The Securities and Exchange Commission today charged a Colorado Springs resident with fraud for touting potentially astronomical returns to investors in his oil and gas companies while spending $2.3 million of investor funds to pay for a lavish lifestyle, including the purchase of a custom speedboat, ski vacations, fitness equipment, and jewelry.
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The Securities and Exchange Commission today voted to publish for public comment a proposed Roadmap that could lead to the use of International Financial Reporting Standards (IFRS) by U.S. issuers beginning in 2014. Currently, U.S. issuers use U.S. Generally Accepted Accounting Principles (U.S. GAAP). The Commission would make a decision in 2011 on whether adoption of IFRS is in the public interest and would benefit investors. The proposed multi-year plan sets out several milestones that must be achieved before IFRS would be adopted in the United States.
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The Securities and Exchange Commission today voted unanimously to update and modernize the disclosure requirements for foreign companies offering securities in U.S. markets, making it easier for U.S. investors to gain access to timely financial information that can help them make better informed investment decisions.
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Securities and Exchange Commission Chairman Christopher Cox, the Australian Minister for Superannuation and Corporate Law ? Senator Nick Sherry, and Australian Securities and Investments Commission (ASIC) Chairman Tony D’Aloisio today entered into a mutual recognition arrangement between the SEC, the Australian government, and ASIC. The mutual recognition arrangement provides a framework for the SEC, the Australian government, and ASIC to consider regulatory exemptions that would permit U.S. and eligible Australian stock exchanges and broker-dealers to operate in both jurisdictions, without the need for these entities (in certain aspects) to be separately regulated in both countries.
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SEC Chairman Christopher Cox today issued the following statement regarding a decision in Free Enterprise Fund v. Public Company Accounting Oversight Board
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The Securities and Exchange Commission’s Division of Enforcement today announced that a preliminary settlement in principle has been reached with Merrill Lynch, Pierce, Fenner & Smith, Inc. (Merrill Lynch) that would enable investors who purchased auction rate securities from the firm to receive a total of up to $7 billion to restore their losses and liquidity.
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Securities and Exchange Commission Chairman Christopher Cox today unveiled the successor to the agency’s 1980s-era EDGAR database, which will give investors far faster and easier access to key financial information about public companies and mutual funds.
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The Securities and Exchange Commission today announced the distribution of nearly $40 million to more than 600,000 investors who were harmed by undisclosed market timing and excessive short-term trading in certain mutual funds managed by Putnam Investment Management, LLC.
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The Securities and Exchange Commission today distributed more than $18 million to more than 325,000 investors who were affected by undisclosed market timing in certain mutual funds managed by Janus Capital Management LLC (JCM).
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The Securities and Exchange Commission’s Division of Enforcement today announced that investors, small businesses, and charities who purchased auction rate securities through Wachovia Securities, LLC and Wachovia Capital Markets, LLC could receive up to $9 billion to fully restore their losses and liquidity through a preliminary settlement that has been reached with Wachovia.
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