January 6, 2009

Shelley Parratt: Acting Corp Fin Director

Congrats to long-time SEC Staffer Shelley Parratt, who was named Acting Director for the Division of Corporation Finance last week, as John White has officially departed. Shelley will be holding down the fort until Obama’s new SEC Chair is confirmed by the US Senate (ie. Mary Schapiro) – and then the new SEC Chair has to select her new Director. So it may be just a few weeks until a permanent Director is named – or it could drag out for months.

I believe Shelley will be the first non-lawyer to hold the title, at least in modern times. There was a time when the Division was full of financial analysts – and that era could resurface again given the past year’s events. Although she looks much younger, Shelley harkens back to the days when each branch had a number of analysts among the lawyers and accountants. Now there are just a few analysts left in the Division.

Since it’s a short-time position, Shelley won’t be taking that corner office. I was on a panel with Marty Dunn a few weeks ago and asked if he had moved to the corner office when he served as Acting Director during the gap between Alan Beller and John – he didn’t make the move either. Nobody likes moving, not even if it means more windows.

Treasury Responds to Oversight Panel’s First Set of Questions

Last week, the Treasury Department posted its responses to some pointed questions posed in the Congressional Oversight Panel’s first report regarding how well EESA has been implemented.

FASB’s New Proposed Fair Value Position Likely on “Fast Track”

Last week, the FASB proposed a new Staff Position – FSP 107-a – which would require companies to provide additional disclosures about financial assets that are not measured at fair value through earnings. The comment period is very short, just until January 15th – and if approved, it could go into immediate effect for periods ending after December 15, 2008 (i.e., it would be effective for calendar year 2008). We have posted memos on the proposal in our “Fair Value Accounting” Practice Area.

Our January Eminders is Posted!

We have posted the January issue of our complimentary monthly email newsletter. Sign up today to receive it by simply inputting your email address!

Tune in later today for a Securities Docket webcast entitled “2008 Year in Review — Securities Litigation and Enforcement.” A number of my favorite bloggers are on the panel, including Francine McKenna and Kevin LaCroix.

Reasons Why Folks Do “Best of” Lists

I was tempted to concoct some type of “best of” list – and then I got sarcastic about it and created this pie chart instead:

funny pictures
moar funny pictures

– Broc Romanek