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On December 13, 2022, the staff of the Division of Corporation Finance (the “staff”) of the Securities and Exchange Commission (the “SEC”) published seven new or revised Compliance and. ....
To print this article, all you need is to be registered or login on Mondaq.com. On Friday, the SEC announced that it had removed William D. Duhnke III from the PCAOB and designated Duane M. DesParte to serve as Acting Chair, effective Friday. Duhnke has been serving as Chair since January 2018. The SEC also announced that it intends to seek candidates to fill all five board positions on the PCAOB. In the press release, SEC Chair Gary Gensler said that the PCAOB has an opportunity to live up to Congress s vision in the Sarbanes-Oxley Act..I look forward to ....
REGULATORY UPDATES SEC Proposes Conditional Exemption for Finders Assisting Small Businesses with Capital Raising On October 7, 2020, the Securities Exchange Commission (the “SEC”) proposed a conditional exemption from broker registration requirements for certain “finders” who assist issuers with raising capital in private markets. If adopted, the proposed exemption would permit natural persons to engage in certain limited activities involving accredited investors without registering with the SEC as brokers. The proposed exemption seeks to assist small businesses in raising capital and to provide regulatory clarity to investors, issuers, and the finders who assist them. The proposed exemption would establish guidelines for both registered broker activity and limited activity by finders that would be exempt from registration. ....
e.g., the new credit losses standard). A key aspect of CECL, according to Bloomberg, is the requirement that businesses “make a ‘reasonable and supportable’ assessment about the future when they tally expected losses. The uncertainty about the coronavirus could throw what they previously thought of as reasonable out of whack.” As noted in this PubCo post, at a meeting of the SEC’s Investor Advisory Committee, a Committee member commented that, in light of the economic conditions resulting from COVID-19, determining impairment of accounts receivable under these conditions could be a “total guess.” (See this PubCo post.) In June, Teotia issued another a Statement on the Continued Importance of High-Quality Financial Reporting for Investors in Light of COVID-19, in which he reiterated that, with respect to estimates and judgments, OCA has “consistently not objected to well-reasoned judgments that entities have made,” and emphasized that OCA “will ....