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AICPA Committee Issues Exposure Draft on Revised “Affiliate” Definition

Featuring a revised definition of “affiliate” and clarifying whether practitioners should recognize multiemployer employee benefit plans as affiliates of their funding employers, the exposure draft, Affiliate: Proposed Revised Definition, has been released by the American Institute of Certified Public Accountants’ (“AICPA”) Professional Ethics Executive Committee (“PEEC”). The exposure draft is the result of feedback regarding whether or not it was applicable to include all multiple employer and multiemployer plans as affiliates of participating and sponsoring employers. After consulting with the Department of Labor and the Internal Revenue Service’s rules regarding plan governance, the PEEC took the position that all multiple. Read More.

SEC Commissioner Discusses Digital Data in the Marketplace

Speaking at the SIMFA Operations Conference in San Diego, California, recently, Securities and Exchange Commission (“SEC”) Commissioner Kara Stein shared her thoughts on the presence of digital data. Noting the growing reliance on digital data in financial markets, Stein explained how the data-driven market structure has created a number of issues. For instance, with almost every trade occurring electronically, the human aspect of the securities market is slowly diminishing. Stein also said while the presence of technology provides new opportunities and benefits, it also simultaneously creates huge risks. Suggesting the need for oversight and regulation, Stein expressed support for the. Read More.

SEC’s EDGAR Filer Manual Updated

Featuring updates to its Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual, the Securities and Exchange Commission recently issued the final rule, Adoption of Updated EDGAR Filer Manual. Effective upon its publication in the Federal Register, the EDGAR Filer Manual was updated to help the 2015 U.S. Generally Accepted Accounting Principles financial reporting and EXCH taxonomies; add new registration form types of security-based swap data repositories; update the Form ID Application Confirmation screen; eliminate references to the Paper Form ID; and change Item 1 on submission form type MA-A.

Cherry Bekaert Markets Lead in Innovation

Ranking all 50 states’ innovation efforts, the Consumer Electronics Association (“CEA”) recently released the results of its inaugural Innovation Scorecard. Based on criteria reflecting areas such as welcoming new business models, attracting investment and having innovation-friendly sustainable policies, the states’ overall performance was split into four categories: Innovation Champions, Innovation Leaders, Innovation Adopters and Modest Innovators. Three of Cherry Bekaert’s geographic markets were named Innovation Champions (North Carolina, Virginia and Washington, D.C.), while three others were categorized as Innovation Leaders (Florida, Georgia and South Carolina). For the complete results of the 2015 Innovation Scorecard , visit the CEA website. Also check out our. Read More.