SEC appoints new chairman and board members to PCAOB
The SEC appointed William Duhnke III as PCAOB Chairman and appointed four new board members.
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
With the recent confirmation of SEC Chairman Jay Clayton, PwC's Felix Perez provides insight into what we know so far about his beliefs and how we feel these beliefs may impact capital formation.
PwC discusses key comment letter trends and considerations based on comment letters published by the SEC staff. Trends are organized by selected industries and accounting topics. We highlight the areas that received the most comments from the SEC and provide relevant examples of recent comments to aid preparers in assessing whether their disclosures are transparent and consistent with relevant accounting and reporting guidance.
The SEC appointed William Duhnke III as PCAOB Chairman and appointed four new board members.
The SEC adopted a temporary final rule that requires funds in larger fund groups to report enhanced information about their monthly portfolio holdings in a structured data format.
This staff accounting bulletin modifies portions of the interpretive guidance in order to make the relevant interpretions consistent with authoritative accounting guidance and SEC regulations.
The Investor Advisory Committee will hold two panel discussions with outside speakers during it's December 7 meeting.
The SEC announced the agenda and panelists for the 36th Annual Government-Business Forum on Small Business Capital Formation.
The SEC's Enforcement Division issued a report highlighting its priorities for the coming year and a review of enforcement actions that took place during FY 2017.
The proposed 2018 SEC Reporting Taxonomy (SRT) moves elements from the GAAP Financial Reporting Taxonomy to a new taxonomy.
This staff legal bulletin provides information for companies and shareholders regarding Rule 14a-8 under the Securities Exchange Act of 1934.
The SEC issued three related no-action letters designed to provide market participants with greater certainty regarding their U.S. regulated activities as they engage in efforts to comply with the European Union’s (EU) Markets in Financial Instruments Directive (MiFID II) in advance of the Jan. 3, 2018, implementation date.
The proposed amendments would make adjustments to update, streamline or otherwise improve the Commission's disclosure framework.
Clayton gave an update on the status of the agency’s review and investigation of the 2016 intrusion into the EDGAR system and included information on the agency’s efforts to strengthen its cybersecurity risk profile.
The SEC announced two initiatives that will build on its Enforcement Division's ongoing efforts to address cyber-based threats and protect retail investors.
The committee will hold three panel discussions covering blockchain technology and implications for securities markets, law school clinic advocacy efforts on behalf of retail investors, and electronic delivery of information to retail investors.
SEC Chairman Jay Clayton said the search for new board members is underway and he is now soliciting input from SEC commissioners.
The SEC has approved interpretive guidance to assist companies in their efforts to comply with the pay ratio disclosure requirement. Under the Commission’s rule implementing the pay ratio requirement, companies are required to begin making pay ratio disclosures in early 2018.
The standard settlement cycle moved to a two-business day period with the first transactions settled under the amended rule settling on Sept. 7, 2017.
The committee will discuss the Sarbanes-Oxley Act auditor attestation requirement and explore whether updates are needed to Securities Act Rule 701. The committee will vote on a final report that would be issued before the committee’s charter expires on Sept. 24.
The SEC Division of Economic and Risk Analysis (DERA) published a report describing trends in primary securities issuance and secondary market liquidity and how those trends relate to post-crisis regulatory reforms.
The SEC posted a notice of filing of the PCAOB's new standard on the auditor's report. The deadline to submit comments will be 21 days after the notice is published in the Federal Register.
Jay Clayton was sworn into office by U.S. Supreme Court Justice Anthony M. Kennedy as the 32nd Chairman of the Securities and Exchange Commission.
On October 26, 2016, the SEC adopted final rules that modernize how issuers can raise money to fund their businesses through intrastate offerings while maintaining investor protections.
The SEC has extended the comment period for possible changes to Industry Guide 3 - Statistical Disclosure by Bank Holding Companies to July 7, 2017.
The adopted amendments increase the amount of money companies can raise through crowdfunding to adjust for inflation.
The adopted amendments increase the amount of money companies may raise through crowdfunding and include an inflation-adjusted threshold in the definition of the term “emerging growth company.”
As Deputy Chief Accountant, Mr. Teotia will lead the activities of the office's accounting group.
The SEC adopted an amendment to shorten the settlement cycle for securities transactions from three business days to two.
The SEC voted to propose rule amendments to improve investor protection and enhance transparency in the municipal securities market.
The SEC voted to publish a request for public comment on disclosures called for by Industry Guide 3 - Statistical Disclosure by Bank Holding Companies.
The SEC published a taxonomy on its website so that foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) may submit those reports using XBRL.
The SEC proposed amendments intended to improve the quality and accessibility of data submitted by public companies and mutual funds using eXtensible Business Reporting Language (XBRL).
The SEC voted to adopt rule and form amendments to make it easier for investors and other market participants to find and access exhibits in registration statements and periodic reports that were originally provided in previous filings.
The SEC voted to approve a national market system (NMS) plan to create a single, comprehensive database known as the consolidated audit trail (CAT) that will enable regulators to more efficiently and thoroughly track all trading activity in the U.S. equity and options markets.
See the SEC's website for a complete list of all outstanding proposed rules.
The SEC proposed amendments to modernize and simplify certain disclosure requirements in Regulation S-K.
The SEC is proposing to amend the definition of a venture capital fund and the private fund adviser exemption.
The SEC proposed the use of Inline XBRL format for the submission of operating company financial statement information and mutual fund risk/return summaries as a requirement. The proposed amendments aim to improve the data’s quality.
The proposed amendments would amend the list of events for which notice is to be provided to the Municipal Securities Rulemaking Board.
See the SEC's website for a complete list of all final rules.
The SEC adopted a temporary final rule that requires funds in larger fund groups to maintain required information for Form N-PORT, in lieu of filing reports with the Commission, until April 2019.
The SEC adopted an amendment to Rule 146 under Section 18 of the Securities Act of 1933 to designate certain securities listed, or authorized for listing on Investors Exchange LLC as covered securities for purposes of Section 18(b) of the Securities Act.
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. The EDGAR system is scheduled to be upgraded on September 11, 2017.
The SEC is making technical amendments to Form ADV to reflect the enactment of a Wyoming state law regulating investment advisers.
The SEC adopted an amendment to shorten the standard settlement cycle for broker-dealer transactions.
The SEC adopted amendments requiring registrants that file registration statements and reports subject to the exhibit requirements under Item 601 of Regulation S-K, or that file Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of these filings.
The SEC is adopting amendments to the expiration dates in our interim final rules that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939.
The SEC has approved amendments to revise the rules related to the thresholds for registration, termination of registration, and suspension of reporting under Section 12(g) of the Securities Exchange Act of 1934. These amendments implement provisions of the JOBS Act and the FAST Act.
The Securities and Exchange Commission (the Commission) 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.
The SEC is adopting amendments to Rule 22c-1 under the Investment Company Act to permit a registered open-end management investment company (“open-end fund” or “fund”) (except a money market fund or exchange-traded fund), under certain circumstances, to use “swing pricing,” the process of adjusting the fund’s net asset value (“NAV”) per share to effectively pass on the costs stemming from shareholder purchase or redemption activity to the shareholders associated with that activity, and amendments to Rule 31a-2 to require funds to preserve certain records related to swing pricing.
The SEC adopted amendments designed to facilitate capital formation, including through offerings relying upon intrastate crowdfunding provisions under state securities laws, while maintaining appropriate investor protections and providing state securities regulators with the flexibility to add additional investor protections they deem appropriate for offerings within their state.
The SEC is adopting new rules, a new form and amendments to a rule and forms designed to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The amendments also seek to enhance disclosure regarding fund liquidity and redemption practices.
The SEC is adopting new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies.
The SEC is adopting amendments to Rule 17Ad-22 and adding new Rule 17Ab2-2 pursuant to Section 17A of the Exchange Act and the Clearing Supervision Act, enacted in Title VIII of the Dodd-Frank Act.
SEC - 12/01/2017
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.
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.
For a complete list of Compliance and Disclosure Interpretations (C&DIs), visit the SEC’s website.