Securities and Exchange Commission (SEC)
Website: www.sec.gov
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
Recent Developments – Past 90 days
- Select News Releases
- Proposed Rules
- PwC Comment letters
- Final Rules
- Financial Reporting Manual
- Select Speeches
- Other documents
Select News Releases
SEC issues final report on the implementation of organizational reform recommendations
SEC - 04/30/2013
The SEC has published the last of four agency reports to Congress required pursuant to the requirements of section 967(c) of the Dodd-Frank Act. The report describes each initiative's gains in efficiency, effectiveness, cost savings, or customer focus over the last six months. The report also includes a summary of the improvements the SEC has achieved over the past two years as a result of its implementation of the BCG recommendations.
Mary Jo White is sworn in as new chairman of the SEC
SEC - 04/10/2013
Mary Jo White was sworn in on April 10 as the 31st chairman of the SEC. Ms. White replaces Elisse Walter as chairman of the SEC. Ms. White is a former U.S. Attorney who specialized in investigating and prosecuting white collar crimes, securities and financial institution fraud, and other crimes in the Southern District of New York. Since leaving her post as a U.S. Attorney in 2002, she’s been a partner at the law firm of Debevoise & Plimpton LLP.
SEC staff issues updated Financial Reporting Manual
SEC - 04/4/2013
The SEC's Division of Corporation Finance has published an updated version of its Financial Reporting Manual. Updates since the previous version were made on (1) age of financial statements in foreign private issuer IPOs, (2) Regulation S-X requirements for foreign private issuers, (3) financial statement requirements for foreign incorporated acquirees or investees that do not qualify as a foreign business, among other changes.
SEC seeks comments on NASDAQ's proposal that listed companies have an internal audit function
SEC - 03/21/2013
Nasdaq has filed a proposed rule change to require all listed companies to establish and maintain an internal audit function. The purpose of the rule is to ensure that listed companies have a mechanism in place to regularly review and assess their system of internal control and, thereby, to identify any weaknesses and develop appropriate remedial measures. The rule is also intended to make sure that the listed company’s management and audit committee are provided with ongoing information about risk management processes and the system of internal control.
SEC staff issues updated FAQs on interactive data disclosure
SEC - 02/28/2013
The SEC staff recently issued an updated version of its FAQ publication, Staff Interpretations and FAQs Related to Interactive Data Disclosure. The update includes revisions to existing questions and the addition of new questions on various topics.
Proposed rules
SEC Proposed Rule: Regulation Systems Compliance and Integrity (Proposed Rule and Form; Proposed Rule Amendment)
SEC - 03/08/2013
The SEC is proposing Regulation Systems Compliance and Integrity ("Regulation SCI") under the Securities Exchange Act of 1934 and conforming amendments to Regulation ATS under the Exchange Act. Proposed Regulation SCI would apply to certain self-regulatory organizations (including registered clearing agencies), alternative trading systems (“ATSs”), plan processors, and exempt clearing agencies subject to the Commission’s Automation Review Policy (collectively, "SCI entities"), and would require these SCI entities to comply with requirements with respect to their automated systems that support the performance of their regulated activities.
PwC Comment letters
PwC Comments on the SEC's Revisions to Auditor Independence Requirements
PwC - 01/31/2012
PwC provides its perspective on the rules to be reviewed in accordance with the requirements of the Regulatory Flexibility Act. PwC's comments are focused on auditor independence requirements approved by the SEC in November 2000, highlighting areas where the firm believes those rules may have a detrimental impact on small companies, investors and the U.S. capital markets.
Final Rules
SEC Final Rule: Adoption of Updated EDGAR Filer Manual
SEC - 01/14/2013
The SEC is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system.
Financial Reporting Manual
SEC Division of Corporation Finance: Financial Reporting Manual (Updated April 2013)
SEC - 04/4/2013
The SEC's Division of Corporation Finance has published an updated version of Financial Reporting Manual. The manual serves as an internal, informal reference document to provide general guidance to SEC staff when reviewing for compliance with SEC reporting rules. Though nonauthoritative, the manual is a helpful source for companies and auditors to refer to for general information on SEC reporting matters. The manual covers a variety of topics such as financial statement requirements, pro forma information, non-GAAP measures, and MD&A, to name a few.
Select Speeches
For a complete list of speeches and other public statements by the Chairman, Commissioners, and staff of the SEC, which cover a wide range of topics concerning the state of the markets and the Commission's regulatory agenda, visit the SEC’s website.
Testimony before the United States House of Representatives on the SEC Budget by SEC Chairman Mary Jo White
SEC - 05/7/2013
SEC Chairman Mary Jo White discussed how the SEC would make effective use of the $1.674 billion requested for the coming fiscal year and to explain why the agency needs the funding it is seeking to do the job it is required to do on behalf of investors and the capital markets.
Remarks by Mary Jo White at the Investment Company Institute General Membership Meeting
SEC - 05/1/2013
SEC Chairman Mary Jo White discussed how the SEC is furthering its mission to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation, through international efforts.
Remarks by Elisse Walter at the American University School of Law
SEC - 02/19/2013
SEC Chairman Elisse Walter discussed how the SEC is using tomorrow's technology today to protect investors.
Testimony by Elisse Walter on "Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections"
SEC - 02/14/2013
SEC Chairman Elisse Walter testified before the Senate on the Commissions' ongoing implementation of the Dodd-Frank Act.
Other documents
SEC Staff Interpretations and FAQs Related to Interactive Data Disclosure
SEC - 02/28/2013
The staff of the SEC Division of Risk, Strategy, and Financial Innovation has published answers to frequently asked questions (FAQs) on XBRL to help filers understand how to comply with the SEC's interactive data disclosure rules. They are not rules, regulations or statements of the SEC. Further, the Commission has neither approved nor disapproved them.