Securities Regulation & Law Report Index-Summary

PCAOB

See PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

PENNY STOCKS

– Artificial demand, conspirators charged in stock inflation scheme, 1581
– Boiler room operations, emergency order granted against unregistered broker-dealer in international scheme (N.D. Ill.), 203; relief defendants, jurisdiction found, 1358
– Bribes

– – Promoter enters guilty plea over payment for execution of trades (S.D.N.Y.), 1254
– – Software CEO paid brokers to promote stock, guilty verdict returned (S.D.N.Y.), 1311

– Internet group charged in nationwide pump-and-dump scheme (D. Del.), 975
– Money laundering, firms settle FINRA charges re failure to follow up on red flags, 1058
– Wash sales and legal opinion letters used in illegal distribution scheme (S.D. Fla.), 617

PENSIONS

See also RETIREMENT
– Accounting

– – General Motors settles SEC claims re filings (D.D.C.), 139
– – Losses, SEC to look skeptically at methods used to smooth, official tells conferees, 1082

– Attorneys, Bennett (R-Utah) asks SEC to investigate links between campaign contributions and representation of public funds, 1302; SEC votes to propose new rule to curb pay-to-play, 1386; SEC declines request, citing lack of jurisdiction, 1399; panelists concerned rule will hurt small advisers, 1443; commenters voice opposition to ban, 1861
– Bar on advisors managing pensions after political contributions, SEC to propose new rules, 899; proposal under '40 Act to be considered, Schapiro says, 1052; SEC sets meeting to consider rule, 1351; SEC votes to propose new rule to curb pay-to-play, 1386; panelists concerned rule will hurt small advisers, 1443; commenters voice opposition to ban, 1861
– California

– – Forex, falsification of exchange rates alleged (Cal. Super. Ct.), 1957
– – Placement agents, CalPERS launches review of fees, 1901

– Conflicts of interest, Merrill settles charges (SEC), 209
– Hedge funds, CalPERS proposes ending short-term performance fees, 604
– IASB seeks comments on revisions to guidance, 1034
– N.J., Lehman executives face claims for pension losses (N.J. Super. Ct.), 527
– New York

– – Kickbacks, former officials face civil and criminal charges in conspiracy (S.D.N.Y., N.Y. Sup. Ct.), 526; hedge fund manager settles criminal and civil charges, 731; investigation widened to Cal., state and federal regulatory changes proposed, 814; equity firm founder charged in scheme (N.Y. Crim. Ct.), 826; Cuomo announces subpoenas and multistate task force, 880; N.Y. City Comptroller urges SEC to tighten regulations, 906; Carlyle Group settles claims, adopts code of conduct, 935; placement agent pleads guilty, 936; private equity firms to adopt code of conduct, 1745; 2 plead guilty, may help develop case, 1872
– – Placement agents, regulator drafting rules to ban paid intermediaries from public pension decisions, 786; comptroller urges trustees to adopt code of conduct, 983

– Ohio, Bank of America acquisition of Merrill Lynch, suit by state pension funds (S.D.N.Y.), 1835
– Oversight, fund managers urge Geithner to keep SEC independent, 1007
– Sham reinsurance, Gen Re settles with Ohio state pension funds over stock price manipulation scheme (S.D.N.Y.), 473
– Statutory fund lacks capacity to sue or be sued, class must name new representative (W.D. La.), 426
– Tax evasion, retirement system files claims against UBS for investor losses from fraud (S.D.N.Y.), 213

PHARMACEUTICALS

– Acne drug, class certified in channel stuffing and concealed preclinical trial claim (N.D. Cal.), 978
– ADS holders in Swiss pharmaceutical firm lack standing in derivative action (N.D. Cal.), 1679
– Arbitrage, adviser settles claims re undisclosed premerger acquisition of significant voting rights (SEC), 1408
– Biovail, dismissal as sanction for violation of protective order in claim that funds spread false information (D.N.J.), 345
– Blood thinners, suit re exaggerated safety and efficacy claims dismissed for failure to plead scienter (2d Cir.), 1247
– Clinical trials

– – Alzheimer's drug, claim alleging concealment of clinical trial defects dismissed (S.D.N.Y.), 620
– – Cholesterol drug, pleadings on concealment have adequate specificity and inference of scienter (D.N.J.), 1683
– – Diabetes drug, cardiovascular risk, dismissal of investor claims not error (2d Cir.), 1616
– – Fast track status, claims of material misrepresentation and insider trading may go forward (S.D.N.Y.), 353
– – Liver toxicity, failure to disclose is material misrepresentation (N.D. Cal.), 712
– – Obesity drug, Sanofi-Aventis wins dismissal of disclosure failure claims (S.D.N.Y.), 1829
– – Pain relief drug, claims re insufficient disclosure of patient subgroups fails to prove presuit demand futility (E.D. Pa.), 1025
– – Scientific debate without evidence of bad faith does not trigger inquiry notice (3d Cir.), 211
– – Stem cell company settles charges over readiness for human testing, CEO to contest (W.D. Wash.), 1682; claims against stock promoter dismissed, 1828

– Deadlocked board, biotechnology company with no funding dissolved (Del. Ch.), 177
– Heart attack risk from pain reliever, dismissal of shareholder claims based on inquiry notice premature (U.S., rev grant), 1001; SIFMA files amicus brief, 1566
– Hostile takeover attempt of biotechnology firm, beneficial ownership prerequisite for 13D filing (11th Cir.), 7
– Insider trading, Swiss banker charged in call options scheme (E.D. Pa.), 1106
– Iraq, Oil for Food kickbacks, Novo Nordisk settles claims (D.D.C.), 915
– Marketing, loss causation adequately pleaded where product demand is fueled by unlawful practices (U.S., rev den), 746
– Off-label marketing of antiviral medication, confidential witness statements unreliable, claims dismissed with leave to amend (N.D. Cal.), 1105; repleaded claims adequate to proceed, 1893
– Pfizer, cardiovascular risk and liability effect on stock price, claims dismissed for failure to demonstrate presuit demand futility (2d Cir.), 163
– Revenue inflation, Cardinal Health officers settle claims (S.D.N.Y.), 1039
– Stock option backdating, Biomet derivative claims extinguished by merger (Ind. Ct. App.), 315

PHILADELPHIA STOCK EXCHANGE (PHLX)

– Attorney fee shifting, member fails to exhaust administrative remedies, claim dismissed for lack of jurisdiction (3d Cir.), 1573
– Post-acquisition settlement allocation plan approved (Del.), 225

PIERCING CORPORATE VEIL

– Ohio, injured worker may not reach assets of sister company where no dominion or control exists (Ohio), 579

PIPE OFFERINGS

See PRIVATE PLACEMENTS

PLEADING REQUIREMENTS

– Coherence, claims re Washington Mutual home loan division must be repleaded due to structural deficiencies (W.D. Wash.), 972
– Derivative actions, presuit demand futility

See DERIVATIVE ACTIONS

– Hedge fund, lack of particularity dooms claims false representation claims (S.D.N.Y.), 1530
– Narrative from SEC does not link facts to legal theories, hearing scheduled (D.N.H.), 1355; pleadings found lacking, some claims dismissed, 1912
– Notice pleading, '33 Act claim of material misrepresentation not subject to stringent standard (S.D. Tex.), 165
– Particularity, claims against alleged stock manipulator may proceed, sufficient facts alleged (N.D. Okla.), 1159
– Plausibility, bill to restore factual specificity standard

See LEGISLATION, FEDERAL, S 1504

– Receiver not appointed on conclusory allegations and speculation (S.D.N.Y.), 563
– Scienter

See SCIENTER

– Stock price manipulation, vague and conclusory allegations cannot support fraud charges, claims dismissed (S.D.N.Y.), 702
– Subprime lender, investor claims dismissed for failure to meet PSLRA requirements (8th Cir.), 1675

POLLUTION

See ENVIRONMENT

PONZI SCHEMES

– ATM purchases and management, 2 charged (S.D.N.Y.), 1792
– Attorney charged with using law firm to make and sell unregistered promissory notes (N.D. Ga.), 660
– Bayou Fund

– – Advisers who recommended fund settle claims (SEC), 765
– – Brother of principal sentenced to prison and fines (S.D.N.Y.), 761
– – Oral contract re due diligence unenforceable under Statute of Frauds, dismissal affirmed (2d Cir.), 1350

– Beverly Hills fund manager, famous people falsely claimed as investors to lure investors, assets frozen (C.D. Cal.), 816; manager surrenders to FBI, 970; guilty plea, 1625
– Brini Trading, operator pleads guilty (S.D. Fla.), 1676
– Bull Trade and Profitas Capital operators indicted (S.D. Fla.), 1251
– Call options, SEC files charges in scheme (D. Haw.), 1068
– Caribbean bank, asset freeze ordered in offshore investment scheme (N.D. Tex.), 570
– CFTC has made progress against scams, Chilton says, 530
– Charitable gift annuities in Ponzi scheme are securities (9th Cir.), 1250
– Christians targeted in forex Ponzi scheme (N.D. Ga.), 1375
– Churchgoers targeted in fraudulent pool (E.D. Cal.), 1737
– Commodity futures and options contracts, assets and records of scheme frozen (M.D. Pa.), 1374
– Commodity pools

– – Axcess companies, fraudulent solicitation of participants, records and assets of operator and company frozen (C.D. Cal.), 989; asset freeze continued, 1639
– – Records destroyed after unauthorized withdrawals (N.D. Ill.), 376; preliminary injunction granted, 831
– – Texas operator sent false account statements (E.D. Tex.), 629
– – Unregistered operator, assets frozen pending CFTC and SEC charges (D. Idaho), 453

– Concealment of theft achieved by false statements to clients, broker-dealers, and accountants (E.D. Pa.), 772
– Consumer electronics notes, businessman and hedge fund manager charged in scheme (D. Minn.), 1366
– Currency

– – Diamond Ventures, preliminary injunction issued (M.D. Fla.), 1840
– – Fla. investment company faces civil and criminal charges (S.D. Fla.), 1031
– – Hedge fund fraudster sentenced to ten years (N.D. Ga.), 617
– – Off-exchange foreign currency futures trading, principals consent to freeze (W.D.N.C.), 1550
– – Suicide reveals forex scheme (W.D.N.C.), 531
– – Unregistered pool operator, emergency order freezes assets (N.D. Ga.), 137

– Custodial abuse, SEC considering contacting investors and changing exam practices for advisers, 601; meeting set to weigh proposed changes to adviser custody rule, 853
– Deaf people, charges filed by CFTC and SEC for scam (D. Haw.), 321
– Detection, SEC urged to adopt IRS screening system, 1678
– Detroit scheme, SEC gets emergency restraining order (E.D. Mich.), 1448
– Economic downturn helps SEC identify frauds (W.D.N.Y., S.D. Fla., E.D. Mich.), 48
– Electronics resale business used as front for scheme, business owner indicted (Colo. Dist. Ct.), 1076
– Fictitious investment club and REIT, registered representative gets permanent bar from FINRA, 1444
– Foreign exchange firm, assets frozen in joint CFTC and state action (S.D. Cal.), 1640
– Forgery, investment adviser used false documents to convert funds (E.D.N.Y.), 618; guilty plea entered in criminal charges, 1207
– Futures contracts scheme, SEC and CFTC announce charges (E.D. Pa.), 54; requests to unfreeze assets for personal expenses denied, 410
– Haitians targeted in scheme, SEC charges individuals and companies (S.D. Fla.), 1936
– Hedge funds

– – “Chinese Warren Buffet,” assets frozen and final judgment sought by SEC (N.D. Tex.), 661
– – Covered call options used as lure for scheme, operator charged (S.D. Cal.), 1202
– – Currency fraudster sentenced to ten years (N.D. Ga.), 617
– – Operator turns himself in, agrees to asset freeze (W.D. Okla.), 279

– Hispanics main target of alleged fraud (C.D. Cal.), 706
– Idaho adviser settles civil and criminal charges (D. Idaho), 1449
– KL Group, final conspirator pleads guilty (S.D. Fla.), 1737
– Korean-Americans targeted in alleged scheme (N.D. Cal.), 1123
– Lancer funds collapse, claims re administrator culpability in NAV fraud may proceed in part (S.D.N.Y.), 82
– Leads, number reported to CFTC doubled in 2008, study finds, 665
– Leverage Group, criminal charges and civil settlements in 30-year scheme (E.D.N.Y.), 1680
– Loans, options, and real estate used to lure investors, fraudster pleads guilty to multiple counts (C.D. Cal.), 617; sentencing, 1492
– Madoff fraud

See MADOFF FRAUD

– Mobile home residents targeted in promissory note scheme (C.D. Cal.), 1624
– Mortgage refinancing, broker faces SEC action for defrauding seniors (E.D. Mich.), 1825
– Mx Factors, operator sentenced (C.D. Cal.), 1898
– Neb. adviser indicted (D. Neb.), 1626
– Non-US IPOs, fraudster faces 180-year prison term for scheme (S.D.N.Y.), 661; 100-month sentence handed down, 1204
– Oil and gas

– – Affiliated entities used to hide operations, receiver appointed (N.D. Tex.), 1311
– – Well projects, firm sentenced and restitution ordered (S.D. Ill.), 867

– Payday loan stores ostensible investment, proceeds used to start sports-talk website, emergency relief granted (N.D. Ill.), 1201
– Political contributions, scheme operator pleads guilty to Ponzi claims, faces election fraud charges (S.D.N.Y.), 873
– Princeton Notes, final settlements against CEO reached (S.D.N.Y.), 1639
– Rebates, SEC charges broker with fraudulent scheme including inducements to existing investors (D. Colo.), 667
– Receiver, excessive attorneys' fees reduced (S.D.N.Y.), 44
– Registered representatives agree to industry ban on FINRA charges, 1674
– River Stream Fund, phony MBA pleads guilty, settles SEC charges (E.D.N.Y., S.D.N.Y.), 1202; sentencing, 1946
– Sales agent, receiver may bring claim for false profits (D. Utah), 985
– Saudi prince story used as lure, scheme operators settle with SEC (C.D. Cal.), 704
– Stanford Group

– – CFO pleads guilty (S.D. Tex.), 1613
– – CIO, bail set (N.D. Tex.), 399; obstruction of SEC investigation, indictment entered, 912
– – FINRA releases report on oversight failures, 1816
– – Receiver, SEC disputes clawback claims (N.D. Tex.), 1393; SEC opposes freeze on investor assets, 1521
– – SEC cleared in IG probe of investigation, 1435; SEC official says case highlights regulatory gaps, 1567; investigation reopened on request of Vitter (R-La) and Shelby (R-Ala), 1887
– – Security director faces criminal charges (S.D. Fla.), 1671
– – Stanford indicted, SEC adds charges (S.D. Tex.), 1206; flight risk, district court right to hold Stanford pending trial, 1613

– Tax

– – Avoider charged with fraudulent solicitation and misappropriation (E.D. Tenn.), 531
– – Relief for victims

See LEGISLATION, FEDERAL, HR 1159

– Telecommunications and hotel services, operator indicted (E.D. Mich.), 1867
– Web-based scheme, operator of get rich quick fraud charged (E.D. Wash.), 273

PREEMPTION

– Clearance and settlement, state claims re stock borrowing program preempted (8th Cir.), 457
– Consumer protection, excessive preemption blamed for lack of oversight, 501
– Indemnification, tort claims by insiders against their attorneys preempted by '34 Act (U.S., rev den), 472
– SLUSA

See SECURITIES LITIGATION UNIFORM STANDARDS ACT (SLUSA)

PRICE FIXING

– Micron must defend class action re price fixing to manipulate stock price (D. Idaho), 462

PRIVACY

– Data breach, FINRA fines broker-dealer for failure to protect customer information and misleading clients, 809
– Foreign currency broker, failure to protect client information claims settled (CFTC), 1279

PRIVATE EQUITY

– Congressman files suit against Carlyle Group re misleading statements re fund safety (Mass. Super. Ct.), 1371
– Credit crisis, related claims jumped significantly in 2008, study says, 1204
– EU, reporting requirements, legislation proposed for hedge funds and private equity, 801; draft directives criticized by UK officials, 1298
– Registration

See LEGISLATION, FEDERAL, HR 3818

– Regulation, Obama plan would require advisers to disclose information to allow SEC to assess systemic risk, 1143; further developments, see LEGISLATION, FEDERAL, S 1276

PRIVATE PLACEMENTS

– Arbitration award to investors who relied on broker statements at odds with offering documents was not improper (C.D. Cal.), 1165
– Car wash venture, lifetime bar for promoter who misappropriated funds is upheld (6th Cir.), 511
– PIPE offerings

– – Hedge fund manipulation, Analysis and Perspective, 519
– – Insider trading using short sales, summary judgment not granted (S.D.N.Y.), 566; settlement approved, 1534

– Registration exemption negated by required integration with later offering (Minn. Ct. App.), 91

PRIVATE SECURITIES LITIGATION REFORM ACT (PSLRA)

– Auction rate securities

– – Litigation strategy, information provided to government may not be discovered (S.D.N.Y.), 665
– – Specific request brings partial lift of discovery stay (S.D.N.Y.), 119

– Del., investor may not bring books and records inspection action where discovery is stayed under PSLRA (Del. Ch.), 528
– International claims, non-U.S. investors are increasingly involved in U.S. class actions, 397
– Pleadings

See PLEADING REQUIREMENTS

– RICO predicate offenses, discovery stage is too early to decide if stock loan fraud is securities claim (S.D. Ohio), 868
– Safe harbor

– – Gun manufacturer, fraud allegations may only relate to past and present demand evaluations (D. Mass.), 666
– – Health insurer, forward-looking statements about cost ratios were accompanied by cautionary language, class action dismissed (E.D. Pa.), 1160
– – Meaningful cautionary language key to broad protection (N.D. Ill.), 1783
– – Restaurants, fraud action over unmet growth projections dismissed (M.D. Fla.), 1572

– Sanctions, award amount vacated for assessment of reasonableness (2d Cir.), 1681
– Scienter

See SCIENTER

PRIVILEGED COMMUNICATIONS

– Attorney-client privilege

– – Arbitration, attorney representing member firm in FINRA action properly sanctioned for copying inadvertently disclosed privileged material (Cal. Ct. App.), 227
– – Bank of Am., N.Y. Atty. Gen. considering charges re assertion of advice of counsel defense, 1692; BoA to waive attorney-client privilege, 1901; BoA releases documents, 1940
– – Class actions, absent class member is not entitled to law firm documents (N.Y.), 941
– – Conflicts, representation of company and executives leads to suppression of evidence and potential sanctions (C.D. Cal.), 700; reversed (9th Cir.), 1822
– – Inspection rights do not include attorney-client material in claims against director (Cal. Ct. App.), 134
– – Redaction suggested as proper course for documents containing privileged and non-privileged material (S.D. Ohio), 618
– – Stock option backdating, former executives may get documents from company and professional services firms (N.D. Tex.), 1309; primary motivation analysis should guide attorney conduct and communications, expert says, 1310
– – Waiver, rewards for cooperating entities may increase pressure on institutions, attorney tells conferees, 1940

– Confidential witnesses in securities class actions

– – Analysis and Perspective, 87
– – Reliability, claims dismissed with leave to amend over contradictory statements (N.D. Cal.), 1105; repleaded claims adequate to proceed, 1893

– Deliberative process, refusal of SEC officials to testify upheld (D. Colo.), 381
– Marital communications, SEC seeks to compel testimony in insider trading investigation (N.D. Cal.), 1068
– State secrets, evidence re classified transactions largely immaterial, does not compromise ability to defend (D. Colo.), 589
– Stock option backdating, attempt by CFO to discover statements to SEC by other officers denied (N.D. Cal.), 1038

PROCEDURE

– Class actions

See CLASS ACTIONS

– Default judgment against Argentinean trader, unauthorized trading and false information (D. Conn.), 27
– Discovery

See DISCOVERY

– Evidence

See EVIDENCE

– Immunity

See IMMUNITY

– Juries

See JURIES

– Jurisdiction

See JURISDICTION

– Pleading requirements

See PLEADING REQUIREMENTS

– Preemption

See PREEMPTION

– Preliminary injunction, appeal on denial prior to final ruling moot (2d Cir.), 343
– Removal jurisdiction

See REMOVAL JURISDICTION

– Res judicata, tortious interference claim against UBS for aborted merger barred by prior action (E.D.N.Y.), 135
– SLUSA actions

See SECURITIES LITIGATION UNIFORM STANDARDS ACT (SLUSA)

– Standing

See STANDING

– Statutes of limitations

See STATUTES OF LIMITATIONS

PROXIES

– Access

– – Advisory vote on compensation, limitations on directors

See LEGISLATION, FEDERAL, S 1074

– – Corporate governance in the recession, Analysis and Perspective, 921
– – Del., state law amendments considered to allow bylaw adoptions, 528; governor signs into law, 728
– – E-proxy, Aguilar notes problems, 249; Walter prefers SEC fix e-Proxy instead of ending program, 293
– – Nominations, Schumer (D-NY) to introduce bill, 903; further developments, see LEGISLATION, FEDERAL, HR 2861
– – SEC adoption, Schapiro supports shareholder input, 149; Walter supports speedy proxy access, 411; Schapiro directs staff to draft proposals, 448; European approach examined, 804; Chamber of Commerce says SEC lacks authority to mandate, 809; Schapiro does not see danger of “fringe element” control, 855; open meeting to be held on rule changes, 899; SEC agrees to propose rule amendments in split vote, 957; legal challenge likely if measure is adopted, Special Report, 1115; Paredes reiterates objections, 1193; Walter defends SEC authority to propose proxy rule changes, 1241; groups urge SEC to extend comment period, 1312; Schapiro testifies before House panel on necessity of legislation, 1345; Del. Bar Ass'n objects to SEC proposal, 1453; panelists criticize federal activity, 1482; comments identify legal grounds for challenging SEC action, 1562; SEC bracing for possible legal challenge to rule, 1727; vote delayed to allow consideration of comments, 1811; disappointment at delay expressed in Investor Advisory Committee meeting, 1855; Walter says SEC is committed to proposal, 1863
– – Short-term gain focus by shareholders make reform measures unlikely to succeed, study says, 1733

– Advisory firms a priority for SEC Corporation Finance division, 1488
– Blank voting fields, shareholder group asks SEC to eliminate issuer discretion, 1007; further developments, see LEGISLATION, FEDERAL, HR 2861
– Broker voting, SEC eliminates, 1237
– Climate change, shareholders file resolutions seeking action, 1622
– Corporate responsibility committee, Verizon may omit proposal (SEC No-Action Letter), 35
– Cumulative voting, Bank of America and Motorola may not omit proposals (SEC No-Action Letter), 99
– Distribution of proxy materials, rule changes proposed for notice and access model, 1889
– Empowerment of shareholders would not improve governance, report says, 1937
– Enron, attorneys settle charges re material misstatements (S.D. Tex.), 184
– Executive compensation

– – Disclosure rules contemplated by SEC, 1094
– – Goldman Sachs, claim alleging proxy misstatements dismissed for presuit demand failure (E.D.N.Y.), 64

– Hostile takeover defenses to change, Attorney Insight, 1832
– Investment adviser settles claim of inadequate proxy voting policy disclosures (SEC), 869
– Japan, institutional investors, new rules encouraging disclosure of voting information likely, 909
– Mars/Wrigley merger, settlement including proxy disclosures approved (Del. Ch.), 226
– Mergers and acquisitions

– – Bank of America, SEC investigates bonuses paid to Merrill Lynch executives, 695; settlement between Bank of America and SEC rejected (S.D.N.Y.), 1476; court rebukes SEC for settlement attempt with shareholder funds, 1609; SEC defends decision not to charge executives, 1660; settlement rejected, 1718; Inspector Gen. to investigate SEC charges, 1720; joint case management proposal filed, 1781; Khuzami says rejection of settlement will not change SEC resolution process, 1810
– – Proposal, claim of careful deliberation materially misleading (Del.), 174; application of the business judgment rule to officers, Analysis and Perspective, 622

– N.D., shareholder-friendly corporate law changes examined in audioconference, 881
– Qualified proposals for bylaw amendments, law professors file amicus brief supporting action (2d Cir.), 342; Chamber of Commerce files amicus brief opposing action, 755
– REIT acquisition, sending solicitations shortly before shareholder meeting did not render them misleading (7th Cir.), 560
– Shareholder scorecard released, 1580
– Simple majority vote, NYSE Euronext may not omit proposal (SEC No-Action Letter), 187
– Special meetings, AMN Healthcare Svcs. and Burlington N. Santa Fe may not omit proposals (SEC No-Action Letter), 142
– TARP

See TROUBLED ASSET RELIEF PROGRAM (TARP)

– Uncontested director elections, NYSE proposal to drop broker discretionary voting causes controversy, 606; SEC will move ahead with proposal, 855; SEC to consider proposal at open meeting, 1190

PSLRA

See PRIVATE SECURITIES LITIGATION REFORM ACT (PSLRA)

PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

– Annual inspections, deficiencies found at PricewaterhouseCoopers, 641; audit deficiencies found at Deloitte & Touche and KPMG Canada, 793; audit deficiencies found at Ernst & Young, 1039
– Appointments and personnel issues

– – Board, Niemeier to resign, Accounting Brief, 1709
– – Chairman, Olson to step down, 1125
– – Chief Auditor, Ray to step down, Rand to serve in acting role, Accounting Brief, 438

– Audit confirmation standard, possible revisions, In Brief, 683; PCAOB agrees to issue revisions for public comment, 738; agenda released, 1912
– Broker-dealer auditors

– – Nonpublic broker-dealers, auditors must now register, 323
– – Registration without inspection, SEC is concerned with expectation gap, 891

– Constitutionality of operations confirmed (U.S., rev grant), 990; Council of Institutional Investors urges preservation of PCAOB in amicus brief, 1971
– Engagement quality review, standard redrafted, comments sought, 437; new standard adopted, 1465
– Fair value, FASB decision provokes need for clarification and enforcement, groups claim, 736
– Foreign inspections

– – Counterparts in other countries, coordination is often complex, SEC official tells conferees, 891
– – Extension of deadline for non-U.S. companies, comments sought, 838; rule amendment passed, 1229; new inspections to be sequenced over three years, 1282

– Internal controls, report finds auditors focusing appropriately, 1844
– Jurisdiction, report from SEC Inspector General to recommend expansion of authority, 1240
– Proposals, SEC seeks comment, Accounting Brief, 1183
– Q&A released directing auditors to FASB codification, 1707
– Reporting requirements to take effect, 1602
– Risk assessment and audit quality, updated guidance to be issued, 1756
– Transparency, requirement for annual congressional testimony by chairman

See LEGISLATION, FEDERAL, HR 2664

PUMP-AND-DUMP SCHEMES

See STOCK PRICE MANIPULATION