James B. Anderson

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The Securities and Exchange Commission has released a letter sent in late October by its Division of Corporation Finance to the chief financial officers of certain public companies to remind them of disclosure obligations in their upcoming Form 10-Qs and subsequent filings in light of continued concerns about potential risks and costs associated with mortgage- and foreclosure-related activities or exposures. The letter instructs companies to review their various mortgage-related representations and warranties made in sale…
On September 29, the Securities and Exchange Commission adopted an amendment, effective upon publication in the Federal Register, to remove the specific exemption from Regulation FD for issuer disclosures made to nationally recognized statistical rating organizations and credit rating agencies, as required by Section 939B of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under Rule 100(b)(2)(iii) of Regulation FD as in effect prior to the SEC’s final rule, the issuer or person acting…
The Securities and Exchange Commission has announced its planned schedule for proposing and adopting rules and taking other action to implement the corporate governance and disclosure provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Certain of the Dodd-Frank Act provisions apply to proxy materials and proxy voting records that are prepared in connection with annual meetings of shareholders that occur after six months following enactment (January 20, 2011). For these provisions, the…
On September 15, the Securities and Exchange Commission adopted amendments to its rules and forms to conform them to new Section 404(c) of the Sarbanes-Oxley Act, as added by Section 989G of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 404(c) provides that the auditor attestation report on internal controls over financial reporting required in annual reports under Section 404(b) of the Sarbanes-Oxley Act shall not apply with respect to any audit report…
On May 21, the Securities and Exchange Commission’s Chief Accountant, James Kroeker, testified on behalf of the SEC before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the U.S. House Committee on Financial Services. Mr. Kroeker discussed the status of the following accounting and auditing standards matters the SEC is working on with the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB).…