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Disclosure

Chair White says effort to overhaul disclosure requirements will ‘actively’ continue

Chair White says effort to overhaul disclosure requirements will ‘actively’ continue

SEC Chair Mary Jo White said that the commission will publish a series of documents for public comment this year as part of its disclosure effectiveness project. The project is intended to lead to disclosure requirements that result in less boilerplate information loading down quarterly and annual regulatory filings. SEC Chair Mary Jo White on […]

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Administrative judge’s decision against ex-nursing home executive set for review

Administrative judge’s decision against ex-nursing home executive set for review

The SEC plans to review an administrative judge’s initial decision against Laurie Bebo, the former CEO of nursing home operator Assisted Living Concepts. Bebo in October was ordered to pay $4.2 million and hit with other sanctions for accounting and disclosure violations that included a scheme to falsify occupancy rates at the company’s facilities. The […]

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UBS charged with disclosure violations in sales of structured notes

UBS charged with disclosure violations in sales of structured notes

UBS AG will pay $19.5 million to settle an SEC complaint that it misled investors in its sales of structured notes, marking the first such charges to be brought by the commission. The Swiss bank is one of the largest issuers of structured notes, which are hybrid financial products that include both a debt security […]

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Commissioner Aguilar Suggests More Transparency In Waiver Process

Commissioner Aguilar Suggests More Transparency In Waiver Process

SEC Commissioner Luis Aguilar suggested making the waiver process more transparent and accountable.In the past year, waivers have become a contentious issue, with critics saying the SEC is too lenient to big banks that repeatedly violate the laws but are given waivers to continue business as usual. SEC Commissioner Luis Aguilar said he wants the […]

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Judge Orders SEC To Finish Resource Payments Disclosure Rule

Judge Orders SEC To Finish Resource Payments Disclosure Rule

A federal judge ordered the SEC to resume work on a Dodd-Frank rule that is more than four years past its congressional deadline. Another federal court had thrown out the rule that required oil and mining companies to publicly disclose the payments they make to governments to do business. But the latest ruling told the […]

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Proposals Approved for Increased Reporting by Fund Companies, Investment Advisers

Proposals Approved for Increased Reporting by Fund Companies, Investment Advisers

The SEC proposed rules to require investment companies and investment advisers to report more about their business activities. The agency believes the information will help it monitor and address the risks they pose to the financial system. The SEC on May 20, 2015, voted unanimously to propose two rules to add to the reporting requirements […]

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SEC Obtains Asset Freeze in Ponzi Scheme Involving Loans to Professional Athletes

SEC Obtains Asset Freeze in Ponzi Scheme Involving Loans to Professional Athletes

The Securities and Exchange Commission announced fraud charges against a former professional football player and others, alleging they operated a Ponzi scheme that raised more than $31 million from investors who were promised profits from loans to professional athletes. Click here for the press release. The SEC’s complaint was unsealed.  It was filed under seal […]

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SEC complaint says MOLEX missed $200 million in losses because of weak controls

SEC complaint says MOLEX missed $200 million in losses because of weak controls

The SEC charged Molex Inc. because of internal control failures stemming from a scheme to hide investment losses by a former accounting executive at its Japan subsidiary. The electronics component maker agreed to a cease-and-desist order, without admitting to wrongdoing.  Click here for the press release. The SEC charged Molex Inc. and a former senior […]

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Chair White Defends Waiver Policy

Chair White Defends Waiver Policy

The SEC has been criticized for granting waivers from disqualifications too easily to big financial institutions that have committed fraud or settled complaints. In a lengthy defense of a policy that has divided the market regulator’s senior ranks, Chair Mary Jo White said the regular granting of waivers isn’t a sign of lax enforcement. She […]

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Brokers challenge restrictions in small stock pilot program

Brokers challenge restrictions in small stock pilot program

Brokerage firms and investment industry trade groups said an SEC plan to test an increase in the trading increments for small company stocks includes trading restrictions that will undermine the purpose of running the test. The SEC said the restrictions are needed to stem the migration of trading volume away from the regulated exchanges. Brokerage […]

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Interactive Data Test Launched to Aid Investors

Interactive Data Test Launched to Aid Investors

The SEC is making bulk sets of company financial information submitted in the eXtensible Business Reporting Language (XBRL) available to investors, academic researchers, and other members of the public. The data is being collected from financial statements prepared in the computer-readable XBRL format and submitted via the EDGAR reporting system. The SEC said on December […]

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Regulatory Review to Examine Sarbanes-Oxley 404’s Effect on Small Companies

Regulatory Review to Examine Sarbanes-Oxley 404’s Effect on Small Companies

The SEC said it will consider the effect more than two dozen rules issued in 2003 have had on small companies. The rules include several stemming from key Sarbanes-Oxley Act provisions, and the review is required by the Regulatory Flexibility Act. The SEC on December 22, 2014, issued Release No. 33-9694, List of Rules to […]

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Fund Manager Charged with Diverting Investor Money to Side Business

Fund Manager Charged with Diverting Investor Money to Side Business

The SEC Enforcement Division alleged that VERO Capital Management LLC and three executives funneled $4.4 million in investor money into a subsidiary while hiding their actions from investors. The firm was also accused of failing to properly safeguard client assets. The SEC accused a New York fund manager and three of its executives on December […]

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Focus on fund managers’ risks intensifies

Focus on fund managers’ risks intensifies

The Financial Stability Oversight Council (FSOC) is asking about the risks that fund managers pose to the financial system. The interagency regulatory panel is most concerned about the practices managers engage in that require monitoring and their ability to respond to sudden market swings that make it hard to redeem securities. SEC Chair Mary Jo […]

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Panel Debates Removing Nest Egg from Accredited Investor Threshold

Panel Debates Removing Nest Egg from Accredited Investor Threshold

The SEC’s Advisory Committee on Small and Emerging Companies debated the merits of removing retirement nest eggs from the net worth calculation that defines an accredited investor. Some panelists pushed back against the idea, advocated by the AARP, arguing it wouldn’t protect seniors from fraud and could limit early-stage investment. Retirement assets shouldn’t be used […]

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In Comment Letters on Disclosure Reforms, Investor Groups Seek Rules on Sustainability Information

In Comment Letters on Disclosure Reforms, Investor Groups Seek Rules on Sustainability Information

Some activist investors want the SEC to use its review of its disclosure rules to write regulations calling for more information on environmental and social issues. Given the complexity of some of the issues, and the contentiousness around them, it’s not clear when the agency will be ready to satisfy the requests. Some activist investors […]

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Concept Release For Amending Disclosure Rules Planned For Early 2015

Concept Release For Amending Disclosure Rules Planned For Early 2015

SEC officials hope to publish an early stage rulemaking document, called a concept release, focused on disclosure reforms in early 2015. The concept release is being positioned as part of a broader SEC initiative to overhaul the agency’s disclosure rules. Regulatory officials say they want the information in regulatory filings to be more useful to […]

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White Calls For Tighter Rules On Fund Managers

White Calls For Tighter Rules On Fund Managers

The SEC is working on a set of reforms intended to lessen the asset management industry’s risk and limit the likelihood that a market downturn could trigger a broader financial crisis. The initiatives are a response to the asset management industry’s massive growth and the expanding range of investments fund managers hold. SEC Chair Mary […]

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Disclosure Reform Does Not Mean Current System is Broken, Official Says

Disclosure Reform Does Not Mean Current System is Broken, Official Says

The head of the SEC’s Division of Corporation Finance, which is spearheading the agency’s efforts to overhaul disclosure rules, said the project is intended to improve disclosure rules and does not mean that the current system is broken. Companies for years have complained about increasingly burdensome disclosure requirements that they say do not help investors. […]

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Disclosure Reforms to Emphasize Materiality, Investor Protections

Disclosure Reforms to Emphasize Materiality, Investor Protections

Companies are watching the efforts by the SEC, FASB, and IASB to rewrite the rules for financial statement disclosures with an eye toward getting simpler, and shorter, financial statements. Several statements by senior officials from the regulatory and standard-setting bodies have encouraged that line of thought by endorsing the assertion that financial statements are filled […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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