SEC, CFTC Form Joint Advisory Committee

SEC Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler announced the formation of a joint committee that will address emerging regulatory issues. The establishment of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues was one of the 20 recommendations included in the agencies’ harmonization report issued last year. In addition, the […]

Schapiro Testifies Before House Subcommittee About May 6 Market Events

SEC Chair Mary Schapiro was unable to provide the House Subcommittee on Capital Markets with a definitive answer to the cause of the May 6 market disruption, but pledged to release the information to the public as soon as it becomes available. In her May 11 testimony, Schapiro said preliminary findings do not point to […]

SEC Encourages Use of Email for Rule 10A-1 Notices

The SEC’s Office of the Chief Accountant would prefer that the notices required by 1934 Act Rule 10A-1 be submitted via email, according to recent guidance. The rule permits notices to be provided by facsimile, telegraph, personal delivery or any other means as long as it is received by OCA within the required time period. […]

Benefits Update – May 2010

From the editors of CCH’s BENE and BAN products, here are hot topics from recent Employee Benefits Management Directions newsletters as well as recent explanatory updates in Employee Benefits Management. Also included are recent explanatory updates to the Benefits Answers Now product. If you have any comments/suggestions concerning the information provided or the format used, […]

Unanimous Supreme Court Allows Vioxx Suit to Proceed

A unanimous Supreme Court held that the limitations period for securities fraud cases begins to run on the earlier of 1) the date on which the plaintiff actually discovered the facts constituting the violation or 2) the date on which a reasonably diligent plaintiff would have made that discovery. In securities fraud cases, held the […]

SEC Proposes Significant Revisions to Asset-Backed Securities Offerings

The SEC approved the issuance of a proposal that would significantly revise Regulation AB and other rules relating to the offering process and disclosure and reporting practices for asset-backed securities. SEC Chairman Mary Schapiro said the release represents a fundamental revision in the way the asset-backed securities market is regulated. Ms. Schapiro has asked the […]

Senate Bill Would Provide Tax Relief to Victims of Ponzi Schemes

Bipartisan Senate legislation would provide tax relief to investors victimized by securities fraud in Ponzi scheme types of operations. Since the legislation applies only to qualified fraudulent investment losses discovered in calendar years 2008 or 2009, it essentially assists victims of frauds such as those run by disgraced financiers Bernard Madoff and Allen Stanford. The […]

Insurance Company Must Explain Changes in Estimates for Liability for Policy and Contract Claims

Genworth Financial, Inc. Date: 4/3/09; 5/8/09; 6/12/09; 7/13/09; 8/17/09 SIC No.: 6311 Subject Filing: 10-K State: DE Accession No. (Staff Letter): 0000000000-09-017378; 0000000000-09-031410; 0000000000-09-044949 Accession No. (Co. Letter): 0001193125-09-105593; 0001193125-09-148175 The staff, upon reviewing the Form 10-K filed by Genworth Financial, Inc., inquired further regarding the company’s re-estimation of certain liabilities for policy and contract […]

PCAOB Proposes New Standard on Communications With Audit Committees

The PCAOB has proposed a new auditing standard on communications with audit committees which would supersede interim standards AU sec. 380 and AU sec. 310. The proposed standard governs the communications that auditors must have with the audit committees of public company boards of directors. Acting Chair Daniel Goelzer said the proposed standard is intended […]

Environmental Compliance Update – April 2010

Environmental Compliance Update April 2010 Additions to the   Environmental Compliance Portfolio During March 2010,   over 100 pages   of analysis and other materials were added to the Environmental Compliance Portfolio   under the following topics: Air Quality Compliance, Hazardous Waste Compliance, Wastewater and Water Quality Compliance, and Business and the Environment (sustainable development and climate change). Air […]