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Proskauer Rose LLP

SEC Adopts Amendments to Auditor Independence Rules Addressing Lending Relationships

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On June 18, 2019, the Securities and Exchange Commission (the "SEC") adopted amendments to Rule 2-01 of Regulation S-X, which sets forth the SEC's auditor independence standards, changing the analysis of whether an audit firm...more

Kramer Levin Naftalis & Frankel LLP

SEC Adopts ‘Loan Rule’ Amendments

On June 18, 2019, the SEC adopted final amendments (the “Amendments”) to the auditor independence rules set forth in Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”). The Loan Rule identifies debtor-creditor...more

Vedder Price

Investment Services Regulatory Update - May 2018

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SEC Proposes Amendments to Auditor Independence Rules to Address Certain Lending Relationships - Summary - On May 2, 2018, the SEC issued proposed amendments to its auditor independence rules concerning the...more

Cooley LLP

Blog: SEC Proposes Amendments To Auditor Independence Rule Related To Debtor-Creditor Relationships

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The SEC has posted a new rule proposal that would modify the analysis of auditor independence in the context of lending relationships between the auditor and certain shareholders of an audit client during the audit or...more

Dechert LLP

SEC Staff Extends Effectiveness of No-Action Relief on Auditor Independence and the “Loan Provision”

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The U.S. Securities and Exchange Commission’s Division of Investment Management (SEC Staff) on September 22, 2017 extended indefinitely the effectiveness of no-action relief granted a year earlier with respect to the...more

Vedder Price

Investment Services Regulatory Update - August 2017

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On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

McGuireWoods LLP

IRS Determination Letter Program for Qualified Retirement Plans to Be Significantly Curtailed

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In Announcement 2015-19 (Announcement), the Internal Revenue Service (IRS) has indicated that it is eliminating the staggered five-year determination letter (DL) remedial amendment cycles for individually designed...more

Ballard Spahr LLP

Investment Management Update

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In This Issue: - SEC Announces First-of-Its-Kind Whistleblower Award To an Audit and Compliance Professional - SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder...more

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