PCAOB & Danish Business Authority Form Cooperative Agreement
To help oversee audit firms bound by regulatory jurisdictions, the Public Company Accounting Oversight Board (“PCAOB”) has announced a cooperative arrangement with the Danish Business Authority (“DBA”). Similar to arrangements with European Union members and other regulators, the PCAOB’s agreement with the DBA provides framework for shared inspections and information exchanges compliant with the Dodd-Frank Act. Due to the reform’s provisions, the PCAOB can share confidential information with non-U.S. counterparts in certain situations. Additionally, a pact concerning data protection is part of this cooperative arrangement. Since establishing a non-U.S. inspection program in 2004, the PCAOB has performed inspections in 44 jurisdictions outside of. Read More.
House Committee Plans Dodd-Frank Hearing This Week
With the Dodd-Frank Act (“the Act”) celebrating its fourth anniversary recently, the House Committee on Financial Services has scheduled a hearing on the reform’s effects. Planned for Wednesday in Washington, D.C., “Assessing the Impact of the Dodd-Frank Act Four Years Later” will cover the Act’s beginnings, how it has encouraged financial stability, and future objectives related to the reform. Speaking on the anniversary and upcoming hearing, U.S. Securities and Exchange Commission (“SEC”) Chair Mary Jo White stated that the SEC has progressed significantly to execute the Act’s requirements. However, White also noted the SEC’s work is far from done and additional key provisions must. Read More.
PCAOB Guidance Issued for Audits of Broker-Dealers
Assisting auditors of brokers and dealers registered with the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board (“PCAOB”; “the Board”) has issued Staff Guidance for Auditors of SEC-Registered Brokers and Dealers (“the Guidance”). Effective for fiscal years ending on or after June 1, 2014, the Guidance will help auditors complete audits in line with the Board’s standards required by the Dodd-Frank Act and SEC. During the transition period, auditors can reference the Guidance to note any requirements for SEC-registered broker-dealer audits and attestation engagements. Additionally, the new Guidance offers assistance on implementing PCAOB standards to such. Read More.
SEC Approves Rules on Over-the-Counter Derivatives
Approved by unanimous vote, the U.S. Securities and Exchange Commission (“SEC”) will adopt rules on how to apply “Security-Based Swap Dealer” and “Major Security-Based Swap Participant” definitions to cross-border security-based swap actions under the Securities Exchange Act of 1934 and Title VII of the Dodd-Frank Act. The new rules are part of a bigger framework suggested under the Dodd-Frank Act that would control over-the-counter derivatives. Through the Dodd-Frank Act, the SEC can carry out a regulatory framework for security-based swaps. At this time, security-based swaps trade solely in over-the-counter markets with little oversight. To counter future financial crises, various SEC. Read More.
Topics: Cross-Border Security, Dodd-Frank Act, Major Security-Based Swap Participant, Over-the-Counter Derivatives, Securities Exchange Act of 1934, Security-Based Swap Dealer, Title VII, U.S. Securities and Exchange Commission "SEC"
SEC Approves Amendments to PCAOB Rules
With most taking effect June 1st, amendments to the Public Company Accounting Oversight Board’s rules (“PCAOB”; “the Board”) conforming to the Dodd-Frank Act have been approved by the U.S. Securities and Exchange Commission (“SEC”). Adopted by the PCAOB, the rules reference audits, and auditors of brokers and dealers in the Board’s provisions. Further, the rules make certain that the PCAOB can carry out its oversight power, which was established under the Dodd-Frank Act regarding audits, and auditors of brokers and dealers registered with the SEC. The amendments include provisions such as: Adding references to audits and auditors of broker-dealers in. Read More.