants with substantial conflicts of interest in 2006...

Securities Industry Backs SEC Proposal

Posted on December 16, 2007
Securities Industry Backs SEC Proposal to Let US Issuers Report in IFRSA joint industry working group supports the SEC?s proposal to allow U.S. issuers to prepare their financial statements in accordance with IFRS rather than GAAP. In a letter to the Commission, the group praised IFRS as high quality accounting standards that provide a means for faithful representation of economic events and transactions, and that provide investors and creditors with transparent and comparable financial information needed to make economic decisions...

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