Compliance Bits and Pieces – July 2

Early this week, some people expected fireworks to come from the Free Enterprise v. PCAOB decision. Instead, we got cheap package of sparklers. Fun for a few minutes, but unlikely to leave much of a lasting impression.  Here are some interesting compliance-related stories from the past week.

SEC Statement on Supreme Court’s Decision in FEF v. PCAOB

I am pleased that the Court has determined that the Board’s operations may continue and the Sarbanes-Oxley Act, with the Board’s tenure restrictions excised, remains fully in effect. The PCAOB is a cornerstone of the Sarbanes-Oxley Act and serves a critical role in promoting investor protection and audit quality,” said SEC Chairman Mary L. Schapiro. “We look forward to continuing to work with the Board in connection with its mission to oversee auditors in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports.”

The PCAOB Anti-climax by Professor Bainbridge

The real problem here is the Supreme Court’s decades long acquiescence in the creation of a fourth branch of government comprised of independent agencies over which the President has power of removal only for cause. It is not so much the double level of tenure protection that offends the President’s constitutional prerogatives, as the existence of any level of protection.

The New Sheriffs in Town by Halah Touryalai in

There will be plenty at stake when the 4,000 firms currently registered with the SEC are transferred to state regulators. Between 2008 and 2009 the number of firms with $100 million assets or more dropped. Meanwhile, the number of firms with $25 to $100 million in assets increased by 15 percent. Firms in that range make up 38 percent of all SEC registered investment advisors — larger than any other asset range.

Enforcement Report for Q2 ’10 in the FCPA Blog

The first quarter of 2010 was the busiest ever for FCPA-related enforcement. This past quarter was one of the quietest for new enforcement actions, with just one from the DOJ and three from the SEC.

Image is sparkle3 by placid casual