Timothy R. Knudsen

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On September 28, the Securities and Exchange Commission (SEC) announced its issuance of an order and its adoption of interim final temporary rules to provide regulatory relief to companies, including publicly traded companies, investment companies, accountants and transfer agents, affected by Hurricanes Harvey, Irma and Maria. The order and interim rules conditionally exempt affected persons from certain requirements of the federal securities laws for specified periods, and extend filing deadlines for specified reports and forms for issuers subject to reporting obligations under Regulation Crowdfunding and Regulation A.
Continue Reading SEC Provides Regulatory Relief to Companies Impacted by Recent Hurricanes

On September 13, the Commissioners of the Securities and Exchange Commission (SEC) announced the launch of a nationwide search for candidates to fill the new senior executive position of Advocate for Small Business Capital Formation. The position will be responsible for establishing and overseeing a new SEC office—the Office of the Advocate for Small Business …

As previously discussed in the March 24 edition of the Corporate & Financial Weekly Digest, the Securities and Exchange Commission (SEC), on March 22, adopted an amendment to Rule 15c6-1(a) that has shortened the standard settlement cycle for most broker-dealer securities transactions from three days (known as T+3) to two days (known as T+2),…

On October 5, the staff (Staff) of the Securities and Exchange Commission announced that, effective immediately, a company will no longer be required to make affirmative “Tandy” representations in correspondence with the Staff in connection with the Staff’s review of the company’s filings. Previously, the Staff required a company to acknowledge in writing its responsibility …

On May 11, the Public Company Accounting Oversight Board (PCAOB) re-proposed its standard for information that auditors are required to provide in their audit opinions. As noted in its press release regarding the re-proposed standard, the PCAOB desires to make auditor’s reports more informative for investors. In 2013, the PCAOB proposed a standard that would require a firm to disclose in its audit reports critical audit matters arising from an audit of an issuer’s financial statements. The PCAOB received extensive comments in response to its original proposal and held a public roundtable to discuss the previously proposed standard and comments received. As a result, the PCAOB has re-proposed the standard with modifications to its original proposal.
Continue Reading PCAOB Re-Proposes Auditor Reporting Standard to Enhance Auditor Reports

On April 18, the Securities and Exchange Commission announced the release of an online tool that will assist companies in calculating registration fees relating to certain forms to be filed on EDGAR, the SEC’s electronic filing database. The registration fee estimator is intended to help issuers more accurately estimate registration filing fees and complete related fee tables. In its press release, however, the SEC cautions issuers that the tool will not serve as an official SEC verification of fees and reminds issuers that they remain responsible for paying all required fees.
Continue Reading SEC Releases Registration Fee Estimator