May 24, 2013

ISS Settles with SEC Over Breach of Confidentiality

Yesterday, the SEC charged ISS with failing to safeguard confidential voting information in a number of proxy contests – and ISS settled for a $300k fine for violating the ’40 Act. In addition, ISS agreed to engage an independent consultant to review its compliance policies & procedures.

This is related to a fired employee who handed off data to a proxy solicitor for a number of years, as I’ve blogged about before. Last year, MSCI disclosed that it had received a Wells notice. So far, every corporate blog I’ve read mentioning this matter has used the term “schadenfreude”…

PCAOB’s Statement on Extraordinary Cooperation with Investigations

Recently, the PCAOB issued this statement about cooperation during investigation. The PCAOB also re-proposed its proposed auditing standard on related parties and significant unusual transactions – with a comment deadline of July 8th.

SEC Updates EDGAR for XBRL 2013 US GAAP Taxonomy

As noted in this article, the SEC updated EDGAR so it will only accept submissions with XBRL exhibits based on the 2013 US GAAP taxonomy (and no longer accept submissions with XBRL exhibits based on the 2011 GAAP taxonomy).

– Broc Romanek