Search Results for keywords:"Sarbanes-Oxley Act"

The Securities and Exchange Commission (SEC) is asking for public comments on its existing information collection concerning Credit Risk Retention, also known as Regulation RR. This rule involves recordkeeping and disclosure requirements, which relate to the Securities Exchange Act and the Sarbanes-Oxley Act. The SEC estimates that about 1,647 companies report under this rule, with each response taking about 14.389 hours to prepare. Feedback is requested on the necessity, accuracy, and ways to improve this information collection process within 60 days of the notice's publication.

The Securities and Exchange Commission (SEC) has approved the Public Company Accounting Oversight Board (PCAOB) budget and annual accounting support fee for 2025, in accordance with the Sarbanes-Oxley Act. The SEC reviewed the PCAOB's proposed budget, ensuring it aligns with recoverable expenses, and emphasized the importance of operational efficiency. The PCAOB is directed to maintain regular communications with the SEC regarding any budget adjustments and to submit a reduced spending plan due to sequestration cuts. The Budget Control Act of 2011 requires sequestration of $22.8 million for 2025, slightly reducing available funds for the PCAOB.

The Securities and Exchange Commission (SEC) published a notice to adjust civil monetary penalties for inflation, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This annual adjustment considers inflation changes measured by the Consumer Price Index for Urban Consumers (CPI-U) and applies to penalties under several acts, including the Securities Act of 1933 and the Sarbanes-Oxley Act. These new penalty amounts are effective from January 15, 2021, for violations occurring after November 2, 2015. The updated amounts are published in the Federal Register and on the SEC's website.

The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget for the continued collection of information under Regulation Blackout Trade Restriction (Regulation BTR). This regulation requires issuers to notify directors, executive officers, and the SEC about blackout periods that restrict trading in the company's securities. The SEC estimates that there are around 6,150 responses filed annually by approximately 1,230 issuers, resulting in a total annual reporting burden of about 2,357 hours. The public is invited to comment on this information request by January 27, 2025, through the designated website or email.

The Public Company Accounting Oversight Board (PCAOB) has made amendments to align its rules with changes made by the Securities and Exchange Commission (SEC) to Rule 2-01 of Regulation S-X. These changes aim to reduce duplicate requirements and potential differences by updating standards related to auditor independence, particularly concerning lending arrangements. The SEC reviewed comments from various stakeholders and concluded that the amendments were necessary to safeguard investors and improve audit practices. The rules will apply to audits of emerging growth companies to ensure consistency and improve efficiency within the industry.