Compliance Bits and Pieces for March 16

These are some compliance-related stories that caught my attention.

Availability of Staff Analysis of Market Data Related to Credit Default Swap Transactions from the Securities and Exchange Commission

The staff of the Securities and Exchange Commission today has made available publicly an analysis of market data related to credit default swap transactions. … The SEC staff believes that the analysis of market data has the potential to be informative for evaluating certain final rules under Title VII, including rules that further define “major security-based swap participant” and “security-based swap dealer,” and rules implementing the statutory de minimis exception to the latter definition. Analyses of this type particularly may supplement other information considered in connection with those final rules, and the SEC staff is making this analysis available to allow the public to consider this supplemental information.

SEC Chair Schapiro Urges Senate to Include Additional Investor Protections in House-Passed JOBS Act in Jim Hamilton’s World of Securities Regulation

In a letter to Senate Banking Committee Chair Tim Johnson (D-SD)and Ranking Member Richard Shelby (R-AL), Sec Chair Mary Schapiro said that the Jumpstart Our Business Startups (JOBS) Act, HR 3606, passed by the House would weaken investor protections by, for example, exempting emerging growth companies from the internal control auditor attestation provisions of Section 404(b) of Sarbanes-Oxley. … In the letter, she also noted that SEC rulemaking mandated by HR 3606 is simply not achievable within the indicated time limits. For example, the rulemaking implementing the crowdfunding provisions must be completed 180 days. Chairman Schapiro suggested that a deadline of 18 months would be more appropriate for regulations of this magnitude.

Behind the Standards: Clarifying SAS 70’s Confusing Departure by Dan Zitting in Corporate Compliance Insights

The demise of SAS 70 audits raises questions, confusion and a dose of drama. To gain clarity on the auditing standard’s replacement and its alternatives, it helps for service providers and their customers to understand what went on behind the scenes that caused in this change.

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