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FASB 2017 Accounting Support Fee Approved

The Securities and Exchange Commission (“SEC”) has approved the fees that the Financial Accounting Standards Board (“FASB”) uses to aid operations. In issuing Release No. 33-10297, Order Regarding Review of FASB Accounting Support Fee For 2017 Under Section 109 of the Sarbanes-Oxley Act Of 2002, the SEC requested that the FASB review the financial reporting taxonomy for presenting financial statements in the eXtensible Business Reporting Language. The FASB must also submit its findings prior to the SEC’s consideration for the 2018 support fee. In addition, the SEC wants to be informed about the FASB’s filled vacancies and efforts to improve. Read More.

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FASB Investor Panel Adds Academia Members

Changes are ahead regarding the Financial Accounting Standards Board’s (“FASB”) Investor Advisory Committee (“IAC”). Last week, the FASB announced that its advisory panel for general issues and emerging trends will now include academia members involved with investor-related research and a public or corporate pension fund. Buy-side and sell-side analysts, stock market investors, bondholders and ratings agencies will continue to make up the rest of the committee.

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SEC Proxy Voting Roundtable Set for Early 2015

As the debate heats up on which rules the Securities and Exchange Commission (“SEC”) should use for expanding or limiting a shareholder’s influence, the agency has decided to hold a public discussion on proxy voting issues. Scheduled for early next year, the roundtable marks the second time in recent memory the SEC has solicited feedback on the topic and will review the Investor Advisory Committee’s (“the Committee”) recommendation of updating proxy ballot rules. As part of its revised rules push, the Committee wants Rule 14a-4(d)(1) of the Securities Exchange Act of 1934 to permit the use of a universal proxy. Read More.

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Investor Advisory Committee to Discuss Accredited Investor Definition

Preparing to revise the decades-old accredited investor definition in Rule 501 of Regulation D, the Securities and Exchange Commission’s (“SEC”) Investor Advisory Committee (“the Committee”) is scheduled to meet on Thursday, October 9th. The current definition, which has been in place for over 30 years, describes an individual, or such combined with a spouse, a net worth of $1 million or more. While current income thresholds are $200,000 (individual) and $300,000 (married couple), investors have called for a number adjustment to reflect inflation. The Committee previously discussed changes to the accredited investor definition in July, but couldn’t reach a decision. Read More.

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SEC’s Investor Advisory Committee at Odds over Accredited Investor Definition

As efforts to update the “accredited investor” definition continue, members of the U.S. Securities and Exchange Commission’s (“SEC”) Investor Advisory Committee (“the Committee”) remain at an impasse on what changes should be made. During its recent meeting, Committee members acknowledged that a consensus on the definition’s first update in over 30 years will not occur anytime soon. The proposed revision to “accredited investor” stems from SEC’s Release No. 33-9415, Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings. While the SEC removed the marketing ban on private offerings provision from the rule, Release. Read More.

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