Financial Reporting

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On February 18, 2022, the US Senate unanimously passed the Courthouse Ethics and Transparency Act, which requires all US federal judges to publish their financial disclosure reports to the public. This legislation closely follows the bipartisan bill passed by the House in December 2021, which sought a similar outcome (see our related post…

On January 26, 2022, the US Securities and Exchange Commission (SEC) voted to propose amendments to Form PF in order to enhance the reporting requirements and obligations of certain registered investment advisers to private funds. The purpose of the proposed amendments, as described by the SEC, is “to enhance the Financial Stability Oversight Council’s (FSOC)…

The US Securities and Exchange Commission (SEC) adopted final amendments to its rules on December 2, 2021 to implement the requirements in the Holding Foreign Companies Accountable Act of 2020.  Although for the foreseeable future, the majority of the new rules are expected only to affect SEC registrants whose operations are based in China or…

The US Securities and Exchange Commission (SEC) adopted final amendments to its rules on December 2, 2021 to implement the requirements in the Holding Foreign Companies Accountable Act of 2020.  Although for the foreseeable future, the majority of the new rules are expected only to affect SEC registrants whose operations are based in China or…

Recent investigations share findings that over 130 US Federal judges presided over cases in which they had a financial conflict of interest since 2010.  In a 422-4 vote this week, the House passed a bipartisan bill that would require US federal judges to share their financial disclosure reports publicly.

Under this bill designed, which is…

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Under former Securities and Exchange Commission Chair Jay Clayton’s leadership, the SEC focused on various areas collectively termed “good corporate hygiene.” In the first of Mayer Brown’s two-part Good Corporate Hygiene webinar series, we addressed policies related to trading in a company’s stock, especially…

Today, the Staff of the Securities and Exchange Commission issued two statements relating to special purpose acquisition companies (SPACs). Neither statement provided any guidance or interpretation. Both seemed directed at emphasizing existing regulations.

The first statement from the Staff of the Division of Corporation Finance (see: https://www.sec.gov/news/public-statement/division-cf-spac-2021-03-31) noted a series of considerations that private…

On September 11, 2020, the U.S. Securities and Exchange Commission (SEC) adopted, in substantially the form it had proposed, amendments to the requirements for statistical disclosures that bank and savings and loan registrants provide to investors.

The rules rescind Industry Guide 3, Statistical Disclosure by Bank Holding Companies (Guide 3); codify certain Guide 3 disclosures…

This First Analysis article discusses the amendments adopted by the U.S. Securities and Exchange Commission on May 21, 2020 in connection with financial statement disclosures on business acquisitions and dispositions as required by Regulation S-X’s (17 C.F.R. §§ 210.1-01 – 12-29) Rule 3-05 (Financial Statements of Businesses Acquired or to be Acquired (Rule 3-05)), Rule…

On July 9, 2020, SEC Chief Accountant Sagar Teotia and SEC Division of Enforcement Co-Director Stephanie Avakian moderated a panel discussion concerning limitations on inspection and enforcement in emerging markets, and auditors’ oversight of members firms in emerging markets. This was Panel 2 of the SEC staff’s roundtable on emerging markets and comprised of PCAOB…