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Dodd-Frank Act

Appeals Court Backs Broad Interpretation of Dodd-Frank Whistleblower Protections

Appeals Court Backs Broad Interpretation of Dodd-Frank Whistleblower Protections

A split federal appeals court ruled that Dodd-Frank whistleblower protections apply to employees who report misconduct within their companies, not just those who take the information directly to the SEC. The decision represents a victory for the commission, which is seeking to defend its whistleblower rules. A split federal appeals court ruled that Dodd-Frank whistleblower […]

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Dodd-Frank Whistleblower Rules May Get A Supreme Court Showdown

Dodd-Frank Whistleblower Rules May Get A Supreme Court Showdown

The SEC has filed a series of friend-of-the-court briefs defending its rules that protect corporate whistleblowers from retaliation by their employers. The dispute, which revolves around competing interpretations of a Dodd-Frank Act provision, is likely headed for the Supreme Court, one attorney predicted. The SEC in August 2015 filed four appeals court briefs defending its […]

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Judge Orders SEC To Finish Resource Payments Disclosure Rule

Judge Orders SEC To Finish Resource Payments Disclosure Rule

A federal judge ordered the SEC to resume work on a Dodd-Frank rule that is more than four years past its congressional deadline. Another federal court had thrown out the rule that required oil and mining companies to publicly disclose the payments they make to governments to do business. But the latest ruling told the […]

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GOP Bills Would Exempt Small Banks From Sarbanes-Oxley Section 404(B)

GOP Bills Would Exempt Small Banks From Sarbanes-Oxley Section 404(B)

Legislation filed in the House and Senate would exempt banks with less than $1 billion in assets from the Sarbanes-Oxley Act’s auditor attestation requirements. The measures are part of a flurry of GOP bills aimed at easing regulations on smaller lenders. Republican lawmakers are seeking to exempt smaller banks from the auditor attestation requirements under […]

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Investor Advocate Seeks Enforcement Campaign Against Brokers Who “Reverse Churn” Client Accounts

Investor Advocate Seeks Enforcement Campaign Against Brokers Who “Reverse Churn” Client Accounts

The SEC’s investor advocate said the agency needs to take tougher actions against brokers who switch clients to fee-based accounts from commission-only accounts to boost their incomes. The advocate also called for enforcement actions to combat fraud in a class of instrument called a binary option. The SEC’s investor advocate, a position that was created […]

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Era Of Dodd-Frank Rulemaking Nears Final Stage

Era Of Dodd-Frank Rulemaking Nears Final Stage

SEC officials say they have only a handful of rules remaining from the 100 the agency was ordered to write in the landmark Dodd-Frank Act reforms. The remaining work consists primarily of issuing a final rule and three proposals on a handful of executive compensation requirements that the agency’s staff has been writing. According to […]

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Official Says Manufacturers Should Make Clear Conflict Minerals Disclosure

Official Says Manufacturers Should Make Clear Conflict Minerals Disclosure

Based on early observations of conflict minerals reports, companies could do a better job making clearer disclosures, the director of the SEC’s Division of Corporation Finance said. The Dodd-Frank mandated rule requires companies to disclose sources of minerals from the war-torn Democratic Republic of the Congo. Manufacturers could do a better job disclosing information about […]

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Bank Regulators Give Views on Accounting for Equities in Trading Portfolios

Bank Regulators Give Views on Accounting for Equities in Trading Portfolios

The FASB is trying to determine how its plan to limit equity securities to two classifications, instead of the three that exist today, will alter regulators’ supervision of the banking industry. Bank regulators fear that the change will complicate some of the supervisory requirements of the Dodd-Frank Act, but accounting board members want more information […]

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Commissioner Gallagher Calls Dodd-Frank Rules, Banking Agencies Threats to SEC’s Independence

Commissioner Gallagher Calls Dodd-Frank Rules, Banking Agencies Threats to SEC’s Independence

The rules the SEC has had to write from the Dodd-Frank Act are interfering with the agency’s mission to promote efficient capital markets, according to Commissioner Daniel Gallagher. He wants to see less focus on some disclosure rules and efforts to lower financial market risk and more leeway for companies to tap into the markets […]

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Progress Seen on Dodd-Frank Executive Compensation Rules

Progress Seen on Dodd-Frank Executive Compensation Rules

The SEC is nearing completion of some leftover rules on executive pay from the Dodd-Frank Act. The rules include a controversial requirement that companies report the ratio of the median employee’s total annual compensation to the total for the CEO. The SEC expects to finish its work on some leftover rules on executive pay in […]

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Crowdfunding Proposal’s Audit Requirements Are Challenged at House Hearing

Crowdfunding Proposal’s Audit Requirements Are Challenged at House Hearing

The SEC is working to finalize a JOBS Act rule intended to help businesses raise funds using the Internet via crowdfunding. But during a House Subcommittee hearing, a Republican lawmaker criticized the agency for writing reporting requirements that are too costly to be a viable option for small businesses and start-ups. Rep. Mick Mulvaney said […]

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Appeals Court Is Asked by SBE to Review Conflict Minerals Decision

Appeals Court Is Asked by SBE to Review Conflict Minerals Decision

The SEC asked a full federal appeals court to review an April decision by a three-judge panel on a controversial rule that calls for U.S. public companies to describe how they acquire four minerals used in a wide range of manufacturing activities. The decision left most of the SEC’s conflict minerals rule intact, apart from […]

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Broker-Dealer Inspection Program May Be Tailored to Fit Audit Firms

Broker-Dealer Inspection Program May Be Tailored to Fit Audit Firms

PCAOB Chairman James Doty told the SEC that his agency is looking at the different business models of the accounting firms that serve the brokerage industry and considering how it may scale its inspections of the audit firms. The PCAOB has been inspecting audit firms for the brokerage industry under a temporary program for almost […]

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Decision Postponed for Asset-Backed Securities Rules

Decision Postponed for Asset-Backed Securities Rules

The SEC has to reschedule a vote on adopting rules for the asset-backed securities market to give the public more time to comment. The agency is planning to revise the market’s disclosure, reporting, and offering requirements. The SEC postponed a meeting previously scheduled for February 5, 2014, to give the public more time to comment […]

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Accountants Ask for Clarification of Fair Value in Risk Retention Rule

Accountants Ask for Clarification of Fair Value in Risk Retention Rule

The SEC and other financial regulators are in the process of writing rules that would require sponsors of securitization transactions to retain at least 5% of the fair value of all asset-backed securities interests in the issuing entity. Big Four accounting firm Deloitte asked the agency to clarify the use of fair value to measure […]

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Start-Ups Ask for Withdrawal of Proposed Form D Changes

Start-Ups Ask for Withdrawal of Proposed Form D Changes

The SEC is planning to increase the amount of information it gathers from companies and fund managers that use the market for private securities offerings. While SEC officials and investors see the proposed changes as a necessary means for limiting the risk of fraud, some businesses fear that the changes will disrupt the still developing […]

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Commissioner Gallagher Criticizes Post-Financial Crisis Priorities

Commissioner Gallagher Criticizes Post-Financial Crisis Priorities

The SEC’s focus on executive pay ratio rules and disclosures about conflict minerals have overshadowed other post-financial crisis priorities, SEC Commissioner Daniel Gallagher says. Calling them “sociopolitical” issues, he said the SEC’s time would be better spent focusing on disclosure reform and removing references to credit ratings from SEC rules, among other issues. The SEC […]

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It’s Hard to Slice and Dice CEO Paychecks – The SEC is proposing new CEO pay disclosure, but it’s not as simple as it may seem

It’s Hard to Slice and Dice CEO Paychecks – The SEC is proposing new CEO pay disclosure, but it’s not as simple as it may seem

As reported in the WS Journal, It’s Hard to Slice and Dice CEO Paychecks – The SEC is proposing new CEO pay disclosure, but it’s not as simple as it may seem.  Federal regulators want companies to reveal how much more their chief executives make than a typical employee, but the disclosures may not help […]

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CEOs to Reveal Their ‘Cheap Number’ – SEC Wants to Compare CEO Pay with Average Worker’s

CEOs to Reveal Their ‘Cheap Number’ – SEC Wants to Compare CEO Pay with Average Worker’s

As reported in the WS Journal, CEOs to Reveal Their ‘Cheap Number’ – SEC Wants to Compare CEO Pay with Average Worker’s.  Perhaps you’ve seen those commercials for the Sleep Number mattress. What’s your Sleep Number? Learn it and you’ll have pleasant dreams. There is another number that’s giving the chief executives of America’s largest […]

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PCAOB and Spain Reach Agreement on Joint Inspections

PCAOB and Spain Reach Agreement on Joint Inspections

The Public Company Accounting Oversight Board (PCAOB) recently announced that it signed a cooperative arrangement with the Accounting and Auditing Institute of Spain. The agreement is effective immediately and under it, joint inspections can commence this year. The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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