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PCAOB members discuss priorities for the coming year

Transformation of the inspections process is among the PCAOB’s priorities in the coming year, according to Chairman William Duhnke III. Duhnke, who was joined by the other four board members at the AICPA’s conference on SEC and PCAOB developments, said that the r

Clayton addresses proxy advisers, fiduciary standard, buy-backs, Brexit with Senate

SEC Chairman Jay Clayton, on December 11, 2018, testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs about the Commission’s new strategic plan for 2018 to 2022, which: (1) prioritizes long-term main street investors’ needs; (2) allocat

AICPA conference hosts conversation with SEC chairman, chief accountant

Speaking at the AICPA’s annual conference on SEC and PCAOB developments, SEC Chairman Jay Clayton proclaimed that audit quality drives good performing capital markets. "To the extent you want to have capital markets that perform well over time, a high-quality audi

Regulation Best Interest a ‘key priority’ for 2019, says Chairman Clayton

Completing Regulation Best Interest and related rules will be a key priority for the SEC in 2019, Chairman Jay Clayton said in remarks at Columbia University. In giving a sneak peek at the agency’s to-do list, the chairman also reviewed accomplishments over t

Senate committee weighs proxy reforms

With the U.S. proxy system under increased scrutiny, the Senate Banking Committee held a hearing on how to improve the way the proxy voting system operates, including if and how proxy advisory firms should be regulated and whether the current procedure for submitting shareho

Appellate panel affirms securities fraud findings in the sale of oil and gas joint venture agreements

The investment contracts sold by defendant Sameer P. Sethi, interests in an oil and gas joint venture, were securities, the United States Court of Appeals for the Fifth Circuit held, affirming the district court’s decision. Moreover, the district court correctly found

Adviser improperly made clients pay its rent and overhead

An investment adviser has been sanctioned for improperly allocating expenses to former business development company clients, and failures relating to those clients' valuation models. According to the Commission, the adviser allocated its own rent, overhead, and compensat

SCOTUS ponders scheme liability for transmitting false statements

The Supreme Court heard oral argument in a case that could define the contours of the SEC’s key antifraud rule. An investment banker who sent false statements to clients at the direction of his boss did not "make" the statements under Exchange Act Rule 10b-5(

SEC Chairman Clayton speaks plainly and revisits familiar themes in TimesTalks interview

SEC Chairman Jay Clayton told Andrew Ross Sorkin that he was not asked a single question about Bitcoin, blockchain, digital ledger technologies, or Ethereum during his Senate confirmation hearings in early 2017 in a recent TimesTalks interview. During the interim, virtu

Giancarlo advocates ‘agile and iterative’ approach to market reform

With a nod to MIT Professor Andrew Lo’s hypothesis that markets are inherently dynamic and adapt in fits and starts over time, CFTC Chairman J. Christopher Giancarlo offered the view that market reform is not a "one and done" event. Accordingly, the CFTC curr

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