Broc Romanek is Editor of CorporateAffairs.tv, TheCorporateCounsel.net, CompensationStandards.com & DealLawyers.com. He also serves as Editor for these print newsletters: Deal Lawyers; Compensation Standards & the Corporate Governance Advisor. He is Commissioner of TheCorporateCounsel.net's "Blue Justice League" & curator of its "Deal Cube Museum."
The SEC is holding roundtables on auditor independence and attorney responsibility standards on 12/17 in Washington DC – both will be webcast. See http://www.sec.gov/news/press/2002-175.htm.
ACCA is hosting a webcast program on attorney responsiblity standards on Wednesday, December 11th – including former SEC General Counsels David Becker and Simon Lorne – as well as current SEC Deputy General Counsel Meyer Eisenberg. Information is not yet posted on www.acca.com regarding the program – but should be posted on Monday.
The SEC has posted its proposing release on the auditor independence rules at http://www.sec.gov/rules/proposed/33-8154.htm.
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 http://www.realcorporatelawyer.com/fleischman.doc.
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 http://www.sec.gov/news/press/2002-169.htm. The related litigation releases are at:
– http://www.sec.gov/litigation/litreleases/lr17860.htm
– http://www.sec.gov/litigation/admin/34-46897.htm
– http://www.sec.gov/litigation/admin/34-46896.htm
– http://www.sec.gov/litigation/admin/34-46895.htm
The SEC has posted its proposed rules regarding Auditor Independence at http://www.sec.gov/rules/proposed/33-8151.htm and Attorney Responsibility at http://www.sec.gov/rules/proposed/33-8150.htm
Yesterday, the SEC proposed rules on auditor independence – see the press release at http://www.sec.gov/news/press/2002-165.htm.
Rumor has it that the SEC will post its proposing release on attorney responsiblity standards sometime soon – maybe even later today.
Not sure what was changed – but the SEC staff revised the “Sarbanes-Oxley” FAQs on November 14th – see http://www.sec.gov/divisions/corpfin/faqs/soxact2002.htm.
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 http://www.sec.gov/news/press/2002-164.htm.
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.
Deputy Chief Accountant Jackson Day has been named Acting Chief Accountant at the SEC – see the SEC’s statement regarding this at http://www.sec.gov/news/digest/11-13.txt.
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 http://www.washingtonpost.com/wp-dyn/articles/A51171-2002Nov13.html.
William Webster has resigned as Chair of the new Public Company Accounting Oversight Board. His resignation letter is available at http://www.forbes.com/work/newswire/2002/11/12/rtr792127.html.
