A Long List of Challenges
for Incoming SEC Chief

Almost universally, SEC watchers say Mary Schapiro is a superb candidate to take over as chairwoman of the Commission later this month. That’s good, because only a superb leader stands a chance of solving the SEC’s many problems. A look at those challenges is inside.

Accounting Problems Ahead

Financial reporting executives should prepare themselves; from fair-value accounting to spats with auditors to unforeseen problems blowing up the balance sheet, 2009 will be a bear.

Struggling for Global Reforms

Britain, the European Union, Japan: All are racing to react to the financial crisis, and happen to be digesting governance reforms from the previous crises back in 2002. A round-the-world tour of the state of governance regulation in 2009 is inside.

Sub-Prime Litigation Looms

Lawsuits over the sub-prime mortgage implosion will fill courthouses across the country this year—and several major rulings in 2008 will have huge implications for how far those suits can proceed. “This should be a telling year,” says Jennifer Rearden of the law firm Gibson, Dunn & Crutcher.

When You Can Avoid Sec. 404(b)

A reader recently asked whether loss of his status as an accelerated filer means he can dodge compliance with Section 404(b) this year—and whether that’s even a good idea. We asked Bob Benoit, an expert on SOX compliance for small companies, to provide an answer.

Auditing Identity Management

Fraud happens when someone does something he shouldn’t be able to do; identity management systems are supposed to catch and prevent those schemes. But how do you audit your identity management efforts to ensure strong internal controls? Compliance Week contributor José Tabuena offers his thoughts.

SEC Defends Fair Value
Calls for More Guidance

The SEC is urging Congress not to tinker with fair-value accounting rules as a way out of the financial crisis, and instead let regulators issue more guidance around reporting write-downs of bad assets. Financial reporting experts such as Cindy Fornelli, director of the Center for Audit Quality, praise the SEC plan.

CW’s 2009 Global Integrity Survey

We need your help! Compliance Week and Integrity Interactive are preparing a major survey of concerns about corporate integrity, to be conducted early this year. Details on how to participate are inside.

Does SEC Revolving Door
Hurt Enforcement Action?

The Madoff Ponzi scheme has revived old bromides that SEC enforcement is weak because agency lawyers are always running off to lucrative private practice. CW legal Columnist Bruce Carton, a former SEC lawyer himself, disagrees: The revolving door opens the way to better enforcement, he says. More is inside.

Foreign Investors Keep Taste
for Litigation in U.S. Courts

The trend of foreign investors’ involvement in U.S. securities class-action lawsuits remains alive and well, according to RiskMetrics Group. More investors in more countries are suing here and pushing class-action suits in foreign courts as well.

2009 Means e-Proxy Rules for All

Happy New Year! Now be sure you’re in compliance with federal e-proxy rules, which become mandatory for all public companies, of any size, starting this month.

FIN 48 Delayed for Private Cos.

FIN 48, the onerous rule that requires public companies to disclose their certainty (or not) about tax strategies has been delayed (yet again) for private entities.

New Accounting Chief at UGI Corp.

UGI Corp., a natural gas company, has tapped Davinder Athwal to serve as chief accounting and risk officer. More industry personnel news is on our Scuttlebutt blog.

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