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:
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
November 20, 2002
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.
November 19, 2002
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.
November 15, 2002
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.
November 14, 2002
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.
November 11, 2002
Tucked away on the “Division of Corporation Finance” page, the SEC just posted FAQs related to Sarbanes-Oxley at http://www.sec.gov/divisions/corpfin/faqs/soxact2002.htm.
November 9, 2002
Chairman Pitt lashed out at critics – including former Chairman Levitt – in his first public statements since his resignation – see http://www.washingtonpost.com/wp-dyn/articles/A30296-2002Nov8.html.
In addition, SEC Chief Accountant Bob Herdman resigned – see http://www.washingtonpost.com/wp-dyn/articles/A30556-2002Nov8.html.
The SEC has begun posting no-action and interpretive letters on its web site! They go back as far as early 2002 – and are divided by subject matter, alphabetically, and chronologically. They are at http://www.sec.gov/divisions/corpfin/cf-noaction.htm.
The SEC has posted its proposed rules on pension blackout periods and Regulation BTR at http://www.sec.gov/rules/proposed/34-46778.htm.
November 7, 2002
General Electric launched a new Corporate Governance web page, its at http://www.ge.com/commitment/governance/press_release/governance_press_release.htm.
Heated discussion with Division Director Alan Beller today at PLI conference in New York. We will posting comprehensive notes soon.
The first 10-Qs to be filed this quarter are getting interesting – look at Intel’s internal controls disclosure in its Form 10-Q…
