Posts Tagged ‘ Supreme Court ’

Tuesday Morning Quaterback of Free Enterprise v. PCAOB

December 8, 2009
Tuesday Morning Quaterback of <i>Free Enterprise v. PCAOB</i>

On Monday, the Supreme Court listened to the oral arguments in Free Enterprise Fund v. Public Company Accounting Oversight Board (08-861). For me in the compliance world, the case is about the viability of PCAOB under Sarbanes-Oxley. For the constitutional scholars it is an important separation of powers case. Responding to concerns about accounting that...
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Posted in Accounting, Sarbanes-Oxley | 1 Comment »

Will the Supreme Court Affect Mutual Fund Fees?

November 5, 2009
Will the Supreme Court Affect Mutual Fund Fees?

On Monday, the Supreme Court heard the arguments on a case involving mutual fund fees. The case is trying to reconcile the standard for when mutual fund fees are too high. Under §36(b) of the Investment Company Act of 1940 the “the investment adviser of a registered investment company shall be deemed to have a...
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Posted in Investment Company Act | Please leave a comment

A Flurry of Stories on Mutual Fund Fees

August 20, 2009
A Flurry of Stories on Mutual Fund Fees

Over the last few days there has been renewed interest in the upcoming Supreme Court case that will should rule on the fees charged by mutual funds. Back in May, I published Supreme Court to Decide on Investment Company Act Case after they agreed to hear Jones v. Harris Associates, L.P. I didn’t expect...
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Posted in Investment Company Act | 1 Comment »

Supreme Court to Decide on Investment Company Act Case

May 29, 2009
Supreme Court to Decide on Investment Company Act Case

There has been a lot of focus on the Supreme Court’s acceptance of the PCAOB case: Free Enterprise Fund v. PCAOB (08-861). It squarely addresses an interesting administrative law question. I also find it interesting that this case originates from the last bout of financial fraud in the press (the collapse of Enron) and...
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Posted in Investment Company Act | 1 Comment »

Supreme Court to Rule on Sarbanes-Oxley

May 18, 2009
Supreme Court to Rule on Sarbanes-Oxley

On Monday, the Supreme Court agreed to rule on the constitutionality of the Public Company Accounting Oversight Board. The Sarbanes-Oxley Act passed in 2002 created PCAOB as a new government agency to regulate firms that audit the books of publicly traded companies. The key question in the case is whether the Act violated...
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Posted in Accounting, Sarbanes-Oxley | 2 Comments »

“Proceeds” From Money Laundering

October 31, 2008

In US v. Santos (06-1005), the United States Supreme Court sent confusion into what is required for a conviction under the federal money laundering statue: 18 U.S.C. 1956.The problem is the use of the word “proceeds” in 18 U.S.C. 1956(a)(1). Does “proceeds” meean gross receipts or profits? The justinces could not get together in a...
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Posted in Anti-Money Laundering | Please leave a comment

Kay – Certiorari Denied

October 8, 2008

The U.S. Supreme Court will not be reviewing the Fifth Circuit’s decision in Kay v. U.S. (cert denied shows up page 8 of the Orders List from October 6, 2008.) Kay argued that the FCPA didn’t apply to bribes to reduce taxes, or that if it applied, the “obtaining or retaining” language in the law...
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Posted in Foreign Corrupt Practices Act | Please leave a comment