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After receiving the unanimous consent of the U.S. Senate, Mary Jo White became the 31st chair of the SEC on April 10, according to a release on the SEC website. She had been chair of the litigation department at Debevoise & Plimpton in New York, and before that, U.S. Attorney for the Southern District of New York.
Publicly traded companies under the jurisdiction of the Securities and Exchange Commission (SEC) are required to disclose material information to all investors at the same time, a rule called Regulation Fair Disclosure, a measure enacted in 2000 in order to prevent selective disclosure that could lead some investors to have an unfair advantage over others.
The International Accounting Standards Board (IASB) has offered the U.S.
In late January, President Obama nominated attorney Mary Jo White to lead the Securities and Exchange Commission. In his January 26 weekly address discussing the appointment, he cited a reforming agenda and need to fight "irresponsible behavior."
According to a release from the SEC, the Commission has charged TheStreet Inc., which operates the website TheStreet.com, and three executives for their roles in an alleged accounting fraud that it says artificially inflated company revenues and misstated operating income to investors.
An article in Slate argues that while it's good that the SEC is cracking down on Chinese accounting firms, it is probably too little, too late at this point and that the most the commission can hope for at this point is a moral victory. This is because, argues the author, Chinese companies are already well established in U.S.
In a Dec. 3 release, the SEC began administrative proceedings against the China affiliates of each of the "Big Four" accounting firms and another large U.S. accounting firm. The SEC alleges these firms have refused to produce audit work papers and other documents related to China-based companies the SEC is investigating.
Mary Miller, currently the undersecretary of domestic finance at the U.S.
Mary Schapiro, current chair of the Securities and Exchange Commission, will step down from her position after four years of serving as the head of a major component of the U.S. financial regulatory system, according to the New York Times. Schapiro, according to the Times, was widely known to be exhausted by her tenure at the SEC and has been telegraphing her desire to leave for more than a year.