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Category Archives: Sarbanes-Oxley

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THE SEC DEFEATS INFLATION SORT OF… PENALTIES ADJUSTED

Posted in Broker-Dealer Regulation, Investment Adviser Regulation, Investment Company Regulation, Sarbanes-Oxley, SEC Enforcement

The SEC adopted a rule to adjust the maximum amounts it may recover for civil monetary penalties imposed under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940 for inflation.  The SEC’s new rule-was effective upon publication, and also adjusts… Continue Reading

PCAOB OPENING UP? MAYBE

Posted in PCAOB Enforcement, Sarbanes-Oxley

Two Senators introduced a bill that would make disciplinary proceedings of the Public Company Accounting Oversight Board open to the public.  According to the lawmakers, the Sarbanes-Oxley Act of 2002 made the PCAOB proceedings confidential through charging, hearings, initial decision, and appeal.  Unfortunately, the secretive nature of the process enables firms that engage in misconduct… Continue Reading

Has the Pre-Sox Era Returned?

Posted in Accounting Standards, Sarbanes-Oxley, SEC Enforcement

Auditors engaging in non-audit consulting?  A major accounting firm pushing for more consulting work?  Recently, the SEC’s chief accountant indicated that there were concerns at the SEC regarding auditor independence as a result of this push for non-auditing work from accounting firms. In particular, the concern related to auditing firms boosting their non-audit consulting business. … Continue Reading

There is No Escape from Whistleblowers Overseas

Posted in Dodd-Frank, FCPA, International Securities Regulation, Sarbanes-Oxley

Alas, the Dodd-Frank whistleblower protections cover informants overseas. The United States Court of Appeals for the Fifth Circuit, recently, held that the Dodd-Frank whistleblower protections cover informants that report to the SEC information about FCPA violations.  The court, citing that the plain language of the act, indicated that such individuals were covered.  This is an intriguing… Continue Reading

Sarbanes-Oxley Redux

Posted in PCAOB Enforcement, Sarbanes-Oxley

We have not talked about the Sarbanes-Oxley Act in sometime, so let’s jump right in!!  Interestingly, over the last 10 years since Sarbanes-Oxley became effective, audit costs for public and private companies have increased significantly.  We recently came across a survey published by Financial Executives International, indicating, that these fees increased somewhat over the last 10 years. … Continue Reading

Emerging Growth Companies – A Bigger Deal Than You Might Think

Posted in Corporate Governance, Dodd-Frank, JOBS Act, Sarbanes-Oxley, Securities Legislation, Securities Registration

Today’s post is the penultimate of this series covering the recently signed JOBS Act, and covers the Act’s Title I – Reopening American Capital Markets to Emerging Growth Companies.  Check back later this week for more on Crowdfunding and a recap on who the JOBS Act really helps and who needs to be watch out. Or, instead of… Continue Reading

FINRA Is Centralizing Its Membership Application Program

Posted in Broker-Dealer Regulation, Compliance and Supervision, Dodd-Frank, FINRA Compliance, JOBS Act, Sarbanes-Oxley

FINRA’s membership application program (“MAP”) is changing.  FINRA’s review of initial membership and continuing membership applications for broker-dealers will now be centralized in the MAP. Further, as part of MAP, continuing membership applications will be transitioned to an electronic format, just as new applications are treated.  FINRA is currently finalizing the MAP, but it has… Continue Reading

Jobs Act Backlash

Posted in Compliance and Supervision, Dodd-Frank, JOBS Act, Sarbanes-Oxley, Securities Legislation, Securities Registration

Gail Collins weighed in on the JOBS Act today in a column glibly titled “The Senate Overachieves”.  Normally, I love her work – everything she does is glib, and I honestly feel there is a glib shortage in America – but this time I believe her winking nonchalance has descended into full-on flippancy.  Worse than… Continue Reading

Securities Podcast with Ernest Badway

Posted in Broker-Dealer Regulation, CFTC Compliance, CFTC Enforcement, Compliance and Supervision, Federal and State Criminal Activities, Financial Industry Trends, FINRA Compliance, FINRA Enforcement, Hedge and Private Equity Funds, Intra-Industry Arbitrations, Investment Adviser Regulation, NFA Enforcement, PCAOB Enforcement, Public Customer Arbitrations, Registered Representatives, Sarbanes-Oxley, SEC Enforcement, Securities Class Actions, State Enforcement

Thought you might be interested in a recent podcast I did concerning my securities law practice.  http://web.me.com/cordpar/Client_Development_Tips/Law_Consulting_Coaching_Podcast/Entries/2011/10/28_Developing_a_Securities%2C_White_Collar_and_Complex_Litigation_Practice.html

Legislative Lookout: Crowdfunding – not just for non-profits anymore?

Posted in Compliance and Supervision, Financial Industry Trends, Sarbanes-Oxley, SEC Compliance, SEC Enforcement

Everyone loves small businesses, even if they might not be the job-creating economic saviors we want them to be. No one likes bailing out Wall Street, but Main Street? That’s something we can all agree on!

On Wednesday, a subcommittee of the House Committee on Financial Services advanced a few interesting bills aimed at reducing regulatory burdens for small cap corporations.
While some were approved by voice votes, suggesting broad bipartisan appeal, two ran down party lines, portending a difficult path ahead.