TheCorporateCounsel.net

July 7, 2006

PCAOB Issues Q&As on Predecessor Auditors

A few weeks back, the PCAOB issued Q&As on adjustments to prior period financials audited by predecessor auditors, including addressing issues when companies change auditors and then have to restate or adjust prior financials.

Nasdaq’s New Tier System is Effective

The Nasdaq’s new market tiers went into effect this past Monday, July 3rd. Here is a memo explaining how the new tier system will work (including the new abbreviations) – and here is a list of the companies included in the new Nasdaq “Global Select Market” tier. Note that the Nasdaq hasn’t yet officially become an “exchange” – that is expected next month…

Future of Hedge Fund Registration

In this podcast, Erik Greupner of Gibson, Dunn & Crutcher analyzes the recent opinion from the US Court of Appeals for the District of Columbia Circuit that vacated the SEC’s controversial rule – in Goldstein v. SEC – that had required most hedge fund advisers to register with the SEC, including:

– Why did the D.C. Circuit Court vacate the SEC’s rule that required most hedge fund advisers to register with the SEC pursuant to the Adviser’s Act?
– Will hedge fund advisers – that recently registered with the SEC under the Advisers Act as a result of the vacated rule – now de-register in droves?
– What do you think the SEC will do next?