Posts by Topic 2007

Below is a list of posts on the blog organized by the relevant statute or other subject matter for 2007. Posts from 2006 may be found here, and later posts may be found here and here.

Accounting, Auditing and Financial Reporting

European Accounting Group Calls for Int'l Audit Standards
SEC Issues Guidance on Restatements for Option Grant Accounting Errors
PCAOB Details Auditor Duties Regarding Fraud Detection
SEC Comm. Evans Espoused Principles-Based Regulation Back in 1973
Drumbeat for Auditor Liability Reform Continues with European Commission
UK Tribunal Finds Auditor's Judgment Reasonable on Going Concern Issue
Big Four Firm Lists Red Flags for Hedge Fund Risk Management
What is Principles-Based Regulation; FSA Counts on Compliance Officers
Audit Committee Study Reveals Expectation Gap
UK Accounting Leader Calls for Audit Oversight Cooperation, Praises Levitt
UK FSA Doubts Benefits of IFRS-GAAP Convergence
SEC Speaks Seminar Examines Accounting and Auditing Issues
UK Abandons MD&A in Favor of Business Review Narrative
Cooperation Seen as Key as PCAOB Begins Inspections of Non-US Auditors
Specter of Inconsistent Interpretation Haunts IFRS
SEC's IFRS Roundtable Hits the Right Notes
Funds Request Additional Guidance on FIN 48
SEC Official Calls for Improved MD&A of Critical Accounting Estimates
Atkins Says Disparate IFRS Interps Imperil Roadmap to Reconcilation
Treasury's Paulson Endorses Principles-Based Regulation
UK FSA Officials Discuss Principles-Based Regulation
SEC Promotes IFRS for Foreign and Domestic Issuers
IFRS on Segment Reporting Hits Roadblock
EU-US Framework Puts High Priority on GAAP-IFRS Equivalence
Proposed Definition of Material Weakness Is Crucial to Lowering Internal Control Costs
PCAOB Adopts New Principles-Based Standard for Internal Control Audit
Definition of Material Weakness Key to SEC-PCAOB Internal Control Regime
New PCAOB Standard Allows Auditors to Use the Work of Others and Walkthroughs
Audit Committee Must Pre-Approve Non-Audit Internal Control Services
New Internal Control Standard Has Testing Principles
SEC Seeks Comment on Specific Issues as Part of AS5 Approval
SEC Official Says US Rules Began with Principles
SEC Guides Funds on Applying FIN 48 to NAV Calculations
Support Growing in EU for Limiting Auditor Liability
Non-EU Auditors to be Regulated through Equivalence and Reciprocity
Choice of Audit Firms Market Driven; No Mandated Big Five
IOSCO Roundtable on Audits Examines Fraud Detection and Liability
SEC Approves New PCAOB Internal Control Audit Standard
SEC Names Members to Advisory Committee on Financial Reporting
World Standard Setters Conference Focuses on IFRS Implementation
Qualified Support Shown for SEC Proposal to End Reconciliation of IFRS to GAAP
COSO Emphasizes Tone at the Top and Outside Auditors in Monitoring Internal Controls
McCreevy Urges Approval of International Accounting Standard on Segment Reporting
SEC Charges Audit Firms for Failure to Register with PCAOB
Industry Guidance Will Supplement UK Principles-Based Regulation
KPMG Advises on FIN 48
FASB Urged to Delay FIN 48 Effective Date
Securities Industry Backs SEC Proposal to Let US Issuers Report in IFRS
SEC Staff Suggests MD&A Disclosures on Structured Investments and CDOs
UK Weighs in on Reform of Lamfalussy Process
PCAOB Official Tells How Ending IFRS-GAAP Reconciliation Affected Appendix K
PCAOB Censures Big Four Audit Firm for First Time
FASB Chair Calls for Moving All US Public Companies to IFRS
SEC Official Outlines MD&A Disclosure on Fair Value in Wake of Sub-Prime Crisis
McCreevy Rejects EU SEC as EC Reviews Lamfalussy Process
Olson and McCreevy Detail Cross-Border Oversight of Audit Firms
European Commission Seeks Cooperation with PCAOB on Audit Oversight
SEC Ends Reconcilation of IFRS to US GAAP
FSA Proposes New Disclosure Regime for Hedge Fund Positions
Financial Services Roundtable Calls for Principles-Based Regulation
FSA CEO Says Rules Will Have a Place in Principles-Based Regulation

Attorneys

NYC Bar Issues Report on Attorney Role in Corporate Governance
ABA Asks SEC to Modify Its Position on Attorney-Client Waiver
House Passes Bill to Curb "Culture of Waiver" in Federal Investigations

Broker-Dealers

Nazareth Suggests Prudential Approach to Portfolio Margining
SEC to Propose Mutual Recognition of Foreign Exchanges and Brokers
SEC Market Reg Director Outlines Impact of CSE Program
SEC-Fed Reg. R: The Gramm-Leach-Bliley Bank Broker Exception Rules
SEC Adopts Gramm-Leach-Bliley Bank Broker Exception Rules
New Era of Best Execution Ushered in by MiFID
Markets in Financial Instruments Directive to Take Effect

Corporate Governance

Campos Urges Europeans to Push for Proxy Access in US
Options Backdating Must Be Seen in Corporate Governance Context
NYC Bar Issues Report on Attorney Role in Corporate Governance
Delaware Supreme Court Affirms Caremark; Says Good Faith Subsidiary Duty
Audit Committee Study Reveals Expectation Gap
EU Directive on Shareholder Voting Rights Moves Forward
European Court of Justice Advocate Finds Against German Anti-Takeover Law
SEC Staff Allows Exclusion of Shareholder Advisory Vote on Exec Comp as Misleading
Bill Would Require Shareholder Advisory Vote on Executive Compensation
Executive Incentive Plan May Have Been Corporate Waste Says Delaware Court
Bill Mandating Shareholder Advisory Vote on Executive Compensation Goes to Full House
SEC Remains Divided on Independent Chair Rule
SEC Cautions Wal-Mart on Shareholder Surveillance
Committee Report on Shareholder Vote on Exec Comp Bill Published
House Passes Bill Requiring Shareholder Advisory Vote on Executive Compensation
EU Directive on Shareholder Voting Primed for Summer Adoption
Former SEC Chairs Oppose Shareholder Vote
Global Corp Gov Group Praises US Bill on Shareholder Advisory Vote
EU Shareholder Rights Study Is Inconclusive
Hedge Funds Fail to Place Candidates on Company Board
EU Moves Towards Director Independence
Shareholder Rights Group Criticizes German Shareholder Law
Changes to UK Corporate Governance Code Proposed
Grant of Spring-Loaded Options May Be Beyond Bounds of Business Judgment Rule
Board Committee Can Reschedule Merger Vote, SEC Unwritten Policy Noted
SEC Adopts Shareholder Access (Non-Access?) Proposal
EU Court Rules German Anti-Takeover Law Restricts Cross-Border Investment

Derivatives

Stress Testing Is Key in New Era of Complex Derivatives and Hedge Funds
Appeals Court Examines Sovereign Event in Credit Default Swap Context
Fed's Geithner Spells Out Daunting Task of Risk Management
CFTC Chair Praises PWG Guidance for Being Principles-Based
Corrigan Says PWG Hedge Fund Guidance Must Trigger Benchmarked Best Practices
Risk Management Elements for Asset-Backed Securities Detailed by SEC Official

Enforcement Matters

ABA Asks SEC to Modify Its Position on Attorney-Client Waiver
Fund-Adviser-Transfer Agent SEC Enforcement Action Dismissed
SEC Enforcement Chief Reviews Age Old Themes Involving Conflicts of Interest
House Appropriations Bill Restricts SEC Enforcement of 404 Internal Controls
SEC Charges Audit Firms for Failure to Register with PCAOB
Senate Bill Would Allow IRS to Share Tax Abuse Information with SEC
PCAOB Censures Big Four Audit Firm for First Time
Key Senator Calls on SEC to Fully Use SRO Audits and Resources
House Passes Bill to Curb "Culture of Waiver" in Federal Investigations

Exchanges

SEC to Propose Mutual Recognition of Foreign Exchanges and Brokers
RICO Challenge to Exchange Demutualization Fails
Cox Examines Global Exchanges and Markets
Key Senator Calls on SEC to Fully Use SRO Audits and Resources
California Continues NASDAQ Listed Securities Exemptions Following SEC Certification of NASDAQ Stock Market as a National Securities Exchange

Executive Compensation

New House Oversight Chair Pledges Legislation on Executive Compensation
Options Backdating Must Be Seen in Corporate Governance Context
SEC Issues Guidance on Restatements for Option Grant Accounting Errors
SEC Staff Clears Use of Market-Based Stock Option Valuation Method
Delaware Chancellor Says Options Backdating May Not Be Protected by Business Judgment Rule
SEC Staff Allows Exclusion of Shareholder Advisory Vote on Exec Comp as Misleading
Bill Would Require Shareholder Advisory Vote on Executive Compensation
Executive Incentive Plan May Have Been Corporate Waste Says Delaware Court
SEC to Provide Web Tool to Help Slice and Dice Exec Comp Data
CD&A Disclosure Is Disappointing So Far Says SEC Chair
Committee Report on Shareholder Vote on Exec Comp Bill Published
House Passes Bill Requiring Shareholder Advisory Vote on Executive Compensation
SEC Experience in First Year of Executive Comp Disclosure Recounted
Grant of Spring-Loaded Options May Be Beyond Bounds of Business Judgment Rule
House Report Finds Deficiencies in Disclosure of Exec Comp Consultants

Financial Services

Interagency Statement on Complex Transactions May Not Comfort Law Professors
Frank to Produce GSE Legislation; Fed Official Calls for Prompt Action
Nazareth Suggests Prudential Approach to Portfolio Margining
Fed's Geithner Spells Out Daunting Task of Risk Management
CFTC Chair Praises PWG Guidance for Being Principles-Based
Corrigan Says PWG Hedge Fund Guidance Must Trigger Benchmarked Best Practices
Dutch Advocate General Advises on LaSalle Bank Sale
Netherlands Supreme Court Rules for ABN AMRO in LaSalle Bank Sale
SEC Market Reg Director Outlines Impact of CSE Program
European Central Bank Chief Rejects Direct Regulation of Hedge Funds
SEC-Fed Reg. R: The Gramm-Leach-Bliley Bank Broker Exception Rules
Bank of Canada Gov. Says Securitization Originators Must Maintain Standards
SEC Adopts Gramm-Leach-Bliley Bank Broker Exception Rules
Buyers in Distressed Debt Market Not Subject to Equitable Subordination
SEC Staff Suggests MD&A Disclosures on Structured Investments and CDOs
SEC Official Outlines MD&A Disclosure on Fair Value in Wake of Sub-Prime Crisis
McCreevy Rejects EU SEC as EC Reviews Lamfalussy Process
House Passes Bill Imposing Liability on Mortgage-Backed Securities
Basel II Brings New Securitization Framework
New Era of Best Execution Ushered in by MiFID
Markets in Financial Instruments Directive to Take Effect
House Bill Would Impose Liability on Mortgage-Backed Securitizers

Fraud

Supreme Court Tackles "Strong" Question on Scienter
SEC Amicus Brief Rejects 7th Circuit Holding in Scienter Case
Fifth Circuit: Investment Banks Owed No Duty to Enron Shareholders
Supreme Court Ready to Review Its Antifraud Aiding and Abetting Ruling
Supreme Court Endorses Strict Standard for Securities Fraud Actions
Supreme Court Talks About Recklessness Being Tantamount to Scienter
Supreme Court Firmly Accepts Rule 10b-5 Private Right of Action
White Paper Issued on Tellabs Opinion
Supreme Court Urged to Approve Scheme Liability in Securities Fraud Actions
House Leaders File Brief in Scheme Liability Case
Senate Bill Would Close Enron Loophole in Wake of Hedge Fund Collapse
Chamber of Commece Calls Scheme Liability a Label in Search of a Cause of Action
Fifth Circuit Post-Tellabs Ruling Says Sarbanes-Oxley Certification Not Inference of Scienter
Solicitor General Says Scheme Liability Counter to Congressional Intent
Former SEC Chairs Pitt and Hills Urge Supreme Court to Reject Scheme Liability
4th Circuit Finds Venue Proper Through EDGAR Server

Government-Sponsored Entities

Frank to Produce GSE Legislation; Fed Official Calls for Prompt Action
GSE Reform Bill Passes House with Strong Sarbanes-Oxley Provisions

Hedge Funds and Other Investment Vehicles

Hong Kong Official Lists Results of SEC-SFC Inspection of Hedge Fund Managers
Canadian Regulators Propose Registration of Hedge Fund Managers
Big Four Firm Lists Red Flags for Hedge Fund Risk Management
Stress Testing Is Key in New Era of Complex Derivatives and Hedge Funds
President's Working Group Sets Out Guidance for Hedge Funds
Treasury Official Provides Insights on Hedge Fund Guidelines
EU Commissioner McCreevy on Hedge Fund Regulation
Disclosure Not Answer to Hedge Fund Transparency Says NY Fed CEO
UK Treasury to Review Private Equity Tax Policies, US May Do So
UK to Allow Retail Investment in Hedge Funds
IOSCO Issues Principles for Hedge Fund Portfolio Valuation
CFTC Chair Praises PWG Guidance for Being Principles-Based
Corrigan Says PWG Hedge Fund Guidance Must Trigger Benchmarked Best Practices
Fed Chair Affirms Light Touch Regulation for Hedge Funds
UK Minister Rejects Central Registry for Hedge Fund Positions
FSA Official Examines IOSCO Hedge Fund Valuation Principles
SEC Commissioner Casey Praises PWG Hedge Fund Guidance
NY Fed Study Reveals Correlation between LTCM and Current Hedge Funds
Transfer of Risk Issue Looms Large for Hedge Fund Regulators
Senate Bill Would Require SEC Registration of Hedge Fund Advisers
Corp Fin Director Clarifies SEC Position on PIPES
Atkins Views Hedge Fund Advisers
Private Equity Firms Doing IPOS Not Investment Companies Says SEC Official
Hedge Funds Fail to Place Candidates on Company Board
Walker Report Suggest Enhanced Disclosure by Private Equity Firms
McCreevy Explains Better Regulation in Hedge Fund Context
European Central Bank Chief Rejects Direct Regulation of Hedge Funds
Treasury Official Calls Asset Managers to Action
Senate Bill Would Close Enron Loophole in Wake of Hedge Fund Collapse
Senate Bill Would Require Hedge Funds to Set Up Anti-Money Laundering Programs
NY Fed Study Says Counterparty Risk Management Still Best Defense to Hedge Fund Risk
McCreevy Holds Hedge Funds Blameless in Market Crisis
Risk Management Elements for Asset-Backed Securities Detailed by SEC Official
MFA Issues Best Practices for Hedge Fund Managers
SEC Senior Official Reminds on Hedge Fund Valuation and Risk Management
Walker Group Issues Final Guidance for Private Equity Disclosure
Walker Report Looks At Private Equity Duties to Stakeholders
SEC and European Commission Seek More Transparency for Sovereign Wealth Funds
Treasury and SEC Call for Best Practices for Sovereign Wealth Funds
FSA Proposes New Disclosure Regime for Hedge Fund Positions
EU Court Rules German Anti-Takeover Law Restricts Cross-Border Investment

Internal Controls

Bloomberg-Schumer Report Focuses on Internal Controls
UK Minister Views US Securities Regulation Reform White Papers
Atkins Says SEC Must Be Responsive to Capital Markets Reports
Dodd-Shelby Amendment Gives SEC and PCAOB Time to Reform Internal Controls Mandates
Proposed Definition of Material Weakness Is Crucial to Lowering Internal Control Costs
SEC and PCAOB to Reform Internal Controls Mandate This Week
Congress Will Act if SEC-PCAOB Internal Control Reform Fails
SEC Adopts Management Guidance on Internal Controls
PCAOB Adopts New Principles-Based Standard for Internal Control Audit
Definition of Material Weakness Key to SEC-PCAOB Internal Control Regime
New PCAOB Standard Allows Auditors to Use the Work of Others and Walkthroughs
Audit Committee Must Pre-Approve Non-Audit Internal Control Services
New Internal Control Standard Has Testing Principles
SEC Seeks Comment on Specific Issues as Part of AS5 Approval
House Appropriations Bill Restricts SEC Enforcement of 404 Internal Controls
SEC Approves New PCAOB Internal Control Audit Standard
COSO Emphasizes Tone at the Top and Outside Auditors in Monitoring Internal Controls
Armed With Study, US Chamber Seeks Delay of SOX 404

International Issues

Campos Urges Europeans to Push for Proxy Access in US
European Accounting Group Calls for Int'l Audit Standards
Hong Kong Official Lists Results of SEC-SFC Inspection of Hedge Fund Managers
Canadian Regulators Propose Registration of Hedge Fund Managers
Drumbeat for Auditor Liability Reform Continues with European Commission
FSA Chair Rejects Home Regulator Approach for Global Firms
UK Tribunal Finds Auditor's Judgment Reasonable on Going Concern Issue
What is Principles-Based Regulation; FSA Counts on Compliance Officers
Audit Committee Study Reveals Expectation Gap
UK Accounting Leader Calls for Audit Oversight Cooperation, Praises Levitt
UK FSA Doubts Benefits of IFRS-GAAP Convergence
EU Directive on Shareholder Voting Rights Moves Forward
European Court of Justice Advocate Finds Against German Anti-Takeover Law
UK Abandons MD&A in Favor of Business Review Narrative
Cooperation Seen as Key as PCAOB Begins Inspections of Non-US Auditors
EU Commissioner McCreevy on Hedge Fund Regulation
Specter of Inconsistent Interpretation Haunts IFRS
UK Treasury to Review Private Equity Tax Policies, US May Do So
SEC's IFRS Roundtable Hits the Right Notes
UK Minister Views US Securities Regulation Reform White Papers
UK to Allow Retail Investment in Hedge Funds
IOSCO Issues Principles for Hedge Fund Portfolio Valuation
Atkins Says Disparate IFRS Interps Imperil Roadmap to Reconcilation
UK FSA Officials Discuss Principles-Based Regulation
SEC Promotes IFRS for Foreign and Domestic Issuers
IFRS on Segment Reporting Hits Roadblock
UK Minister Rejects Central Registry for Hedge Fund Positions
FSA Official Examines IOSCO Hedge Fund Valuation Principles
EU-US Framework Puts High Priority on GAAP-IFRS Equivalence
EU Directive on Shareholder Voting Primed for Summer Adoption
Dutch Advocate General Advises on LaSalle Bank Sale
Support Growing in EU for Limiting Auditor Liability
Global Corp Gov Group Praises US Bill on Shareholder Advisory Vote
Netherlands Supreme Court Rules for ABN AMRO in LaSalle Bank Sale
EU Shareholder Rights Study Is Inconclusive
SEC to Propose Mutual Recognition of Foreign Exchanges and Brokers
Non-EU Auditors to be Regulated through Equivalence and Reciprocity
McCreevy Explains Better Regulation in Hedge Fund Context
IOSCO Roundtable on Audits Examines Fraud Detection and Liability
EU Moves Towards Director Independence
World Standard Setters Conference Focuses on IFRS Implementation
Shareholder Rights Group Criticizes German Shareholder Law
Qualified Support Shown for SEC Proposal to End Reconciliation of IFRS to GAAP
Changes to UK Corporate Governance Code Proposed
European Commission Abandons One Share, One Vote Initiative
European Central Bank Chief Rejects Direct Regulation of Hedge Funds
Bank of Canada Gov. Says Securitization Originators Must Maintain Standards
McCreevy Urges Approval of International Accounting Standard on Segment Reporting
FSA Looks for Mutual Recognition with SEC as Two-Way Street
McCreevy Holds Hedge Funds Blameless in Market Crisis
Industry Guidance Will Supplement UK Principles-Based Regulation
Market Discipline Key to Hedge Fund Regulation as SEC Shifts Gears
Securities Industry Backs SEC Proposal to Let US Issuers Report in IFRS
UK Weighs in on Reform of Lamfalussy Process
PCAOB Official Tells How Ending IFRS-GAAP Reconciliation Affected Appendix K
Walker Group Issues Final Guidance for Private Equity Disclosure
FASB Chair Calls for Moving All US Public Companies to IFRS
Walker Report Looks At Private Equity Duties to Stakeholders
Japanese Regulator Proposes Broad Market Reforms
Cox Examines Global Exchanges and Markets
SEC and European Commission Seek More Transparency for Sovereign Wealth Funds
Treasury and SEC Call for Best Practices for Sovereign Wealth Funds
McCreevy Rejects EU SEC as EC Reviews Lamfalussy Process
Olson and McCreevy Detail Cross-Border Oversight of Audit Firms
European Commission Seeks Cooperation with PCAOB on Audit Oversight
SEC Ends Reconcilation of IFRS to US GAAP
FSA Proposes New Disclosure Regime for Hedge Fund Positions
Basel II Brings New Securitization Framework
New Era of Best Execution Ushered in by MiFID
Markets in Financial Instruments Directive to Take Effect
FSA CEO Says Rules Will Have a Place in Principles-Based Regulation

Investment Advisers and Companies

Investment Management Director Vows Review of Rule 12b-1
Fund-Adviser-Transfer Agent SEC Enforcement Action Dismissed
Funds Request Additional Guidance on FIN 48
Federal Appeals Court Strikes Down SEC Fee-Based Broker Exemptive Rule
SEC Remains Divided on Independent Chair Rule
SEC Chair Adds Voice to Complete Review of Rule 12b-1 Fees
SEC Seeks Stay of Court Ruling Striking Down Fee-Based Broker Exemptive Rule
SEC Guides Funds on Applying FIN 48 to NAV Calculations
Atkins Views Hedge Fund Advisers
Private Equity Firms Doing IPOS Not Investment Companies Says SEC Official
SEC Staff Notes GLB Privacy Concerns with Fund Shareholder Data
Externalizing Rule 12b-1 Fees Debated
New Era of Best Execution Ushered in by MiFID

Legislative Matters

New House Oversight Chair Pledges Legislation on Executive Compensation
Frank to Produce GSE Legislation; Fed Official Calls for Prompt Action
Bill Mandating Shareholder Advisory Vote on Executive Compensation Goes to Full House
Committee Report on Shareholder Vote on Exec Comp Bill Published
House Passes Bill Requiring Shareholder Advisory Vote on Executive Compensation
Arbitration of Shareholder Actions May Be DOA
Senate Bill Would Require SEC Registration of Hedge Fund Advisers
Congress Will Act if SEC-PCAOB Internal Control Reform Fails
House Appropriations Bill Restricts SEC Enforcement of 404 Internal Controls
House Leaders File Brief in Scheme Liability Case
Senate Bill Would Allow IRS to Share Tax Abuse Information with SEC
House Passes Bill to Curb "Culture of Waiver" in Federal Investigations
House Bill Would Impose Liability on Mortgage-Backed Securitizers
House Passes Bill Imposing Liability on Mortgage-Backed Securities

Litigation

Federal Appeals Court Strikes Down SEC Fee-Based Broker Exemptive Rule
Supreme Court Tackles "Strong" Question on Scienter
Fund-Adviser-Transfer Agent SEC Enforcement Action Dismissed
SEC Amicus Brief Rejects 7th Circuit Holding in Scienter Case
UK Tribunal Finds Auditor's Judgment Reasonable on Going Concern Issue
Delaware Supreme Court Affirms Caremark; Says Good Faith Subsidiary Duty
European Court of Justice Advocate Finds Against German Anti-Takeover Law
Appeals Court Examines Sovereign Event in Credit Default Swap Context
Recent Case Law Sides with the States Against Federal Preemption of Rule 506 Offerings
PCAOB is Constitutional Declares Federal Judge
Fifth Circuit: Investment Banks Owed No Duty to Enron Shareholders
Supreme Court Ready to Review Its Antifraud Aiding and Abetting Ruling
Arbitration of Shareholder Actions May Be DOA
SEC Seeks Stay of Court Ruling Striking Down Fee-Based Broker Exemptive Rule
Supreme Court Endorses Strict Standard for Securities Fraud Actions
Supreme Court Talks About Recklessness Being Tantamount to Scienter
Supreme Court Firmly Accepts Rule 10b-5 Private Right of Action
White Paper Issued on Tellabs Opinion
Supreme Court Urged to Approve Scheme Liability in Securities Fraud Actions
Hedge Funds Fail to Place Candidates on Company Board
House Leaders File Brief in Scheme Liability Case
Chamber of Commerce Calls Scheme Liability a Label in Search of a Cause of Action
Fifth Circuit Post-Tellabs Ruling Says Sarbanes-Oxley Certification Not Inference of Scienter
Int'l Business Groups Urge Supreme Court to Reject Scheme Liability
Solicitor General Says Scheme Liability Counter to Congressional Intent
Former SEC Chairs Pitt and Hills Urge Supreme Court to Reject Scheme Liability
4th Circuit Finds Venue Proper Through EDGAR Server
SEC Examining Possible Abuse in Rule 10b5-1 Plans
EU Court Rules German Anti-Takeover Law Restricts Cross-Border Investment

Market Regulation

Atkins Says SEC Must Be Responsive to Capital Markets Reports
Cox and Olson Speak at Chamber Event on US Capital Markets
Treasury's Paulson Endorses Principles-Based Regulation
Blue Ribbon Panel Calls for Major Market Reforms
SEC Market Reg Director Outlines Impact of CSE Program

Offerings

Recent Case Law Sides with the States Against Federal Preemption of Rule 506 Offerings
ABA State and Federal Securities Committee Requests Rewrite of Private Offering Rules
Corp Fin Director Clarifies SEC Position on PIPES
Private Equity Firms Doing IPOS Not Investment Companies Says SEC Official
ABA Comments on SEC Proposals to Amend Private Offering Rules

Public Company Accounting Oversight Board

PCAOB Details Auditor Duties Regarding Fraud Detection
Cooperation Seen as Key as PCAOB Begins Inspections of Non-US Auditors
PCAOB is Constitutional Declares Federal Judge
SEC and PCAOB to Reform Internal Controls Mandate This Week
Congress Will Act if SEC-PCAOB Internal Control Reform Fails
PCAOB Adopts New Principles-Based Standard for Internal Control Audit
Definition of Material Weakness Key to SEC-PCAOB Internal Control Regime
New PCAOB Standard Allows Auditors to Use the Work of Others and Walkthroughs
Audit Committee Must Pre-Approve Non-Audit Internal Control Services
New Internal Control Standard Has Testing Principles
SEC Seeks Comment on Specific Issues as Part of AS5 Approval
SEC Approves New PCAOB Internal Control Audit Standard
SEC Charges Audit Firms for Failure to Register with PCAOB
PCAOB Official Tells How Ending IFRS-GAAP Reconciliation Affected Appendix K
PCAOB Censures Big Four Audit Firm for First Time
European Commission Seeks Cooperation with PCAOB on Audit Oversight

Sarbanes-Oxley Act

PCAOB is Constitutional Declares Federal Judge
Dodd-Shelby Amendment Gives SEC and PCAOB Time to Reform Internal Controls Mandates
SEC and PCAOB to Reform Internal Controls Mandate This Week
GSE Reform Bill Passes House with Strong Sarbanes-Oxley Provisions
SEC Charges Audit Firms for Failure to Register with PCAOB
Armed With Study, US Chamber Seeks Delay of SOX 404

Securities and Exchange Commission

Chairman Cox Opens SEC Speaks Conference
SEC to Provide Web Tool to Help Slice and Dice Exec Comp Data
SEC's IFRS Roundtable Hits the Right Notes
Federal Appeals Court Strikes Down SEC Fee-Based Broker Exemptive Rule
Atkins Says SEC Must Be Responsive to Capital Markets Reports
SEC Remains Divided on Independent Chair Rule
SEC Names Members to Advisory Committee on Financial Reporting
Former SEC Chair Cohen Explains Genesis of Staff Comment Letters
Senate Bill Would Allow IRS to Share Tax Abuse Information with SEC


State Law Matters

More States Adopt Uniform Securities Act of 2002
California Continues NASDAQ Listed Securities Exemptions Following SEC Certification of NASDAQ Stock Market as a National Securities Exchange