CPAs and Advisors with Your Growth in Mind

OMB Proposes Changes to Data Collection Form

The Office of Management and Budget (“OMB”) is currently accepting feedback on proposed changes to the Data Collection Form (DCF) and its instructions. Published in a December 9th Federal Register notice, the proposed changes are necessary due to the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards at 2 CFR 200 (Uniform Guidance). As a result, the new DCF and instructions will be effective for fiscal periods starting on or after December 26, 2014, in line with the Uniform Guidance’s effective date. Please note that any audits performed under OMB Circular A-133, Audits of States, Local Governments, and. Read More.

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SEC Seeks to Enhance Alternative Trading Systems Oversight

Last month, the Securities and Exchange Commission (“SEC”) proposed new rules to improve the transparency and regulatory oversight of alternative trading systems (ATSs) that trade stocks listed under a national securities exchange (NMS stocks). Per the agency’s proposal, an NMS stock ATS would be required to file in depth disclosures on the newly proposed Form ATS-N regarding its operations, as well as the actions of its broker-dealer operator and affiliates, and execution priority procedures. The proposal would also make Form ATS-N disclosures available on the SEC website, which could help market participants when deciding whether to conduct business with an. Read More.

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SEC Adopts New Rules for Asset-Backed Securities

Announced via press release Wednesday, the Securities and Exchange Commission (“SEC”) has adopted revised rules for overseeing the disclosure, reporting, and offering process for asset-backed securities (ABS). The new rules address problems and significant losses ABS holders suffered from the 2008 financial crisis, as well as increase transparency, enhance investor protection and assist capital formation in the securitization market. Required by the new rules are loan-level reporting for certain assets, including residential and commercial mortgages, and car loans. Further, the rules give investors additional time to review a securitization offering, update the criteria for using an accelerated offering process and make key. Read More.

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SBA Adjusts Size Standards

On June 12, 2014, the Small Business Administration (“SBA”) published an interim rule with request for comments in the Federal Register making inflation adjustments to its revenue-based size standards. The new size standards become effective on July 14, 2014. Parties interested in making comments on the interim rule must submit their comments by August 11, 2014. SBA policy is to review its revenue-based size standards every five years to determine if an adjustment for inflation is warranted. This does not mean that the size standards will be revised every five years based upon specific criteria as the Truth in Negotiations Act threshold. Read More.

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