All Securities and Exchange Commission articles – Page 59
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Blog
SEC charges Fyre Festival founder with investor fraud
The Securities and Exchange Commission announced on Tuesday that New York entrepreneur William McFarland, creator of 2017's disastrous Fyre Festival, has agreed to settle charges arising out of a multi-year offering fraud that raised at least $27.4 million from more than 100 investors.
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Article
Revenue 2.0: Work continues to adapt to new rules
Even after calendar-yer companies have filed their first-quarter reports reflecting a new way to recognize revenue, work continues to adapt to the new rules.
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SEC adopts rules to enhance oversight of Alternative Trading Systems
With the intent of significantly enhancing operational transparency and regulatory oversight, the Securities and Exchange Commission on July 18 voted to adopt amendments to the regulatory requirements governing alternative trading systems, commonly known as “dark pools.”
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Former Tesla employee files whistleblower tip to SEC
A former Tesla employee, currently being sued by the company for allegedly hacking into proprietary systems, has made a formal whistleblower report to the SEC. Among the issues that may arise in the Commission’s consideration of the case are matters related to potential retaliation and pretaliation.
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New standard triples revenue disclosures, Deloitte finds
Public companies are roughly tripling their revenue-related disclosures to comply with the new revenue recognition standard, according to a new analysis.
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IOSCO proposal seeks to set practices for audit committees
International regulators are developing a broad proposal to call for improvements in audit committee oversight of external auditors.
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Credit Suisse subsidiary settles FCPA violations
The SEC has announced that Credit Suisse Group AG will pay $30 million to settle allegations that it rigged hiring practices to win business in the obtained investment banking business in the Asia-Pacific region, an FCPA violation. Credit Suisse also agreed to a $47 million settlement with the Justice Department.
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ITT executives agree to resolution, fines with SEC
The SEC has resolved ongoing accusations against with two former senior executives of ITT Educational Services Inc. The Commission says the company’s leadership hid its true financial condition from investors. The resolution successfully concludes an SEC case against the national operator of for-profit colleges.
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Article
SEC requires shift to integrated XBRL filing
A new requirement for companies to adopt some new XBRL technology will produce different levels of compliance burden depending on how companies are complying now.
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SEC expands application of scaled disclosures
The SEC has extended its “smaller reporting company” definition to expand the number of companies that qualify for scaled disclosure accommodations.
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SEC adopts changes to liquidity risk management disclosures
The SEC has finalized amendments to liquidity-related disclosure requirements for certain open-end funds. Under the amendments, funds would discuss in their annual or semi-annual shareholder report the operation and effectiveness of their liquidity risk management programs.
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SEC requires companies to move filings to inline XBRL
The SEC will require companies to integrate their XBRL and static financial statement data into a single filing beginning in 2019 for the largest entities.
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Wells Fargo settles with SEC over improper sales advice, strategy
An SEC announcement says Wells Fargo Advisors will settle charges that its sales team pushed retail investors to cash out non-liquid investments before their maturity, unnecessarily costing them money but improving the firm’s profits.
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SEC details strategic initiatives through 2020
The SEC has published a new plan that details its strategic priorities through Fiscal Year 2022.On the list: improved technology and data analysis and a focus on retail investors.
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Dems seek investigation into SEC commissioner's alleged pro-gun diatribe
Democratic senators are asking the SEC's Inspector General to conduct an investigation into reports that a commissioner may have “linked potential regulatory action" to his personal views on firearms.
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For early revenue adopters, SEC digs into year-end disclosure
SEC staff are showing an interest in some specific disclosures companies are providing under the new revenue standard, based on themes emerging in comment letters.
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SAB 74 disclosures still lag, PwC analysis shows
Investors are not getting much warning about assets and liabilities soon to hit corporate balance sheets as companies prepare to adopt new lease accounting rules.
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SEC’s Jackson urges a review of stock buyback rules
SEC Commissioner Robert Jackson is voicing his concerns about corporate stock buybacks and says research produced by his staff “raises significant new questions about this activity.” He wants the Commission to reconsider existing rules.
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Blog
Big 4 firms audit fewer companies, analysis shows
Big 4 firms are performing fewer public company audits as the number of public companies continues to decline, according to Audit Analytics.
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SEC proposes safe harbor for broker-dealer research reports
The SEC has proposed new rules that offer safe harbor protections for research broker-dealers who provide research reports on mutual funds, ETFs, registered closed-end funds, and business development companies.