Search Results for keywords:"Sarbanes-Oxley Act of 2002"

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Search Results: keywords:"Sarbanes-Oxley Act of 2002"

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  • 2025-01614 — Order Regarding Review of Financial Accounting Standards Board (“FASB”) Accounting Support Fee for 2025 Under Section 109 of the Sarbanes-Oxley Act of 2002
    Type:Notice
    Citation:90 FR 8087
    Reading Time:about 3 minutes

    The Securities and Exchange Commission (SEC) reviewed and approved the Financial Accounting Standards Board's (FASB) 2025 annual accounting support fee. This fee is used to fund the FASB's operations, as required by the Sarbanes-Oxley Act of 2002. The Commission also checked that additional revenue sources, like publications, do not impact FASB's independence. The Office of Management and Budget decided that this fee is subject to budget cuts under the Budget Control Act of 2011, and the SEC expects collaboration with the Financial Accounting Foundation to manage these cuts effectively.

    Simple Explanation

    The SEC checked and agreed on the money FASB needs to do its work in 2025, making sure that any extra money they make on the side doesn't affect their fairness. The government has rules about cutting budgets, so they’ll work together to handle any needed cuts.

  • 2021-02171 — Securities Act of 1933; Securities Exchange Act of 1934; Order Regarding Review of Financial Accounting Standards Board (FASB) Accounting Support Fee for 2021 Under Section 109 of the Sarbanes-Oxley Act of 2002
    Type:Notice
    Citation:86 FR 7913
    Reading Time:about 2 minutes

    The Securities and Exchange Commission (SEC) reviewed the Financial Accounting Standards Board's (FASB) 2021 budget and annual accounting support fee. This process ensures that the FASB, which sets important accounting rules, has an independent and stable funding source, as required by the Sarbanes-Oxley Act of 2002. The SEC confirmed that the proposed fee aligns with the law, allowing FASB to continue its standard-setting activities. Additionally, the FASB's budget is subject to sequestration, meaning planned spending might be reduced to meet certain budgetary controls.

    Simple Explanation

    The SEC checked how much money the FASB will need to keep making important accounting rules to make sure they have enough and no extra. They also want to see how budget cuts might change what the FASB can do.

  • 2025-00513 — Adjustments to Civil Monetary Penalty Amounts
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    Type:Notice
    Citation:90 FR 2767
    Reading Time:about 8 minutes

    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. These adjustments apply to penalties under the Securities Act, the Exchange Act, the Investment Company Act, and part of the Sarbanes-Oxley Act. The new amounts were calculated using a percentage change between the Consumer Price Index for October 2023 and October 2024 and will be effective from January 15, 2025. This update ensures penalties keep pace with inflation and remain effective deterrents.

    Simple Explanation

    The SEC is making their penalty amounts bigger because prices go up each year. These bigger penalties will start on January 15, 2025, to make sure people follow the rules.