This article discusses recent amendments to Financial Industry Regulatory Authority (FINRA) Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and Rule 5131 (New Issue Allocations and Distributions), which were originally published for comment in the Federal Register on August 8, 2019 and approved by the Securities and Exchange Commission (the
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AICPA Expands Permitted Situations for Agreed-Upon Procedures Engagements
By Ali Perry on
Posted in Accounting Standards, Public Companies
In December 2019, the American Institute of Certified Public Accountants (AICPA) revised its attestation standards to eliminate certain requirements for Agreed-Upon Procedures (AUP) engagements, thereby expanding the types of situations these engagements can be performed by independent accountants.
An AUP engagement is an attestation engagement in which a company engages an independent accountant to perform…
Components of Regulation Best Interest
By Ali Perry on
Posted in Broker-dealers
On April 18, 2018, the Securities and Exchange Commission (SEC) introduced a package of proposals aimed at enhancing the quality and transparency of investors’ relationships with investment advisers and broker-dealers. The proposed Regulation Best Interest introduces three obligations for broker-dealers designed to require broker-dealers to act in the best interest of a retail customer when…
BDC-Related Provisions of the Consolidated Appropriations Act of 2018
By Ali Perry on
Posted in BDCs
On March 23, 2018, Congress passed a $1.3 trillion omnibus spending bill titled the Consolidated Appropriations Act of 2018, which included the Small Business Credit Availability Act. Included in the Small Business Credit Availability Act are various changes to the federal securities laws and regulations that impact business development companies (“BDCs”). Most significantly, the…