Trump Appoints Jay Clayton to SEC Chair
Wall Street lawyer Jay Clayton has been tapped by President-elect Donald Trump to become Securities and Exchange Commission (“SEC”) chair. Announced on January 4, Clayton will help the incoming Trump administration with job creation by promoting investment opportunities in U.S. companies and overseeing the financial sector. He is also expected to overturn several Dodd-Frank Act rules that outgoing SEC Chair Mary Jo White handled during her tenure. Clayton must receive Senate confirmation before taking his new role.
SEC Chief Accountant Pushes for IFRS Use
Fresh off his formal succession to Securities and Exchange Commission (“SEC”) Chief Accountant, Wesley Bricker wants the market regulator to resume consideration of International Financial Reporting Standards (“IFRS”). At a December 5 conference in Washington, D.C., Bricker said he believes the SEC should consider a proposal that would allow U.S. companies to supplement GAAP financial statements with IFRS information. James Schnurr, Bricker’s predecessor, had originally introduced the proposal prior to leaving the SEC. No immediate changes are expected due to the SEC’s slow regulatory process and the limited progress made in the U.S. market’s application of international standards. In addition, the SEC is currently dealing with an influx of leadership changes, with. Read More.
Topics: Financial Accounting Standards Board "FASB", Financial Statements, GAAP, International Accounting Standards Board "IASB", International Financial Reporting Standards "IFRS", Securities and Exchange Commission "SEC"
Outgoing SEC Chair Wants Globally Accepted Standards
Stepping down at the end of the Obama administration, outgoing Securities and Exchange Commission (“SEC”) Chair Mary Jo White has issued a public statement asking the agency to continue its pursuit of high-quality, globally accepted accounting standards. White, who announced her resignation in November, urged incoming SEC Chair Jay Clayton and other commissioners to make the issue a priority and reach an agreement on the best path forward. White believes globally accepted standards will protect U.S. investors and companies, and strengthen the country’s markets. To read Chair White’s full statement, visit SEC.gov.
SEC’s Bricker Officially Named Chief Accountant
Wesley Bricker will officially take over for James Schnurr as chief accountant with the Securities and Exchange Commission (“SEC”). On November 22, the SEC promoted Bricker moments after Schnurr announced he was stepping down from the position. Previously a deputy chief accountant, Bricker was Schnurr’s interim replacement while he recovered from a bicycling accident earlier this year. Schnurr’s resignation will allow him to focus on making a full recovery from his injuries. Bricker’s permanent appointment to chief accountant marks another change for the SEC. Mary Jo White recently announced her resignation as SEC chair at the end of the Obama administration.
SEC Chair to Leave in January
On Monday, Mary Jo White announced her resignation as the Securities and Exchange (“SEC”) chair at the conclusion of President Obama’s term. White has been the SEC chair for nearly the past four years, helping the agency strengthen investor protections and markets through addressing issues caused by the 2008 financial crisis. In addition, White has guided the SEC in taking a new enforcement approach, resulting in increased accountability and actions by utilizing admissions of wrongdoing and improved data analytics and technology. Prior to joining the SEC, she was a partner with Debevoise & Plimpton LLP in New York. Before entering. Read More.
SEC Improves Internal Controls
According to a recent Government Accountability Office (“GAO”) report, the Securities and Exchange Commission’s (“SEC”) internal controls are improving. In fiscal 2015, only six of the SEC’s 58 internal supervisory controls tested had deficiencies. Comparative to the GAO’s 2013 review, the six deficiencies mark a significant reduction from the 27 flaws identified in fiscal 2011. The GAO noted that none of the flaws are likely to inhibit the SEC from ensuring their divisions and offices carry out actions accordingly. Specifically, the watchdog agency found two flaws without clear control activities, three that showed a major element did not align with. Read More.
Topics: Division of Corporation Finance "Corp Fin", Division of Enforcement, Dodd-Frank Act, GAO Report, Government Accountability Office "GAO", Internal Controls, Office of Compliance Inspections and Examinations, Securities and Exchange Commission "SEC"