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Regulation A+: Not for Start-Ups or Early-Stage Companies

Proposed rule amendments for small businesses and additional exemptions under Section 3(b) of the Securities Act On December 18, 2013, the Securities and Exchange Commission released their long-awaited proposed rules on Regulation A+. The amendments to Regulation A were proposed pursuant to Title IV of the Jumpstart Our Business Startups Act of 2012. The proposed rules are intended to increase access to the ...

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Effective Internal Fraud Controls

The Frontline of Fraud Risk Management Internal fraud occurs as the result of a series of weaknesses within internal control systems, which are at the top of the fraud risk management pyramid. This article defines the three essential types of internal controls, their five interrelated components, and how they can be instituted for maximum protection. ...

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SEC Lifts Advertising Ban on Securities Firms

Equity funds now able to engage in mass advertising In just a few days, the ban that prevents private equity funds from marketing directly to the public will be lifted. A recent review by Michelle Park of Crain’s Cleveland Business examines what this might mean for various private equity and venture capital funds and their future customers. ...

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Making Sense of the Blockage Discount: It’s Much More Than Simple.

Giving holders of concentrated risk in public company stock a tax break This article establishes there is recognition by the IRS and the courts that a well-supported proof of impairment based on the sale of a large number of shares necessitates an investor concession. It provides the rationale and methodology to capture the existence and the level of impairment. ...

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Hedge Fund Valuations Under Scrutiny—Risk.net

US Securities and Exchange Commission (SEC) is Aggressively Policing Fund Valuation Practices in the Hedge Fund Industry     Kris Devasabai at Risk.net reports that hedge funds, under pressure from regulators and investors, are establishing robust pricing policies for hard-to-value assets.  They are also hiring independent experts to price complex and illiquid assets as investors and regulators intensify th ...

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SEC Suggests Creation of Small-Business Exchange —Bloomberg

Exchange Would Make it Easier for Companies to Go Public in the U.S. But Would be Limited to Experienced Investors Dave Michaels at Bloomberg reports that a Securities and Exchange Commission panel suggested that an exchange limited to small businesses should be created. The exchange would make it easier for companies to go public in the U.S. but would be limited to experienced investors better able to asse ...

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Deloitte: Hedge Funds Meet to Assess New Pressures in the Year Ahead —CFO Journal

Stakeholders Discuss Greater Institutional Investor Makeup, Governance Structures, Greater Regulatory Scrutiny Deloitte Insights contributes a piece to the CFO Journal on the Wall Street Journal site, part of a series designed to provide financial executives a customized resource to help them address the strategic, operational and regulatory issues they face in managing their finance organizations and caree ...

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100 Small Banks Use JOBS Act to Stop Reporting to SEC —Washington Post

For Nearly Five Decades, Securities Law Allowed Banks with Fewer than 300 Shareholders to "Deregister," Now, Banks With Under 1200 Shareholders Can Do the Same Under Provisions of the JOBS Act    Dina ElBoghdady reports some interesting news this week in the Washington Post:  about 100 small banks have stopped reporting financial details about their operations to the SEC since the JOBS Act was enacted in Ap ...

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SEC Enrolls in Private Equity 101 —PE Manager

With Limited Resources, the SEC is Using a "Risk Analytics" Strategy to Target Areas of Concern, Explains Exec at Conference Recent examinations of newly SEC-registered private equity firms is helping regulators understand the complex world of private equity, according to delegates and speakers at PEI’s CFOs and COOs Forum 2013 in New York, writes Nicholas Donato at Private Equity Manager.  More: ...

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Accounting Convergence Process in Limbo Without U.S. Decision —WSJ CFO Journal

The accounting rulemakers said they are seeking more feedback about whether groups of companies could phase in IFRS and how investors are dealing with the two sets of accounting rules currently existing in the United States. Emily Chasen at WSJ CFO Report writes [trial subscription required] that accounting rulemakers in the U.S. and abroad are calling for collaboration even as U.S. regulators have so far r ...

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The Top 10 People in Accounting, 2012 —Accounting Today

Top Vote-Getters Include Fed Honchos, Private Sector Leaders, and Association Chief  Who’s the most important person in Accounting?  Is it Leslie Seidman (Chairman of the FASB), Hans Hoogervorst (Chairman of the IASB), or Douglas Shulman (Commissioner, IRS)?   Or instead, might it be James Doty (PCAOB Chair), Mary Shapiro (SEC), or even an as-yet-unnamed person—our next president?  Or someone else entirely? ...

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Has Sarbanes-Oxley Failed?—NYT, WSJ, IBD, Reuters, & More

10 Years After Implementation, NYT Cites Lawyer, Former SEC Official, PCAOB Oversight Member, and Editor Who See SOX as a Positive Development.  WSJ Sources Not So Sure.  IBD Claims SOX Has "Devastated" IPO Market.  The Times’ “Room for Debate” roundtable noted that last Sunday, July 24th, marked 10 years since the Sarbanes-Oxley accounting law was enacted, after the scandals at Enron, WorldCom and elsewher ...

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SEC Ramps Up—New Enforcement Tools Include Cluster Analysis, Fuzzy Matching. Plus—Open Channels to DOJ, FBI.

"With New Firepower, S.E.C. Tracks Bigger Game,"  Ben Protess and Azam Ahmed  report at the New York Times Dealbook. Embarrassed after missing the warning signs of the financial crisis and the Ponzi scheme of Bernard L. Madoff, the agency’s enforcement division has adopted several new — if somewhat unconventional — strategies to restore its credibility. The S.E.C. is taking its cue from criminal authorities ...

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Third-Party Valuation Opinions and Private Equity: A Conversation with Houlihan Lokey Managing Director Cindy Ma –Private Equity Manager

Private Equity Manager reports that with regulators looking over their shoulders, some GPs are playing it safe by hiring third-party valuation advisors to check their numbers. However not all third-party opinions are equal, warns Cindy Ma, managing director at advisory-focused investment bank Houlihan Lokey.  PE Manager's Nicholas Donato talked with her recently.  Here are excerpts:  There was a feeling of ...

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Financial Reporting—and Singing CPAs

Hey There, Bob Posen! Steven Zelin, aka "The Singing CPA," and Edith Orenstein, Accounting WEB blogger for Financial Executives International (FEI), have teamed up to create a music video celebrating the third anniversary of the Security and Exchange Commission's (SEC)Advisory Committee on Improvements to Financial Reporting chaired by Robert C. (Bob) Pozen, senior financial lecturer at Harvard University. ...

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International Implications: Chinese Ownership & The Courts in Ukraine

SEC Wakes Up to Reverse Merger Companies Weeks after several Chinese reverse-merger companies have stopped trading in the US amid widespread fraud allegations, the Securities and Exchange Commission has issued a warning that, hey, maybe investors ought to think twice about those reverse-merger companies.  Okey doke!  Mark Gongloff relays from the Wall Street Journal Law Blog.  The Securities and Exchange Co ...

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