Journal articles on the topic 'SEC Regulations'
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Kaya, Halil D. "Regulations and the characteristics of entrepreneurs." SocioEconomic Challenges 6, no. 3 (2022): 80–96. http://dx.doi.org/10.21272/sec.6(3).80-96.2022.
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In this study, we examine whether different types of regulations affect the composition of small business owners in U.S. states. We employ a national survey titled the “United States Small Business Friendliness Survey”. This survey asks small business owners their opinions on different types of regulations (i.e. “health and safety regulations”, “employment regulations”, “tax code”, “licensing regulations”, “environmental regulations”, and “zoning regulations”). The survey also asks business owners questions on their own characteristics like “position in the firm”, “previous entrepreneurial experience”, “gender”, “age”, “political view”, “education level”, and “race”. Our results show that each regulation category affects almost all categories of owner characteristics. The exceptions are the following: “Health and safety regulations” do not affect position in the firm, “employment regulations” do not affect gender and age, “tax code” does not affect position in the firm and age, “licensing regulations” and “environmental regulations” do not affect position in the firm and gender, and “zoning regulations” do not affect position in the firm, previous experience, and gender. “Health and safety regulations” affect gender, age, political view, education level, and race. “Employment regulations” affect previous entrepreneurial experience, political view, education level, and race. “Tax code” affects previous entrepreneurial experience, gender, political view, education level, and race. “Licensing regulations” affect previous entrepreneurial experience, age, political view, education level, and race. “Environmental regulations” affect previous entrepreneurial experience, age, political view, education level, and race. “Zoning regulations” affect age, political view, education level, and race. Overall, our findings indicate that regulations affect the geographical choice of entrepreneurs. The states with a more favorable score in a certain area of regulation attract a certain group of entrepreneurs. Policymakers should consider these findings when devising their strategies to attract certain types of entrepreneurs to their states.
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Bouchie, Aaron. "New SEC regulations could hinder biotech investment." Nature Biotechnology 20, no. 7 (July 2002): 639–40. http://dx.doi.org/10.1038/nbt0702-639b.
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Mahoney, Paul. "Equity Market Structure Regulation: Time to Start Over." Michigan Business & Entrepreneurial Law Review, no. 10.1 (2021): 1. http://dx.doi.org/10.36639/mbelr.10.1.equity.
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Over the past half-century, the U.S. Securities and Exchange Commission (SEC)’s regulations have become key determinants of the way in which stocks trade and the fees that exchanges charge for their services. The current equity market structure rules are contained primarily in the SEC’s Regulation NMS. The theory behind Regulation NMS is that a system of dispersed markets operating pursuant to SEC-mandated information and order routing links will provide the benefits of consolidation and competition simultaneously. This article argues that Regulation NMS has failed in that quest. It has produced fragmented markets and created questionable incentives for market participants, possibly producing socially excessive investments in trading speed and secrecy. It also discourages exchange innovation, provides insufficient incentives for traders to price orders aggressively, requires brokers to act against their customers’ interests, and forces the SEC to act as a price regulator. The article contends that the SEC should replace Regulation NMS with three simple design principles—issuer choice, exchange autonomy, and regulatory consistency. These would allow market forces, rather than regulatory mandates, to determine the design and pricing of trading platforms and the trading strategies of broker-dealers. They would better align the private incentives of trading platforms with the social objectives of improving liquidity and price discovery.
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Halil D. Kaya, Halil D. Kaya. "The global crisis, manufacturing firms, regulations and taxes." SocioEconomic Challenges 6, no. 4 (2022): 1–7. http://dx.doi.org/10.21272/sec.6(4).1-7.2022.
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In this study, we focus on how regulations and taxes affect manufacturing firms in Eastern Europe and Central Asia. We examine whether overall regulations became a bigger obstacle to these firms after the 2008-2009 Global crisis. We also examine whether tax inspections became a bigger obstacle after the Global crisis. Besides regulations and tax inspections, we also look into the prevalence of corruption related to tax officials before and after the Global crisis. Using two large datasets (i.e. the BEEPS IV and BEEPS V surveys), we are able to compare the pre-crisis period to the post-crisis period. Our results show that, in this region, post-crisis, senior managers spent more time on dealing with overall regulations which includes tax-related regulations and other types of regulations. Therefore, we can conclude that, post-crisis, regulations became a bigger obstacle to manufacturing firms’ operations. We also find that, post-crisis, there was a significant drop in the percentage of firms that had inspections or meetings with tax officials. Also, post-crisis, each firm on average, had fewer inspections or meetings with tax officials. Therefore, while overall regulations became a bigger obstacle to these firms, tax inspections became a smaller problem. When we examine corruption, we find that there was no significant change in the prevalence of bribes related to tax officials. Before and after the Global crisis, a similar percentage (8-9%) of manufacturing firms had to deal with bribe requests by tax officials. Future studies may focus on other types of regulations which include employment regulations, health and safety regulations, licensing regulations, environmental regulations, and zoning regulations, and the corruption related to these regulations.
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Robinson, John R., Yanfeng Xue, and Yong Yu. "Determinants of Disclosure Noncompliance and the Effect of the SEC Review: Evidence from the 2006 Mandated Compensation Disclosure Regulations." Accounting Review 86, no. 4 (April 1, 2011): 1415–44. http://dx.doi.org/10.2308/accr-10033.
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ABSTRACT We investigate the economic forces that influence noncompliance with mandatory compensation disclosures and the effect of a subsequent focused enforcement action. We utilize SEC evaluations of compensation disclosures mandated by rules adopted in 2006 to examine whether noncompliance is associated with excess CEO compensation, proprietary costs, or previous media attention. We further test whether subsequent CEO compensation declines after the SEC publicly identifies noncompliance. We construct measures of defective disclosures from SEC critiques and find that disclosure defects are positively associated with excess CEO compensation and media criticism of CEO compensation during the previous year. We find no evidence supporting the contention that compensation disclosure defects are associated with proprietary costs. Furthermore, we are unable to document that the level of disclosure defects identified by the SEC is associated with a reduction in excess CEO compensation in the subsequent year. Data Availability: Data are available from public sources identified in the paper. JEL Classifications: M52, G32, G38.
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Johnson, Christopher. "Audience Participation: Crowdfunding Large Scale Theatrical Productions Through Regulation A+." Michigan Business & Entrepreneurial Law Review, no. 6.1 (2016): 61. http://dx.doi.org/10.36639/mbelr.6.1.audience.
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Theatrical financing has been conducted in much the same way for the better part of a century. This method, however, has consistently provided only the shows with access to the deepest of pockets a path to Broadway. The advent of Internet-based crowdfunding provides producers access to a potential source of capital that was previously unavailable. Prior to the promulgation of the SEC regulations regarding Title IV of the JOBS Act, this capital could only be accessed through donation or reward based financing campaigns, but with the introduction of Regulation A+, there is finally a practical method for the widespread solicitation of investors for theatrical productions. This comment explores the realities of theatrical financing as well as the associated regulations regarding the sale of these sorts of securities. Part I will describe the background of theatrical financing and the governing regulations, and will highlight the restrictions faced by theatrical producers under the current framework. Part II will set forth the specifics of Regulation A+ and asserts that this framework for equity crowdfunding is particularly well suited to the unique aspects of theatrical financing. Part III will address potential shortcomings and objections to this assertion.
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Bondi, Bradley J., Charles A. Gilman, Kimberly C. Petillo-Décossard, John J. Schuster, and Sara Ortiz. "SEC charges broker-dealer and AML officer for failing to file SARs related to pump-and-dump scheme." Journal of Investment Compliance 18, no. 3 (September 4, 2017): 41–43. http://dx.doi.org/10.1108/joic-06-2017-0032.
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Purpose To explain a recent US Securities and Exchange Commission (SEC) administrative proceeding targeting a broker-dealer as part of the Commission’s continuing efforts to enforce anti-money laundering (AML) regulations and reporting. Design/methodology/approach This article explores the factual and legal contours of a specific SEC administrative proceeding to better understand the affirmative steps the Commission expects of financial service providers as it relates to AML activities and reporting. Findings Given the SEC’s current enforcement focus, it is critical that financial institutions conduct their activities with a clear understanding of the AML regulations, investigatory expectations and related reporting requirements associated with the provision of brokerage and advisory services to US clients and customers. Originality/value This article highlights the SEC’s continuing interest in broker-dealer AML policies and compliance and provides analysis from experienced lawyers with expertise in financial services, securities and white collar crime.
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Burns, James R., James E. Anderson, Kimberly Beattie Saunders, and Charles F. Gyer. "SEC shortens standard settlement cycle to T+2." Journal of Investment Compliance 18, no. 3 (September 4, 2017): 11–15. http://dx.doi.org/10.1108/joic-06-2017-0028.
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Purpose To describe the steps taken by the SEC to shorten the standard settlement cycle for most broker-dealer transactions from three business days to two business days after the trade date. Design/methodology/approach Provides insight into a recent area of focus for SEC regulators and describe the SEC’s efforts to improve the efficiency of and reduce risks associated with the US national clearance and settlement system. Findings Industry participants must continue to work toward an migration date from T+3 to T+2 on September 5, 2017. In addition, numerous corresponding rule changes have been made or are expected across other regulatory regimes, including other federal regulators and self-regulatory organizations. Industry participants should monitor communications from these organizations closely for guidance about regulatory updates related to T+2. Originality/value Practical regulatory guidance regarding SEC operational requirements for the US national clearance and settlement system and the impact on related SEC regulations from experienced securities lawyers.
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Robock, Zachary. "The Risk of Money Laundering Through Crowdfunding: A Funding Portal's Guide to Compliance and Crime Fighting." Michigan Business & Entrepreneurial Law Review, no. 4.1 (2014): 113. http://dx.doi.org/10.36639/mbelr.4.1.risk.
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With the recent passage of the Jumpstart Our Business Startups Act (“JOBS Act”) and proposed regulations, equity crowdfunding is poised to play an important role in fundraising for many types of emerging growth companies. A fundamental purpose of crowdfunding is to reduce economic barriers to capital markets for emerging growth companies, in part by relaxing rigorous information disclosure requirements currently mandated by the Securities and Exchange Commission (“SEC”). Relaxed regulation should help reduce the cost of fundraising, but it will also present certain risks. Investor fraud is a common concern, which is addressed at length in the JOBS Act and related regulation. Perhaps less obvious, but nonetheless present, is the risk of money laundering, which is the subject of this Note.
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Nicholas, Phil. "The Agency That Kept Going: The Late New Deal SEC and Shareholder Democracy." Journal of Policy History 16, no. 3 (July 2004): 212–38. http://dx.doi.org/10.1353/jph.2004.0017.
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Discussions of New Deal policymaking suggest that many reforms were enacted from 1933 to 1937, but after this the New Deal ended. Although this analysis provides a generally accurate portrayal of presidential-congressional power relations, it overlooks the ability of some federal agencies to advance policies opposed by political and economic elites, and assumes that the plight of government agencies is always closely tied to the fortunes of elected leaders. The history of the Securities and Exchange Commission provides a somewhat different story. The SEC continued to pursue policies opposed by the securities industry despite increased political opposition in the late New Deal. This was due largely to the liberal-reformist ideology held by a large number of SEC commissioners and staff. They believed the agency should adopt a more mandate-driven approach and issue greater numbers of regulations than the SEC had in the early New Deal. As a result of the commissioners he appointed, President Franklin Roosevelt was largely responsible for this change in SEC policymaking.
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Allen, David, James Aselta, and Russell Engel. "Cryptocurrencies for the Payment of Products or Services: Risks, Accounting Practices and Regulations." Accounting and Finance Research 8, no. 4 (September 8, 2019): 19. http://dx.doi.org/10.5430/afr.v8n4p19.
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This paper examines the risks, accounting practices and disclosures of companies who accept cryptocurrency for the payment of products or services. We provide a brief history of cryptocurrency and blockchain technology that allows the reader to deepen their understanding of the subject before moving on to a discussion of how regulatory bodies such as the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) are treating the accounting for cryptocurrency transactions.
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Adamus, Rafał. "Wygaśnięcie roszczenia jako następstwo braku zgłoszenia wierzytelności w słowackim prawie restrukturyzacyjnym." Opolskie Studia Administracyjno-Prawne 17, no. 2 (December 3, 2019): 9–32. http://dx.doi.org/10.25167/osap.1535.
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This study is devoted to the analysis of Slovak restructuring law limited to the interpretation of § 120 sec. 1 ZoKR, which introduces a very interesting legal structure. It is not permissible to recover from the debtor – after initiation of Slovak restructuring proceedings –claims arising before the initiation of the proceedings in the other way than in restructuring proceedings. Upon completing the restructuring proceedings and approving the restructuring plan, the regulations preclude the pursuit of claims from the debtor by those creditors who did not submit their claims in the restructuring proceedings, because the debtor’s obligation becomes incomplete. Used in § 120 sec. 1 ZoKR, the term “disappearing” means the material effect of the expiry of the claim. The situation described in § 120 para. 1 ZoKR, however, has no res iudicata qualities. The expiry of the inactive creditor’s claim under § 120 sec. 1 ZoKR does not mean the inadmissibility of conducting civil proceedings in general (it is not an absolute, negative procedural premise).
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Dong, Bei, Stefanie L. Tate, and Le Emily Xu. "Unexpected Consequences: The Effects on Non-Accelerated Filers of an Accelerated Filing Deadline and SOX Section 404." Accounting Horizons 34, no. 3 (April 1, 2020): 87–112. http://dx.doi.org/10.2308/horizons-18-066.
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SYNOPSIS Regulations implemented by the SEC in 2003 and 2004 simultaneously shortened the financial statement filing deadlines and increased the time required for both the preparation of financial statements and the related audit of accelerated filers (AFs). However, there were indirect, unintended negative consequences for companies not subject to the regulations, namely, non-accelerated filers (NAFs). The new regulations imposed strains on auditor resources requiring auditors to make resource allocation decisions that negatively affected NAFs. We find that NAFs with an auditor who had a high proportion of AF clients (high-AF) had longer audit delays after the regulations were implemented than NAFs of an auditor with a low proportion of AF clients (low-AF). Further, we document that NAFs with high-AF auditors were more likely to change auditors than NAFs with low-AF auditors. Finally, NAFs that switched to auditors with less AFs experienced shorter audit delays after the auditor change. JEL Classifications: M42; M48.
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Kruś, Maciej, and Katarzyna Zańko. "Problematyka przejęcia w trybie art. 98 ustawy o gospodarce nieruchomościami gruntu oddanego w użytkowanie wieczyste w kontekście zakazu wywłaszczania nieruchomości stanowiących własność Skarbu Państwa." Studia Prawa Publicznego, no. 2 (38) (August 30, 2022): 59–83. http://dx.doi.org/10.14746/spp.2022.2.38.3.
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The article offers a detailed interpretation of Art. 98 sec. 1 of the Act of August 21, 1997 on Real Estate Management (r.e.m.) in order to answer the question of what effect in terms of the ownership of the State Treasury is related to the final division decision issued in relation to plots of land designated for public-municipal roads at the request of the perpetual usufructuary of the property. The authors of the article support such an interpretation of Art. 98 sec. 1 r.e.m. that takes into account the broader legal context of this regulation and enables effective equipping of relevant entities – communes in this case – with real estate allowing for the construction of public-communal roads on them. This entails the necessity to transfer ex lege the ownership of the separated plot of land from the State Treasury to the appropriate commune as a result of an application submitted by the perpetual usufructuary. The authors’ conclusions are based on a linguistic, comparative, teleological and historical interpretation, taking into account the 2000 amendment to the provision. For comparison purposes, the content of Art. 105 paragraph. 4 of this Act is taken into account. The article also considers the relation of the institution discussed here to the regulations concerning expropriation. This applies to the prohibition of the expropriation of real estate owned by the State Treasury under Art. 113 sec. 2 r.e.m., in the narrow, formal meaning of this concept resulting from its definition in Art. 112 sec. 2 r.e.m. The discussion also includes expropriation in a broad, material sense resulting from Art. 21 sec. 2 of the Constitution of the Republic of Poland. In both cases, the analysis leads to the conclusion that depriving the State Treasury of its property for the benefit of the commune in the case in question does not constitute expropriation, but is an example of communalisation, which is an acceptable form of equipping the commune with public property.
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Delligatti, Paul J., and William P. Lane. "U.S. Securities and Exchange Commission (SEC) Staff issues no-action relief to facilitate implementation of Markets in Financial Instruments Directive II (MiFID II) research provisions." Journal of Investment Compliance 19, no. 1 (May 8, 2018): 53–57. http://dx.doi.org/10.1108/joic-02-2018-0014.
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Purpose The purpose of this paper is to summarize and discuss the implications of three related U.S. Securities and Exchange Commission (SEC) no-action letters dated October 26, 2017 that seek to address the provisions of MiFID II related to “inducements”. Design/methodology/approach Provides background information regarding MiFID II and summarizes each of the three SEC Staff no-action letters: the SIFMA letter, the ICI letter and the AMG letter. Findings The no-action letters provide market participants with increased clarity as to how certain aspects of their business activities, in particular the “bundling” or “unbundling” of payments for research and execution, can comply with potentially competing systems of regulations. Originality/value Practical guidance from experienced financial industry and investment management lawyers.
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Malec-Lewandowski, Paweł. "Kompetencje organów Sejmu i Senatu związane z ochroną powagi izb." Studia Prawa Publicznego, no. 4 (36) (December 30, 2021): 33–58. http://dx.doi.org/10.14746/spp.2021.4.36.2.
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The article concerns the competences of the organs of the Sejm and the Senate related to protecting the dignity of the chambers. These competences were established as a part of a reaction to the course of the so-called “Sejm crisis”, consisting in the occupation, initially, of the Sejm’s rostrum and then the Sejm’s Meeting Room by MPs from opposition parties at the turn of 2016 and 2017. Using the dogmatic method, the publication aims to define the essence of competences, their applicable and planned regulations, and to evaluate these regulations and formulate possible de lege ferenda postulates on the basis of this evaluation. The main thesis of the article includes a negative evaluation of the applicable regulations of competences due to their contradiction with certain provisions of the Constitution, in particular with Art. 2 of the Constitution, i.e. within the framework of the principle of a democratic state ruled by law established in this provision and the resulting, inter alia, principles of decent legislation, including the principle of the specificity of law, as well as Art. 54 sec. 1 in connection with Art. 31 sec. 3 of the Constitution (i.e. the freedom of expression), Art. 11 of the Constitution (i.e. the freedom to establish and freedom of activity of political parties within the scope of the purpose of their activity, which is to influence on state policy by democratic methods) and Art. 32 of the Constitution (i.e. the principle of equality of political parties resulting from the principle of political pluralism). In this context, the most important is the risk of the so-called “chilling effect”. The publication also includes a positive evaluation of a few of the planned regulations of competences, which may allow for the elimination of the above contradictions or ensure a more complete implementation of the objective of competences, including guaranteeing the dignity of the chambers.
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Lach, Daniel Eryk. "Przetwarzanie i ochrona danych dotyczących zdrowia przez organizatora systemu opieki zdrowotnej." Studia Prawa Publicznego, no. 3 (31) (October 15, 2020): 53–72. http://dx.doi.org/10.14746/spp.2020.3.31.3.
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The protection of individuals regarding to the processing of personal data is one of the fundamental rights. The General Data Protection Regulation (GDPR) lays down rules relating to the protection of natural persons with regard to the processing of personal data and rules relating to the free movement of personal data. Data concerning health is one of the areas the GDPR defines as special personal data, the so-called sensitive data. With regard to these data, the GDPR allows their processing only on an exceptional basis, in certain situations. According to Art. 6 sec. 1 let. e GDPR and art. 9 sec. 2 let. b GDPR, data processing is allowed, inter alia, when such processing is necessary for the purposes of meeting the obligations and exercising specific rights of the controller or of the data subject in the field of employment and social security and social protection law. In turn, Art. 9 sec. 2 let. h GDPR permits the processing of health data that is necessary for the purposes of providing health or social care or treatment, or for managing health or social care systems and services on the basis of European Union or Member State law. The article discusses the national legal regulations regarding the collection and processing of personal data concerning health in the light of the organization of the health care system and the tasks of the National Health Fund (NFZ) as a placeholder, whose task is only to manage financial resources and conclude health care contracts on its own behalf with independent healthcare providers and their accounting. Against the background of the GDPR, the author discusses the provisions of the acts on health care services financed from public funds and on the information system in health care. Finally, specific regulation regarding the COVID-19 pandemic are presented.
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Bruno, Sabrina. "Climate Corporate Governance: Europe vs. USA?" European Company and Financial Law Review 16, no. 6 (December 6, 2019): 687–723. http://dx.doi.org/10.1515/ecfr-2019-0027.
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According to economic literature, climate change is a financial factor: this is the logical premise of the European Directive N. 2014/95/EU requiring disclosure on the policies adopted by big corporations on climate change risks and opportunities. Through disclosure, climate change imprints the contents of directors’ duty of skill and care in Europe. On the contrary, in US there is no federal legislation or SEC regulations specifically on climate disclosure. Absent any binding decision yet, the current assessment of directors’ fiduciary duties under state law does not include consideration of climate change risks and opportunities according to American authors, even though fiduciary duties may evolve. The sole effective tool is the Martin Act. Levels of disclosure of US and EU corporations are therefore already significantly different both in terms of climate risks and opportunities. This situation can drive the financial sector to direct capital to Europe. Institutional investors in US have been trying to increase disclosure through shareholders’ proposals under Rule 14a-8 but these efforts have been recently undermined by the micro-management argument used by SEC. The conclusion is that the market cannot govern climate change by itself: because of regulation, European corporations are better positioned to mitigate the “carbon bubble”. What is at stake is the profitability of American corporations.
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Szwed, Katarzyna. "Konstytucyjny obowiązek prowadzenia polityki zapewniającej bezpieczeństwo ekologiczne współczesnemu i przyszłym pokoleniom." Przegląd Prawa Konstytucyjnego 67, no. 3 (June 30, 2022): 65–77. http://dx.doi.org/10.15804/ppk.2022.03.05.
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The subject of the analysis in the publication is Art. 74 sec. 1 of the Constitution of the Republic of Poland. According to this article, public authorities are obliged to pursue a long-term environmental policy that not only meets current needs, but also recognizes the right of future generations to live in a healthy environment. The publication contains a general discussion of constitutional regulations relating to the environment, and then presents the views of doctrine and jurisprudence within the scope of understanding the term “ecological security” used in Art. 74 sec. 1. The consequences of the obligation to conduct a policy ensuring ecological security for present and future generations were discussed. Finally, reference was made to current problems and challenges resulting from concern for the condition of the environment in Poland.
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P.S, Dr Velmurugan, and Ashitha T. "critical evaluation of Women on Board, Regulations and Reality with special reference to India." Restaurant Business 118, no. 12 (December 5, 2019): 114–29. http://dx.doi.org/10.26643/rb.v118i12.13081.
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An attempt made in this paper to understand the credibility of Corporate Governance regulations relating to mandatory women representation in Indian companies. It considered recent regulatory norms introduced by SEBI on women representation. Reviews of articles and data from NSE 50 companies are taken for the completion of this paper. From the analysis of top 50 companies listed with NSE, using simple percentage analysis and review based analysis it is found that there is relatively poor representation of women in executive ranks in corporations. After the implementation of Sec 149 of Companies Act 2013 there is a drastic change in the women representation.
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Cassell, Cory A., Lauren M. Dreher, and Linda A. Myers. "Reviewing the SEC's Review Process: 10-K Comment Letters and the Cost of Remediation." Accounting Review 88, no. 6 (June 1, 2013): 1875–908. http://dx.doi.org/10.2308/accr-50538.
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ABSTRACT: Securities and Exchange Commission (SEC) comment letters provide independent and timely feedback on the clarity of disclosures and on the extent to which filings comply with Generally Accepted Accounting Principles and SEC reporting regulations. We investigate factors that affect the probability of receiving a 10-K comment letter, the extent of comments received, and the cost of remediation. We find that in addition to factors explicitly stated to increase SEC scrutiny in Section 408 of the Sarbanes-Oxley Act, low profitability, high complexity, engaging a small audit firm, and weaknesses in governance are positively associated with the receipt of a comment letter, the extent of comments, and the cost of remediation. The probability that the comment letter results in a restatement is higher for smaller companies and for companies engaging a small audit firm. We also provide evidence that comments relating to accounting issues result in higher remediation costs, largely due to the additional time required to resolve comments relating to classification issues and fair value issues. Our findings should be of interest to stakeholders who use SEC comment letters to assess disclosure quality and reporting compliance, and to managers and other stakeholders impacted by costs associated with the SEC's review process. Data Availability All data used in the study are publicly available from the sources cited in the text.
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Gao, Feng. "To Comply or Not to Comply: Understanding the Discretion in Reporting Public Float and SEC Regulations." Contemporary Accounting Research 33, no. 3 (September 25, 2015): 1075–100. http://dx.doi.org/10.1111/1911-3846.12170.
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Saluzzi, Joseph. "Low cost compliance technology being used to implement new SEC and FSA regulations governing “soft dollars”." Journal of Investment Compliance 6, no. 4 (October 2005): 67–74. http://dx.doi.org/10.1108/15285810510681892.
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Bedard, Jean C., Nathan Cannon, and Anne L. Schnader. "The Changing Face of Auditor Reporting in the Broker-Dealer Industry." Current Issues in Auditing 8, no. 1 (June 1, 2014): A1—A11. http://dx.doi.org/10.2308/ciia-50691.
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SUMMARY The broker-dealer (BD) industry is facing increasing scrutiny because of the recent financial crisis and well-publicized scandals. As is often the case for public companies, a root cause of the problems underlying scandals in the BD sector is ineffective internal controls. This paper describes the current regulatory environment for auditors of BDs, focusing on Congressional actions taken, as well as guidance for auditors in preparing their reports on clients' internal controls and compliance with regulations as required by the SEC. We describe aspects of current attestation standards contributing to uncertainty with respect to the level of assurance that auditors should obtain when evaluating their clients' internal controls for purposes of SEC reporting, and evidence from regulators on the variability in audit quality. Then, we describe the SEC's proposed changes to BD reporting and the PCAOB's proposal for related attestation standards. We conclude with some thoughts about the implications of these proposals for auditing and reporting in this important industry sector.
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McCallum, James B. "Mutual fund market timing: A tale of systemic abuse and executive malfeasance." Journal of Financial Regulation and Compliance 12, no. 2 (June 1, 2004): 170–77. http://dx.doi.org/10.1108/13581980410810704.
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The mutual fund market timing scandal and continuing investigative probes read like a Greek tragedy. It is beyond comprehension how senior investment management executives would become willing accomplices in fleecing their clients’ assets, impairing their portfolio managers’ investment returns and destroying the reputations of some of the industry’s greatest fiduciary brands. This paper looks at the systemic roots of the scandal and how Canary Capital Partners enlisted the help of Bank of America Securities Executives to market time the bank’s inhouse mutual funds in violation of SEC forward pricing regulations.
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Jordão, Eduardo P., and Jorge R. Leitão. "Sewage and Solids Disposal: Are Processes Such as Ocean Disposal Proper? The Case of Rio de Janeiro (Brazil)." Water Science and Technology 22, no. 12 (December 1, 1990): 33–43. http://dx.doi.org/10.2166/wst.1990.0098.
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In developing countries, as is the case of Brazil, solutions proposed for sewage and sludge treatment and disposal must meet not only public environmental demands and obey proper legal regulations, but also take into account the availability of funds for new investments and operation of existing systems. Brazilian federal regulations allow ocean disposal of sewage and solids, according to certain water quality criteria and specific standards. On the other hand, federal regulations require that submarine outfalls must be studied by means of an Environmental Impact Assessment, and that a Report on the Environmental Impact be produced. Such studies must demonstrate that the site will be protected and that ocean disposal will not impair the environment and the beneficial uses, such as fisihing, recreation, navigation, or propagation of marine life. The State of Rio de Janeiro has monitored its Ipanema Submarine Outfall since 1974, one year prior to going into operation. Present flow is 6m3/sec (140 mgd) of bar-screened domestic sewage. The submarine outfall is a 2.4m diameter concrete pipe, 4.3 km (2.7mi) long, and discharges at a depth of 27m (89ft). The paper presents and discusses existing regulations and data on the seawater monitoring program which is still in practice, having produced more than 90,000 analyses. Discussion covers the period 1974 - 1988, and shows that no adverse ecological impact has been noted on the marine ecosystem.
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Weiner, Perrie Michael, Patrick Hunnius, and Grant Alexander. "Prepare for the magnifying glass: SEC hikes scrutiny of asset managers – 4 steps to consider." Journal of Investment Compliance 16, no. 1 (May 5, 2015): 49–51. http://dx.doi.org/10.1108/joic-01-2015-0012.
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Purpose – To discuss the Securities and Exchange Commission’s (SEC’s) likely preparation of new rules to increase the monitoring and oversight of various asset funds, including hedge funds and alternative mutual funds, and recommends protective measure for fund managers to take. Design/methodology/approach – Discusses the SEC’s increasing concerns about risks related to the asset management industry and how those concerns may lead to additional scrutiny and regulation. Recommends four steps for alternative mutual fund managers to take at this time to protect their interests. Findings – The SEC’s potential regulatory action is in response to apparent increasing concern that the multitrillion-dollar asset management industry could create substantial instability to the financial system with the occurrence of a significant event, such as a sudden change in interest rates or widespread investor redemptions. It has been suggested that the proposed sweep of alternative mutual funds is part of a larger strategy by the SEC to bring the alternative mutual funds, and similarly situated entities such as asset managers and hedge funds, under the same regulatory umbrella imposed upon large banks and similarly situated financial institutions in response to the 2008 recession. Practical implications – Preparation will go a long way in dealing with what appears to be a developing mine field of new regulations, and potential enforcement actions, from the federal government. Originality/value – Knowing that increasing SEC scrutiny, such as inquiries and subpoenas, may be just around the corner, the precautionary measures outlined in this article will help alternative mutual fund managers protect their interests.
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Lopez, Jonathan A., Courtney J. Linn, Edward Eisert, and Lauren Muldoon. "Anti-money laundering program and suspicious activity report filing requirements for registered investment advisors: practicalities and implications of FinCEN’s proposed new rule." Journal of Investment Compliance 17, no. 2 (July 4, 2016): 54–60. http://dx.doi.org/10.1108/joic-04-2016-0016.
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Purpose To provide a summary and analysis of the Proposed Rulemaking published by the Financial Crimes Enforcement Network (FinCEN) on September 1, 2015, which proposes to subject investment advisers to certain requirements of the Bank Secrecy Act of 1970. Design/methodology/approach The article discusses the proposed expansion of Bank Secrecy Act regulations to include investment advisers, including the history behind the rulemaking, proposed definition of “investment adviser” under the Act, the comments received in response to the proposed rulemaking, and the potential implications of the rule, should it be finalized. Findings This article concludes that FinCEN, in cooperation with the Securities and Exchange Commission (SEC) and other agencies, is nearing completion of the proposed rule. Investment advisers that fall under the proposed definition of those subject to Bank Secrecy Act should prepare to implement anti-money laundering compliance programs. Originality/value This article contains valuable information about proposed regulations impacting investment advisers registered or required to be registered with the Securities and Exchange Commission.
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Kainz, Harald, and Herbert Hofstetter. "Adaption of the main waste water treatment plant in Vienna to meet Austrian emission regulations." Water Science and Technology 33, no. 12 (June 1, 1996): 65–72. http://dx.doi.org/10.2166/wst.1996.0304.
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The modification of the main waste water treatment plant in Vienna will take place in accordance with the minimum efficiences laid down in the emission regulations as issued in 1991 by the Austrian Federal Office for Agriculture and Forestry. To meet these figures it is necessary to adapt the plant by 2001. The studies on several variants and the evaluation process showed a 2-step technology with partial by-passing of the 1st step to be the optimal solution. For this flexible system a new aeration tank volume of only 210,000 m3 is sufficient. Test-runs with a semi-commercial plant confirmed the correctness of all calculations. Possibilities for further modifications have been considered, e.g. dimensioning of all relevant hydraulic installations up to 24 m3/sec, final purification by sand or flocculant filtration and spare areas for measures after 2015.
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Libby, Robert, and William R. Kinney. "Does Mandated Audit Communication Reduce Opportunistic Corrections to Manage Earnings to Forecasts?" Accounting Review 75, no. 4 (October 1, 2000): 383–404. http://dx.doi.org/10.2308/accr.2000.75.4.383.
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This paper reports two experiments in which Big 5 audit managers estimate reported (audited) earnings conditional on analysts' consensus forecast, auditing standards, and auditor discovery of a quantitatively immaterial earnings overstatement. We find that auditors judge overstatement correction less likely if it would cause a missed forecast, even for objectively measured misstatements. This behavior is consistent with SEC Chairman Levitt's concerns about opportunistic corrections to manage earnings to forecasts. Also, SAS No. 89's mandated representations and communications do not increase corrections that would cause a missed forecast, indicating that the Auditing Standards Board has limited ability to reduce opportunistic corrections through such regulations.
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Baryeh, Loretta, Jui-Chin Chang, and Huey-Lian Sun. "Does audit committee independence improve information content of earnings under the Sarbanes-Oxley act?" Corporate Ownership and Control 5, no. 2 (2008): 168–78. http://dx.doi.org/10.22495/cocv5i2c1p2.
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We examine the relationship between information content of earnings and the disclosure of audit committee independence under the Sarbanes-Oxley Act (SOX) and the Securities Exchange Commission (SEC) rulings. Specifically, we are interested in the difference in information content of earnings measured by earnings response coefficients between non-U.S. and U.S. firms in 2002 due to the fact that non-U.S. firms were not required to comply with the audit committee independence requirements while most U.S. firms were already in compliance with the rulings. Using 82 non-U.S. firms and 82 matched U.S. firms from the New York Stock Exchange (NYSE), we find evidence that the U.S. firms have higher information content of earnings than the non-U.S firms in 2002. The information content of earnings is found to be positively related to board and audit committee independence. For non-U.S. firms, we also find that early compliance with audit committee independence requirements is favorably recognized by the market. Our findings provide evidence that disclosures of fully independent audit committee and other corporate governance information under the SOX regulations as well as the SEC rulings actually improve information content of earnings.
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Mazzoli, Camilla, Claudia Pigini, and Sabrina Severini. "Back to the Origins of the Initial Public Offerings Price Range: Underwriter-Funds Network and Information Production Timeline." International Journal of Economics and Finance 12, no. 11 (October 20, 2020): 91. http://dx.doi.org/10.5539/ijef.v12n11p91.
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Although the initial price range in U.S. Initial Public Offerings (IPOs) is constrained by SEC regulations, a non-negligible percentage of IPO price ranges falls outside the ‘safe harbour’. We investigate how the price range - which sends the very first signals on the IPO quality to the market - is set in the due diligence phase, with special attention to unexplored networking patterns between underwriters and institutional investors. By making use of a Mixture Model applied to 1,246 US firms listed between 2004 and 2016, we show that underwriters that are centrally positioned in their network of regular investors are more likely to set a price range that is compliant with SEC guidelines. We argue that the flexibility resulting from being safe harbour-compliant allows underwriters to preserve their reputation for fair dealing with issuers by exploiting a dumping ground proviso or quid pro quo agreements with their network funds. Despite information produced by network funds in the due diligence step having no significant effect on the width of the price range, in our study, we provide evidence that the range does serve as a proxy of the uncertainty of the listing firms.
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Putranto, Dinar Dwi Anugerah, Agus Lestar Yuono, and MA Muzakki Effendi. "Analisis Profil Dasar Saluran Untuk Mengurangi Kecepatan Aliran Pada Pengalihan Sungai." Cantilever: Jurnal Penelitian dan Kajian Bidang Teknik Sipil 9, no. 1 (June 8, 2020): 47–56. http://dx.doi.org/10.35139/cantilever.v9i1.38.
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In coal mining activities, it is often found that coal reserves are located in layers far from the land surface, and can be located far below the riverbed. In such conditions, the choice that is often taken is to move the river flow. Displacement of river flows in accordance with the regulations allowed has its own challenges to minimize the risks that will occur to the environment. The aim of the study is to design the basis of a new channel to reduce the speed of the river flow, so that the function and sustainability of river use as an ecological function is not disturbed. The method used is to analyze the origin of the river channel discharge and design the dimensions of the diversion river channel. The results obtained, with forecasts of a 50 year return peak flood period of 104.17 m3 / sec and with a divergence in the elevation of the diverting river channel of 18.9 m between the planned upstream and downstream along the 6,212.7 m, then to avoid massive scouring at channel base, a maximum flow rate of 10 m / sec and a minimum of 0.8 m / sec with a channel bottom of 0.0005% is recommended. For this reason the base profile of the canal is trapped at a distance of 500 m, with an elevation difference of 0.25 m. To maintain ecological sustainability, the dimension of the diversion river channel is maintained the same as the original river, b = 8m, H = 3.5m, and H : V = 1.5: 1.
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Górski, Marek. "Postępowanie z odpadami niebezpiecznymi w świetle prawa – wybrane zagadnienia." Studia Prawa Publicznego, no. 3 (39) (November 24, 2022): 161–74. http://dx.doi.org/10.14746/spp.2022.3.39.7.
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Polish provisions on waste, following the example of EU regulations, lay down specific requirements relating to the handling of “hazardous waste”. These requirements, contained directly in the Act on waste of December 2012, are quite general in nature and are supplemented by requirements constructed in specific provisions. The analyses conducted in this study refer only to some general provisions of the Act on waste and concern selected problems that arise in the practice of applying these provisions. The main ones are the application of Art. 5 of the Act (prohibition of reclassification by mixing hazardous waste) to hazardous waste treatment processes and the application of Art. 21 sec. 1 of the Act on waste (no hazardous waste mixing) for hazardous waste treatment processes. Consequently, the issues analysed are encapsulated in the following questions 1) Can hazardous waste be subjected to recovery processes, especially recycling?; 2) In such processes, may operations be used that consist in mixing waste?; 3) Do the provisions of Art. 5 of the Act on waste relate to such process; 4) If such process do relate to Art. 5 of this Act, what is the relationship between Art. 5 and art. 21 sec. 1 of the Act? The main conclusion is that neither the provision of Art. 5 of the Act on waste nor the provision of Art. 21 sec. 1 of the Act apply to the mixing of hazardous waste carried out in the processes of their processing as an integral part of these processes.
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Paduch, Andrzej. "The Right to a Fair Trial Under Article 6 ECHR During the Covid-19 Pandemic:." Central European Public Administration Review 19, no. 2 (November 29, 2021): 7–25. http://dx.doi.org/10.17573/cepar.2021.2.01.
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Purpose: The aim of the study is to analyse the possibility of modifying procedural law in the context of the legislative measures taken in connection with the COVID-19 pandemic on the example of the Polish administrative judiciary system.Design/Methodology/Approach: The study employs the dogmatic-legal method, analysing the provisions of the ECHR and examples of the regulation of administrative court proceedings in Poland. The interpretation of the provisions is carried out taking into account the jurisprudence of the courts, in particular the jurisprudence of the ECtHR.Findings: The study shows that no regulation taking away the right to have the case heard in public is compliant with the ECHR. Public hearing is in fact a crucial aspect of the right to a fair trial. However, in order to mitigate the effects of a pandemic, states may introduce such solutions which – within the limits of art. 6 sec. 1 ECHR – modify the law.Academic contribution to the field: The study suggests theoretical and general solutions to the problem that arose during the COVID-19 pandemic: whether and how certain aspects of the right to a fair trial can be limited without violating its essence. The issue is analysed from the perspective of the administrative judiciary and legal solutions adopted in Poland, but the conclusions may also apply to the regulations of other European countries and even to the civil or criminal judiciary.Practical Implications: The paper presents the requirements provided in art. 6 sec. 1 ECHR in the context of restrictions of public hearing implemented to counteract the spread of the COVID-19 pandemic. It may be a basis for further studies of the problem or for assessing the solutions adopted in the member states of the Council of Europe.Originality/Value: Publications concerning modifications to procedural law in the context of the COVID-19 pandemic are not numerous in scientific literature. Due to the lack of analyses, the paper will contribute to the development of literature.
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Chan, Kam C., Samir El-Gazzar, Rudolph A. Jacob, and Picheng Lee. "Compliance and determinants of US-listed foreign firms’ 20-F filings under the new Securities and Exchange Commission accelerated deadline." Journal of Financial Regulation and Compliance 23, no. 2 (May 11, 2015): 161–78. http://dx.doi.org/10.1108/jfrc-02-2014-0008.
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Purpose – The purpose of this paper is to investigate the impact of the US Securities and Exchange Commission (SEC) accelerated deadline on foreign firms, and the 20-F filing practices and factors relating to the filing lags. Design/methodology/approach – The authors identified 338 firms that file 20-F reports with the SEC during the period of 2010 and 2011. The authors then used multivariate regressions to examine the effects of the shortened deadline on foreign firms’ filing practices and the factors associated with these practices. In the regression models, the authors also control for other firm characteristics that have shown to affect the filing lags of US firms such as firm performance, size, mergers and restructures, audit firm, compliance with internal control requirements under Sarbanes Oxley Act, internal control weaknesses, going concern audit opinion and operating complexity. Findings – Based on a sample of 338 US-listed foreign firms, the results indicate that there is a significant reduction in the filing lags and a change in their distribution for fiscal year 2011, as compared to the preceding year, and as intended by the SEC. The authors also find that 20-F filing lags are negatively related to the use of International Financial Reporting Standards (IFRS) or US-GAAP in 20-F reports and use of the English language in foreign firms’ home countries. Practical implications – The findings of this paper are of interest to accounting regulatory bodies including the SEC, US Financial Accounting Standards Board and the International Accounting Standards Board by showing that registrants respond positively to regulations intending to promote timeliness of accounting disclosures and reporting, although many firms may oppose them in the due process stage. Originality/value – The authors contribute to the extant literature by providing new evidence that 20-F filing lags are negatively related to the use of IFRS or US-GAAP in 20-F reports, and the use of English language in foreign firms’ home countries.
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Burkhardt, Björn. "Some Questions and Comments on What is Called “The Mental Element of the Offence”." Israel Law Review 30, no. 1-2 (1996): 82–105. http://dx.doi.org/10.1017/s0021223700014965.
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In this paper, I shall address three problems: the question of content and limits of the “mens rea” elements (part II), the controversy over the correct concept of negligence (part III), as well as the problem of “divergence from the intended causal chain” (part IV). In doing so, I will compare the regulations of the Israeli draft Code (the “Israeli Draft”) not only with German law, but also with English and American law. Of course, within the scope of this paper I can neither probe deeply into the subject matter nor address all the important questions related to it.Before starting with my questions and comments, I would like to make two introductory remarks:1. First, I have to admit that I am unsure whether I understand correctly the regulations of the Israeli Draft (sec. 19-21, 22, 54). At least three sources of potential misunderstanding exist: first, the English version of the Israeli Draft is a preliminary translation of the Hebrew text. Any translation may shift the meaning of the original and binding Hebrew text. Second, misunderstanding may also result from my rather modest knowledge of the English language.
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Lord, Heather L. "Annual Reports: A Literature Review (1989–2001)." Journal of Technical Writing and Communication 32, no. 4 (October 2002): 367–89. http://dx.doi.org/10.2190/28lm-3hqr-r5qm-fcau.
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Since the collapse of Enron Corporation in November 2001, annual reports and corporate financial disclosures have been the focus of government, corporate, and public attention. This article examines the literature written about annual reports between 1989 and 2001 to identify trends in research and determine areas of future study. Articles were categorized as related to SEC regulations and guidelines, summary annual reports, online annual reports, rhetorical analysis of annual reports, readability and accessibility of annual reports, methods of conveying negative information in annual reports, effective annual report writing, use and importance of annual reports, or use of annual reports in business writing classes. Post-Enron, it is likely that the number of articles in this area will dramatically increase over the next five to ten years.
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de la Viña, Lynda Y., and Stephanie Lee Black. "US Equity Crowdfunding: A Review of Current Legislation and A Conceptual Model of the Implications for Equity Funding." Journal of Entrepreneurship 27, no. 1 (February 12, 2018): 83–110. http://dx.doi.org/10.1177/0971355717738600.
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Recent Securities and Exchange Commission (SEC) guidelines provide a regulatory framework for Title II of the Jumpstart Our Business Start-ups (JOBS) Act of 2012, that legalised interstate equity crowdfunding (ECF) in the USA. Concurrently, 18 states have passed legislation or regulations to allow intrastate ECF. Yet, the literature has not fully addressed what this nascent funding mechanism will offer to investors and those seeking funding for entrepreneurial projects in the USA. This article reviews current US legislation and the federal and state laws as they pertain to ECF. It also discusses the anticipated implications of ECF, provides a conceptual model that demonstrates how crowdfunding can change the traditional equity-financing continuum and discusses externalities that may emanate from implementation of this relatively new means of raising capital.
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Alyas, Tahir, Sikandar Ali, Habib Ullah Khan, Ali Samad, Khalid Alissa, and Muhammad Asif Saleem. "Container Performance and Vulnerability Management for Container Security Using Docker Engine." Security and Communication Networks 2022 (August 10, 2022): 1–11. http://dx.doi.org/10.1155/2022/6819002.
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Containers have evolved to support microservice architecture as a low-cost alternative to virtual machines. Containers are increasingly prevalent in the virtualization landscape because of better working; containers can bear considerably less overhead than the conventional hypervisor-based component virtual machines. However, containers directly communicate with the host kernel, and attackers can co-locate containers in the host system quicker than virtual machines. This causes significant security issues in container technology. The security hardening system is currently targeted at implementing universal access management regulations that make it difficult to assess the required procedure for accessing containers. Security mechanisms include an explicit awareness of the purpose and actions of the container and entail manual interaction and configuration. A user-friendly container protection scheme implemented an access policy to comply with its anticipated and legitimate application performance. In this study, container technology constraints have been overcome by proposing a unique Docker-sec mechanism. Docker-sec uses four mechanisms; the original collection has been improved during container runtime by additional rules that constrain the capacity of the container, further representing the applications in practice, file system, processes, network isolation, and vulnerability scanning of Docker images over different workload. Different vulnerabilities have been scanned with a CVE severity level. Results showed that inter-container communication with the system is more secure containers from zero vulnerabilities with an overhead of 3.45%.
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Lin, Mao, Xiaoteng Zhang, Mingsheng Wen, Chuanqi Zhang, Xiangen Kong, Zhiyang Jin, Zunqing Zheng, and Haifeng Liu. "Effects of Unconventional Additives in Gasoline on the Performance of a Vehicle." Energies 15, no. 5 (February 22, 2022): 1605. http://dx.doi.org/10.3390/en15051605.
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In order to meet stricter emissions regulations and fuel consumption regulations, the upgrading of fuel quality has become one of the most important trends in the development of internal combustion engines. In this article, 89 # gasoline (G89) that is available on the Chinese market was selected as the base fuel, and five unconventional additives, ethyl tert-butyl ether (ETBE), N-Methylaniline, sec-butyl acetate, p-methylphenol and isobutanol, were added to the base fuel and named as G89-1, G89-2, G89-3, G89-4 and G89-5, respectively. The effects of these unconventional additives on a PFI vehicle were investigated. The test was carried out on a chassis dynamometer and the NEDC cycle was adopted to simulate driving conditions. The results show that, in terms of fuel consumption, G89-3 showed the best performance for decreasing fuel consumption. In terms of gaseous emissions, G89-4 decreased all four gaseous emissions, CO2, CO, THC and NOx, to a greater extent, which indicates that blending p-methylphenol into gasoline has a better potential for the vehicle to achieve cleaner emissions. In terms of acceleration performance, the five additives all shortened the acceleration time. The effects of the different additives on shortening acceleration time are basically consistent with the RON of the fuel.
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Kristiana, I., B. P. Allpike, C. A. Joll, A. Heitz, and R. Trolio. "Understanding the behaviour of molecular weight fractions of natural organic matter to improve water treatment processes." Water Supply 10, no. 1 (March 1, 2010): 59–68. http://dx.doi.org/10.2166/ws.2010.788.
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Water utilities have experienced increasing pressure to minimise the formation of disinfection by-products (DBPs), as reflected in the increasingly stringent regulations and guidelines for the concentrations of DBPs in drinking water. Understanding the disinfection characteristics and molecular weight (MW) distribution of natural organic matter (NOM) will assist in the optimisation of drinking water treatment processes to minimise the formation of DBPs. This study investigated the disinfection behaviour of MW fractions of NOM isolated from a Western Australian source water. The NOM was fractionated and separated using preparative size exclusion chromatography (SEC) and the fractions were chlorinated in the presence of bromide ion. The larger MW fractions of NOM were found to produce the highest concentrations of DBPs (trihalomethanes, haloacetic acids, haloacetonitriles, haloketones, and haloaldehydes), with the low MW fractions still producing significant amounts of these DBPs. The results also showed a trend of an increasing proportion of brominated DBPs with decreasing MW and aromatic character. Considering that the smaller MW fractions of NOM produce significant amounts of DBPs, with a higher relative contribution from brominated DBPs, water treatment processes need to be optimised for either bromide removal or the removal of aliphatic, small MW fractions of NOM, in order to meet DBP guidelines and regulations.
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Thornton, John M. "User Primacy, Positive Accounting Theory, and Nonaudit Services: Evidence from the SEC's Independence Hearings." Accounting and the Public Interest 3, no. 1 (January 1, 2003): 36–57. http://dx.doi.org/10.2308/api.2003.3.1.36.
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An analysis of the testimony given before the Securities and Exchange Commission (SEC) on auditors' independence requirements indicates that users of financial statements generally favored increased restrictions on the scope of nonaudit services provided by external auditors to their audit clients, while corporate management and public accounting (professional service) firms providing nonaudit services did not. Moreover, users of the financial statements generally favored the more extensive ban on nonaudit services over the SEC's proposed list of proscriptions. The principle of user primacy, a principle that has been espoused by regulatory and accounting standard-setting bodies, holds that the interests of the users of financial reports take precedence over the interests of the report preparers. However, the SEC's final ruling on auditor independence requirements was more closely aligned with the position taken by the preparers. An analysis of the arguments presented in the transcripts and the regulations promulgated suggests that positive accounting theory predicated on instrumental economic and political power better explains the SEC's behavior than do considerations relative to the public interest reflected in the principle of user primacy. Positive accounting theory provides the theoretical model for the empirical research supporting nonregulation of nonaudit services and represents a theoretical model that explains the actions of the SEC as reflected in the final ruling on auditor independence requirements. Further, while positive accounting theory represents the underlying dogma upon which rhetorical arguments against increased regulation are grounded, the arguments themselves are framed and justified using the rhetoric of user primacy, which suggests either a nai¨ve belief in the ultimate generalized good of the neoclassical assumption of instrumental, self-interested behavior (ethical egoism), or a juxtaposition of incompatible theoretical frameworks. The discussion and analysis suggests, and subsequent events seem to confirm, the incompatibility of the two perspectives and, thus, the inability of positive accounting theory-based arguments to provide adequate grounds for acting in the public interest. The principle of user primacy affords legitimate grounds for evaluating regulatory alternatives and should provide the theoretical and empirical basis upon which to evaluate regulatory proposals.
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Hagerman, Robert L., and Joanne P. Healy. "The impact of SEC-required disclosure and insider-trading regulations on the bid/ask spreads in the over-the-counter market." Journal of Accounting and Public Policy 11, no. 3 (September 1992): 233–43. http://dx.doi.org/10.1016/0278-4254(92)90009-m.
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Cherry, Alan A., and Bill N. Schwartz. "Whats The Rush? IFRS, The SEC, And The Pressure On Accounting Instructors To Teach Still More Financial Reporting Rules." American Journal of Business Education (AJBE) 6, no. 2 (February 27, 2013): 161–76. http://dx.doi.org/10.19030/ajbe.v6i2.7708.
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This paper addresses the problems facing accounting instructors in the U.S. as they struggle with pressure to incorporate IFRS into an already crowded financial accounting curriculum. To help instructors better understand the advantages and disadvantages of financial reporting under IFRS, we provide a critical analysis of arguments that have been made for and against IFRS adoption. This analysis should aid instructors in their design of lectures and assignments related to IFRS. We also show that adoption still faces serious obstacles, including the use of U.S. GAAP in contracts and regulations, the prohibition against the use of LIFO, and the Sarbanes-Oxley requirements for funding of a financial reporting standard-setter. We then provide support for an approach for incorporating IFRS in the financial accounting curriculum that places greater emphasis on teaching concepts than on teaching more rules. We conclude by presenting a model for a concepts course that would be taken by students as they begin the accounting major in their junior year.
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Aktug, Rahmi Erdem, Nandu (Nandkumar) Nayar, and Jesus M. Salas. "Are credit rating agency analysts valuable?" Journal of Risk Finance 16, no. 4 (August 17, 2015): 378–94. http://dx.doi.org/10.1108/jrf-11-2014-0159.
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Purpose – This paper aims to determine the equity and debt market reactions of firms to the news of their hiring a credit rating agency (CRA) analyst. Due to recent controversies related to CRAs, the US Securities and Exchange Commission (SEC) requires disclosure of the hiring of an analyst if the analyst recently worked for a rating agency that previously provided a rating for the hiring firm. The authors use those filings to estimate the market value of a credit rating analyst to the hiring firm. Design/methodology/approach – This paper examines the impact of analyst transfers from rating agencies to financial firms in the USA between 2006 and 2014. Findings – The authors find that the hiring of such analysts suggests a value increase for the debt securities of the hiring firm but no such value phenomenon for the equity of the employer firm. Research limitations/implications – Thus, markets apparently perceive that credit analysts bring valuable inside knowledge about potential clients and about the credit rating formation process to their employer. Practical implications – This study confirms the need for additional disclosure from CRAs. This study could help the SEC as it discusses ways to require additional disclosure (those discussions are already taking place. New regulations will come out some time in the next couple of years). Originality/value – This study is the first to examine the impact of such transfers on the prices of marketed securities of firms hiring such analysts.
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Rossi, Matthew, Greg Deis, Jerome Roche, and Kathleen Przywara. "Recent civil and criminal enforcement action involving high frequency trading." Journal of Investment Compliance 16, no. 1 (May 5, 2015): 5–12. http://dx.doi.org/10.1108/joic-01-2015-0017.
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Purpose – To alert high frequency trading firms to the increased regulation and prosecution of manipulative trading practices during 2014 and early 2015. Design/methodology/approach – Reviews four significant proceedings against high frequency trading firms (and/or individuals employed by such firms) and other developments from the relevant government agencies as a possible preview of the enforcement and prosecution of high frequency trading practices in 2015. Provides advice to high frequency trading firms on how to decrease the risk of regulatory or criminal actions against them in this changing environment. Findings – Although the focus on high frequency trading has only recently begun to intensify, firms should be aware of the increased enforcement activity of the past year. These actions, both regulatory and criminal, have already resulted in large penalties and have helped initiate a strengthening of rules and regulations regarding manipulative trading practices, of which firms need to be aware and stay current. Practical implications – High frequency trading firms should be aware of the recent regulatory and criminal actions in order to better evaluate their own practices and controls, to ensure that their trading patterns do not resemble manipulative practices, and to avoid similar actions. Originality/value – Practical guidance from experienced litigators and securities regulatory lawyers, including a former SEC Assistant Chief Litigation Counsel and a former federal prosecutor, that consolidates and describes several recent actions and developments in one piece.
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Duncan, Leah. "The Proxy Problem: Using Nonprofits to Solve Misaligned Incentives in the Proxy Voting Process." Michigan Business & Entrepreneurial Law Review, no. 9.2 (2020): 235. http://dx.doi.org/10.36639/mbelr.9.2.proxy.
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Proxy advisory firms and their influence on the proxy voting process have recently become the subject of great attention for the Securities and Exchange Commission (“SEC”) among other constituencies. A glance at recent proxy season recaps and reports, many of which devote space to discussing proxy advisory firm recommendations, reveal the significance of this influence on institutional voting. As Sagiv Edelman puts it, “proxy advisory firms exist at the nexus of some of the most high-profile corporate law discussions—most notably, the shareholder voting process, which has recently been the subject of much scholarly and legal debate.” The SEC has responded by announcing that it intends to reform the regulations, or lack thereof, surrounding proxy advisory firms. Recently, the SEC issued proposed amendments to Exchange Act Rule 14(a)-1 which would effectively codify their earlier interpretation of solicitation under this rule. The proposed amendment would “condition the availability of certain existing exemptions from the information and filing requirements . . . for proxy voting advice businesses upon compliance with additional disclosures and procedural requirements.” Furthermore, the amendments would clarify when a lack of disclosure of certain information in proxy voting advice compromises the accuracy of the advice and misleads within the meaning of the rule. The SEC believes that these extra requirements will “help ensure that investors who use proxy voting advice receive more accurate, transparent, and complete information on which to make their voting decisions.” Based on this proposal, it is apparent that the SEC is intent on rectifying some of the problems of transparency and conflicts of interest associated with proxy advisory firms. Given the increasing influence of proxy advisory firms, the misalignment of incentives between proxy firms and the institutional shareholders who use proxy firm services is troubling. This Note identifies inherent problems and concerns with proxy advisory firms and offers solutions to these issues with a focus on eliminating conflicts of interest. Using Henry Hansmann’s theory of ownership, this Note argues that nonprofit ownership of proxy advisory firms eliminates both information asymmetry and conflicts of interest inherent to the current ownership structure. Part I provides a brief overview of the problems and concerns associated with proxy advisory firms. Part II suggests two potential solutions: that Rule 206(4)-6 of the Investment Adviser Act of 1940 should be repealed or alternatively, that nonprofit ownership through investment company associations is a more effective way for investment management companies to comply with their fiduciary duties. Because profit incentive has created conflicts of interest that lead to proxy advice that may not always be in the best interest of investment manager clients, nonprofit ownership promotes transparency that allows parties who rely on the advice to make more independent decisions. Part III argues that nonprofit ownership is the most viable alternative to the status quo.
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Morgera, Francesca, Margaret R. Sallah, Michelle L. Dubuke, Pallavi Gandhi, Daniel N. Brewer, Chavela M. Carr, and Mary Munson. "Regulation of exocytosis by the exocyst subunit Sec6 and the SM protein Sec1." Molecular Biology of the Cell 23, no. 2 (January 15, 2012): 337–46. http://dx.doi.org/10.1091/mbc.e11-08-0670.
Full textAbstract:
Trafficking of protein and lipid cargo through the secretory pathway in eukaryotic cells is mediated by membrane-bound vesicles. Secretory vesicle targeting and fusion require a conserved multisubunit protein complex termed the exocyst, which has been implicated in specific tethering of vesicles to sites of polarized exocytosis. The exocyst is directly involved in regulating soluble N-ethylmaleimide–sensitive factor (NSF) attachment protein receptor (SNARE) complexes and membrane fusion through interactions between the Sec6 subunit and the plasma membrane SNARE protein Sec9. Here we show another facet of Sec6 function—it directly binds Sec1, another SNARE regulator, but of the Sec1/Munc18 family. The Sec6–Sec1 interaction is exclusive of Sec6–Sec9 but compatible with Sec6–exocyst assembly. In contrast, the Sec6–exocyst interaction is incompatible with Sec6–Sec9. Therefore, upon vesicle arrival, Sec6 is proposed to release Sec9 in favor of Sec6–exocyst assembly and to simultaneously recruit Sec1 to sites of secretion for coordinated SNARE complex formation and membrane fusion.
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Vukovic, Gorica, Snezana Pavlovic, and M. S. Ristic. "Comparison of two sample preparation procedures for HPLC determination of ochratoxin A." Archives of Biological Sciences 61, no. 4 (2009): 639–44. http://dx.doi.org/10.2298/abs0904639v.
Full textAbstract:
In preparation of samples for chromatographic determination of ochratoxin A, two types of columns were used for sample cleanup (SPE and immunoaffinity columns). The first method consisted of liquid-liquid extraction with a mixture of chloroform and phosphoric acid, followed by ion-exchange cleanup on Waters Oasis MAX columns. The sec?ond method consisted of extraction with a mixture of water and methanol, followed by LCTech OtaCLEAN immunoaf?finity column cleanup. Recoveries of the methods were determined at three levels in three repetitions for maize flour, and they were 84% (%RSD = 19.2) for the first method of sample preparation and 101% (%RSD = 2.2) for the second method. Values of LOQ for OTA were 0.25 and 1.00 ?g/kg for the IAC and SPE clean-up procedures, respectively. Both methods comply with present regulations, but the MAX sample clean-up procedure should be used as an alternative, since the immunoaffinity column clean-up procedure is characterized by better reproducibility, accuracy, and efficiency.