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SEC Creates New Office for Division of Economic and Risk Analysis

To support the agency with data-driven risk assessment tools for various activities, the Securities and Exchange Commission (“SEC”) has created a new office within its agency’s Division of Economic and Risk Analysis (“DERA”). Announced last week , the Office of Risk Assessment will continue the DERA’s existing efforts of creating effective risk evaluation tools and models, as well as work in collaboration with SEC market experts. Since being established five years ago, the DERA has led the SEC charge to develop risk assessment tools. For instance, the DERA created a broker-dealer risk assessment tool for SEC examiners to allot resources by evaluating a. Read More.

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Higgins Highlights Corp Fin Initiatives in Congress Testimony

Promoting his division’s current initiatives and directives, the U.S. Securities and Exchange Commission’s (“SEC”) Corp Fin (“the Division”) Director Keith Higgins testified recently in front of the U.S. House of Representatives Committee on Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises. Some of the notables from Higgins’ testimony included: Review of Registrant Filings: Higgins stated that Corp Fin is dedicated to the financial statements and disclosures of the companies that make up 98 percent of total market capitalization. Based on the work completed thus far in fiscal 2014, Higgins believes the Division’s review of 4,500 reporting companies will be in. Read More.

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Corp Fin’s Higgins Discusses Disclosure Rules Project

Looking to improve company filings and other information important to investors, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Corporation Finance’s Keith Higgins announced that the agency will continue work on its long-term project to simplify disclosure rules by tackling smaller changes first. At a U.S. Chamber of Commerce-hosted (“the Chamber”) event on July 29th, the director of the SEC’s Division of Corporation Finance (“Corp Fin”) remarked that his staff is currently brainstorming smaller changes that are clear and can be completed faster than more complicated items. Made a top priority by SEC Chair Mary Jo White, the disclosure. Read More.

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SEC Releases New Documents on XBRL-Based Filings

Related to filings using eXtensible Business Reporting Language (XBRL), the U.S. Securities and Exchange Commission (“SEC”) has issued Staff Observations of Custom Tag Rates (“the Report”) and Sample Letter Sent to Public Companies Regarding XBRL Requirement to Include Calculation Relationships (“the Letter”). Per the SEC, the Report will help review the quality of XBRL exhibits issuers present to meet the agency’s requirements in filing financial statement information via XBRL format. The review will assist the SEC in defining a starting point for filers tagging financial statements when filing electronically, including how their actions have changes since completing the phase-in of issuer and. Read More.

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Corp Fin to Review Disclosure Rules & Cybersecurity Protection in Fiscal 2015

Outlining next year’s policy objectives, Report on Objectives – Office of the Investor Advocate has been released by the U.S. Securities and Exchange Commission’s (“SEC”) Office of the Investor Advocate (“the Office”). Published on June 24th, the report details two major projects the Office will work on during fiscal year 2015. The projects include assisting the SEC’s Division of Corporation Finance (“Corp Fin”) revise disclosure requirements and reviewing cybersecurity for investor protection. Mandated by the JOBS Act, the SEC’s Mary Jo White considers the review of disclosure requirements in Regulation S-K a high priority. Using recommendations from the Report on. Read More.

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SEC’s Corp Fin and IM Issue Proxy Voting Guidance

In conjunction with its Division of Corporation Finance (“Corp Fin”), the U.S. Securities and Exchange Commission’s (“SEC”) Division of Investment Management (“IM”) recently issued Staff Legal Bulletin No. 20, Proxy Voting: Proxy Voting Responsibilities of Investment Advisers and Availability of Exemptions from the Proxy Rules for Proxy Advisory Firms. In their respective roles, IM offers guidance for investment advisers’ responsibilities in voting client proxies and preserving proxy advisory firms, and Corp Fin provides guidance on the accessibility and obligations of two federal proxy rule exemptions that are often used by proxy advisory firms. The guidance reflects proxy advisory firms’ ability. Read More.

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