Last week rumors hit the Street that BNP Paribas (EPA:BNP), one of the largest French banks, would settle with the US Department of Justice for a record $5 billion (or even $10bn, according to different sources). BNP is also facing criminal … Continue reading
Category Archives: SEC Comment Letters
2013 Comment Letters Trends and Analysis – Issues Breakdown
The Sarbanes-Oxley Act of 2002 requires the SEC to review the financial statements of every public company at least once every three years, while permitting more frequent reviews as needed. According to the SEC 2013 Annual Report, the agency reviewed … Continue reading
SEC: Taxes in Season
Last Friday, the Wall Street Journal published an interesting piece from Emily Chasan about the SEC, taxes and comment letters. In that article, Ms. Chasan reported that the SEC grilled a number of companies on their disclosures regarding the possible … Continue reading
SEC Comment Letters: Good Question, Let me Think About It
Interviewing for a job is something almost everyone has experienced. Some have done more, others less, but either way it is a fairly routine matter. A candidate sends in a resume, prepares a narrative, dresses up, appears on time and the … Continue reading
SEC Law Firms: Comment Letter Activity
Imagine a CFO walking into his office to start the day. As he puts down his cup of coffee, he notices an envelope placed on his keyboard, where he can’t miss it. On the envelope is the unmistakable seal of … Continue reading
Restatements: Where They Come From
Ever since the days of Enron, financial restatements have been considered big news. Not all accounting mistakes are created equal, of course: thousands are discovered every year, but most are not material enough even to warrant a disclosure. A few, … Continue reading
Increased SEC Scrutiny Over Sovereign Debt Disclosure
As severe financial crisis has spread from Greece to larger countries such as Spain and Italy, voices warning against exposure to sovereign debt have gotten louder. The Cypriot government’s attempt to impose up to a 9.9% tax on bank deposits … Continue reading