James Doty to Step Down as PCAOB Chairman, Will Help with Transition
James Doty, current chairman of the Public Company Accounting Oversight Board (“PCAOB”) of the Securities and Exchanges Commission (“SEC”), will step down once the commission has found his successor, according to an SEC announcement on August 11, 2017. Once that successor has been found and named, a date for Doty’s final day will be announced. The SEC has the authority to appoint PCAOB members under the Sarbanes-Oxley Act of 2002. Doty has been in office since 2011, and his term expired in 2015. During the early years of his term, he worked for investor protections.
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.
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.
Topics: Compliance, Cybersecurity, disclosure, Division of Corporation Finance "Corp Fin", Financial Industry Regulatory Authority "FINRA", Investor Protection, JOBS Act, Mary Jo White, Office of the Investor Advocate, Regulation S-K, U.S. Securities and Exchange Commission "SEC"