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Last week, in a joint statement, Securities and Exchange Commission Chair Jay Clayton, the Director of the Division of Corporation Finance, Bill Hinman, the SEC’s Chief Accountant, Sagar Teotia, and the PCAOB Chair, William Duhnke, commented on the continuing dialogue among the SEC, PCAOB, and representatives from the four largest US audit firms regarding audit…

On February 27, 2020, the Securities and Exchange Commission’s Investor Advisory Committee will meet at 9.30 am.  The meeting is open to the public and also is webcast.  The Committee meeting agenda includes a discussion of accounting and auditing trends, with representatives from the Financial Accounting Standards Board among others.  The agenda also includes a…

On January 30, 2020, the US Securities and Exchange Commission provided guidance regarding the disclosure of key performance indicators and metrics used in the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) section of SEC filings. This commission-level guidance, which reflects the SEC’s interpretation of existing MD&A requirements, becomes effective on…

In remarks last week, Securities and Exchange Commission Chair Clayton discussed the SEC’s proposed amendments to streamline and modernize the requirements for Management’s Discussion and Analysis (MD&A) disclosures.  The proposed amendments continue the SEC’s progress with its disclosure effectiveness initiative.

Chair Clayton also commented on other areas of disclosure and rulemaking focus, including, among others: …

The Securities and Exchange Commission today voted to propose amendments to the Regulation S-K requirements for Management’s Discussion and Analysis, or MD&A, and also issued agency guidance relating to MD&A. The SEC’s actions follow the recommendations included in the SEC Staff’s Report on Review of Disclosure Requirements in Regulation S-K (“S-K Study”), which was mandated…

This article discusses the public statement dated July 12, 2019, made by the Securities and Exchange Commission’s (SEC) Division of Corporation Finance, Investment Management and Trading and Markets, and the Office of the Chief Accountant, encouraging market participants to begin the transition away from U.S. dollar LIBOR, which is expected to cease publication in 2021.…

On December 18, 2019, the US Securities and Exchange Commission (SEC) proposed rules for the reporting of certain payments by resource extraction issuers, its third attempt to promulgate rules mandated under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Comments are due by March 16, 2020. This Legal Update provides further detail on the…

On January 23, 2020, the SEC’s Office of the Advocate for Small Business Capital Formation (the “Office”) hosted its first Capital Call, during which the Advocate for Small Business Capital Formation and Director of the Office, Martha Legg Miller, and members of the Office’s Staff discussed the latest trends relating to capital formation.  During the…

On December 18, 2019, the Securities and Exchange Commission (“SEC”) proposed amendments to the definition of “accredited investor” and related amendments to the definition of “qualified institutional buyer.” The proposed amendments would have the effect, if adopted, of broadening the universe of individuals and entities that would qualify as accredited investors.

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