Monthly Archives: November 2002

November 26, 2002

In reaction to the SEC’s attorney responsibility standards proposal, former SEC Commissioner Ed Fleischman and other notable lawyers have sent a letter to the Commission criticizing six decisions made by the Commission in its proposal. See the 11/25 letter at

November 25, 2002

After nearly a year of speculation, the SEC’s Division of Enforcement has announced the settlement of 3 Regulation FD actions – and issued one report of investigation. See the SEC’s “bare bones” press release at The related litigation releases are at:





November 23, 2002

The SEC has posted its proposed rules regarding Auditor Independence at and Attorney Responsibility at

November 20, 2002

Yesterday, the SEC proposed rules on auditor independence – see the press release at

Rumor has it that the SEC will post its proposing release on attorney responsiblity standards sometime soon – maybe even later today.

November 19, 2002

Not sure what was changed – but the SEC staff revised the “Sarbanes-Oxley” FAQs on November 14th – see

November 15, 2002

Yesterday, the deadline for many 10-Qs, the SEC’s EDGAR filing system experienced unprecedented delays – and many companies missed the filing deadline. As a result, the SEC’s Office of EDGAR & Information Analysis in the Division of Corporation Finance granted a global date adjustments for these 10-Q filings. This means that the SEC staff will automatically adjust the filing receipt date for all Form 10-Q and 10-QSB filings received on Friday, Nov. 15, 2002 back to Thursday, Nov. 14, 2002. It is understood that the EDGAR system problems have now been corrected and filings are being accepted as usual. See the SEC’s press release at

For all other filings, the SEC staff likely will decide whether to adjust dates on a case-by-case basis, depending upon the facts as presented by the filer.

November 14, 2002

Deputy Chief Accountant Jackson Day has been named Acting Chief Accountant at the SEC – see the SEC’s statement regarding this at

The Public Company Accounting Oversight Board held its 1st meeting behind closed doors – they considered whether the existing accounting profession standards should remain in effect and could not reach an agreement. See

November 12, 2002

Webster Resigns from PCAOB

William Webster has resigned as Chair of the new Public Company Accounting Oversight Board. His resignation letter is available at

November 11, 2002

Tucked away on the “Division of Corporation Finance” page, the SEC just posted FAQs related to Sarbanes-Oxley at

November 9, 2002

Chairman Pitt lashed out at critics – including former Chairman Levitt – in his first public statements since his resignation – see

In addition, SEC Chief Accountant Bob Herdman resigned – see

The SEC has begun posting no-action and interpretive letters on its web site! They go back as far as early 2002 – and are divided by subject matter, alphabetically, and chronologically. They are at

The SEC has posted its proposed rules on pension blackout periods and Regulation BTR at