The SDDco Client Update
The SDDco Client Update is an action oriented email prepared in-house, tailored to client needs, and sent as an adjunct to our online newsletter. Verified newsletter subscribers receive our Client Update once each month.
The SDDco Client Update is intended to provide general information only. It is not intended as, and should not be taken as, financial, tax, accounting, legal, consulting or any other type of advice specific to you or your firm. Users of the SDDco Client Update should not act or refrain from acting on the basis of information provided on the sddco.com website. Always check with your accountant and/or attorney.
Come September, a ban on advertising in place since the Great Depression, restricting private issuers of securities from soliciting funds from the general public, will be no more. The Securities and Exchange Commission (“SEC” or “Commission”) voted 4-1, yesterday, to adopt changes to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933. These changes
To add security for your firm data, effective July 20, 2013, when users log onto a FINRA Entitlement system/application (Web CRD, IARD, FINRA Contact System), they must choose and respond to three security questions. On future logins, users may be asked for those responses to confirm their identity. All SAAs, account administrators, and users (but
Members of the Securities Investor Protection Corporation (“SIPC”) with a December 31st fiscal year-end must file the SIPC-6 General Assessment form and payment by July 30th. The SIPC-6 annual reporting with payment is due within 30 days of the fiscal year midpoint. SIPC-6 covers the first six months of the firm’s fiscal year. The SIPC-7
Wednesday, July 10, 2013 the Senate Committee on Health, Education, Labor and Pensions (HELP) will consider the Employment Non-Discrimination Act (ENDA) of 2013, a bill focused on prohibiting employment discrimination based on sexual orientation and gender identity. Under ENDA, employers with 15 or more employees, employment agencies, and labor organizations cannot: “(1) fail or refuse
On June 12th, the European Commission (the “Commission”) announced a proposal to further heighten the fight against tax fraud and evasion. This proposal generally seeks that european Union (EU) Member States share as much info amongst themselves as they have committed to sharing with the USA under the Foreign Account Tax Compliance Act (“FATCA”). For
US derivatives regulators will meet on the July 12th deadline to determine how the Commodity Futures Trading Commission (“CFTC”) swaps markets rulemaking required under the Dodd-Frank Act of 2010 will apply to foreign banks and companies that wish to conduct business with US companies. The CFTC will hold a public meeting in Washington, DC concerning Final
By unanimous vote on June 19th, the House Financial Services Committee passed legislation preventing the Public Company Accounting Oversight Board (“PCAOB”) from mandating the automatic rotation of a public company’s independent external auditor. The PCAOB had solicited public feedback on mandatory audit rotation and other ways to increase auditor independence back in August 2011 through
The announcement by the Treasury to delay the reporting requirements of large employers until 2015 does not limit the individual shared responsibility provision of the Affordable Care Act. Speculation exists, however, as to whether this one-year postponement is the first of additional delays, such as the setup and availability of Affordable Insurance Exchanges—the health care
“We have listened to your feedback. And we are taking action,” was the message delivered July 2nd in the US Department of the Treasury blog. The Obama administration announced a pushback of the onset of mandatory large employer reporting requirements under the Affordable Care Act (“ACA”). The 2010 ACA mandates that employers with fulltime or fulltime
On April 25, 2013, the Legal Affairs Committee of the European Parliament voted (15-10) in favor of a regulation mandating audit firm rotation for banks, insurance firms, and listed companies. To become law, this draft law must still pass through several negotiation stages before final adopted by the European Council. The draft law: Limits term
Per Wall Street Journal reporting on their CFO Network event on June 18th in D.C., SEC Chairman Mary Jo White said, “We are going to in certain cases be seeking admissions going forward. To some degree, it can turn on how much harm has been done to investors, how egregious is the fraud. So I
FINRA Rule 4524 (Supplemental FOCUS Information) requires carrying or clearing firms to file, on a quarterly basis, a supplemental schedule for derivatives and other off-balance sheet items (OBS), which provides information regarding such firms’ off-balance sheet assets, liabilities and other commitments. The initial, quarterly submission of the OBS, disclosing off-balance sheet information as of June
Be it timely rule oversight or a fact-finding response to the momentum of social media, FINRA is conducting spot checks of member firms’ social media communications including blogs, Twitter, LinkedIn, and Facebook In a targeted exam letter in June, FINRA’s Advertising Regulation Department requested that selected firms present and explain the following: How the firm