October 12, 2011

SEC Chair Schapiro to Stay Through Next Fall (At Least)

Tackling a frequently asked question, this WSJ article entitled “Schapiro to Stay at SEC Through Next Fall” puts to bed any rumors that SEC Chair Mary Schapiro is a short-timer. Here is an excerpt from the article:

Securities and Exchange Commission Chairman Mary Schapiro intends to stay at the securities regulator for at least another year, a spokesman said Monday. Ms. Schapiro’s plans to remain at helm of the SEC come despite a series of stumbles for the agency in recent months, including an ethics scandal involving its former general counsel and a stream of critical court decisions and reports from an internal watchdog. In addition, House Republicans have sought to curtail the SEC’s budget despite hundreds of new mandates under last year’s Dodd-Frank financial-regulatory overhaul.

Outside observers of the SEC have quietly wondered for months if the setbacks would prompt Ms. Schapiro to step down. But John Nester, the SEC spokesman, said Ms. Schapiro has told colleagues she plans to stay another year, if not longer.

PCAOB Proposes Disclosure of Engagement Partners in Audit Reports & More

Yesterday, as covered in FEI’s Financial Reporting Blog, the PCAOB proposed requiring audit firms to disclose the name of the engagement partner in audit reports (but not require the engagement partner’s signature), as well as on the Annual Report – ie. Form 2 – they submit to the PCAOB. It would also require disclosure in the audit report of other accounting firms and other persons not employed by the auditor that took part in the audit. This follows a concept release with this idea from back in mid-’09. The PCAOB has posted this press release – and here is the proposal itself…

Webcast: “Lyin’, Cheatin’ and M&A Stealin’: Negotiating the Fraud Exception”

Tune in tomorrow for the webcast – “Lyin’, Cheatin’ and M&A Stealin’: Negotiating the Fraud Exception” – to hear Wilson Chu and Jessica Pearlman of K&L Gates and Srinivas Raju of Richards Layton discuss the fraud exception in M&A transactions. Please print off these “Presentation Materials” before the program.

– Broc Romanek