The Securities and Exchange Commission recently announced a settlement with Oregon-based freight transportation supply company, The Greenbrier Companies Inc., and founder and former CEO and Chairman, William A. Furman, for (i) failing to disclose perks provided to Furman and certain other Greenbrier executives, and (ii) failing to disclose compensation Furman received from Greenbrier’s use and
Brian Saleeby
The SEC’s Office of the Chief Accountant (“OCA”) on Audit Quality and Investor Protection Under the Holding Foreign Companies Accountable Act
By Brian Saleeby on
Posted in Public Companies, SEC News
On September 6, 2022, the OCA released a statement regarding audit quality and investor protection under the Holding Foreign Companies Accountable Act (“HFCAA”). The statement reiterates the importance of high quality audits in protecting investors, instilling shareholder confidence in the quality of the financial information, and enabling public companies to raise capital efficiently. The OCA…
Investment Management SEC Updates
By Brian Saleeby on
Posted in Regulatory, SEC News
On July 26, 2022, William Birdthistle, the Director of the Division of Investment Management of the US Securities & Exchange Commission (“SEC”), gave remarks at the Practising Law Institute’s annual Investment Management Program. In his speech, Director Birdthistle addressed areas of particular regulatory interest to the Division, specific developments confronting the investment management industry in the…
Notable Trends in the Private Markets
By Brian Saleeby on
The private market ecosystem experienced strong growth in 2021. The number of recognized unicorns (defined as private companies having $1B+ valuation) grew from 564 in 2020 to 882 in 2021. Nasdaq Private Markets’ (“NPM”) 2021 Annual Report noted that in addition to elevated deal size for companies, secondaries have evolved as an avenue to provide…
The SEC’s Acting Chief Accountant’s Perspective
By Brian Saleeby on
Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors
On March 9, 2022, the Office of the Chief Accountant (“OCA”), released a statement regarding assessing the materiality of financial reporting errors. The OCA used this statement to rehash guidance on the concept of materiality and the correction of material errors, evaluate methods of performing…