Regulatory Roundup - Dec. 15-Jan. 4
AICPA
Press Release
AICPA Issues New White Paper For Auditors Conducting SOC Engagements of Organizations That Use Blockchain
December 22, 2020
Press Release
AICPA Supports Omnibus Legislation Allowing Deductibility for PPP Loan
AICPA president and CEO, Barry Melancon, CPA, CGMA, releases statement in response to the COVID-19 Relief Bill, the Consolidated Appropriations Act of 2021.
December 21, 2020
Press Release
This proposal splits PPP borrowers into ‘good’ and ‘bad’ groups and distracts Congress from its important work of getting relief to small businesses and their employees.
December 18, 2020
Press Release
Jennifer brings deep knowledge of public accounting practices, standards and technology’s impacts and benefits on audit and attestation services.
December 17, 2020
Press Release
21 Financial Resolutions for 2021 from the AICPA
AICPA Financial Literacy Commission suggest 2021 New Year’s financial resolutions to help Americans improve financial well-being.
December 15, 2020
CBO
Report
Federal Policies in Response to Declining Entrepreneurship
December 29, 2020
CBO examines the falloff in entrepreneurship, its potential economic consequences, factors that have contributed to it, and ways that federal policies could be changed to reverse the trend.
Cost Estimate
H.R. 1109, Mental Health Services for Students Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 1379, Ensuring Lasting Smiles Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 2075, School-Based Health Centers Reauthorization Act of 2019
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 2281, Easy MAT for Opioid Addiction Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 2466, State Opioid Response Grant Authorization Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 2519, Improving Mental Health Access from the Emergency Department Act of 2019
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 2564, Medicare Enrollment Protection Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 3131, South Asian Heart Health Awareness and Research Act of 2020
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 3539, Behavioral Intervention Guidelines Act of 2019
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 3797, Medical Marijuana Research Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 4078, EARLY Act Reauthorization of 2019
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 4439, Creating Hope Reauthorization Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 4499, NIMHD Research Endowment Revitalization Act of 2019
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 4764, TRANSPLANT Act of 2019
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 4861, Effective Suicide Screening and Assessment in the Emergency Department Act of 2019
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 5469, Pursuing Equity in Mental Health Act of 2019
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 5572, Family Support Services for Addiction Act of 2020
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 5855, Bipartisan Solution to Cyclical Violence Act of 2020
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 7293, STANDUP Act of 2020
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 7948, Tribal Health Data Improvement Act of 2020
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 8121, Pandemic Effects on Home Safety and Tourism Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 8128, Consumer Safety Technology Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 8134, Consumer Product Safety Inspection Enhancement Act
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
H.R. 945, Mental Health Access Improvement Act of 2019
December 23, 2020
As ordered reported by the House Committee on Energy and Commerce on September 9, 2020
Cost Estimate
S. 4884, COVID–19 Home Safety Act of 2020
December 23, 2020
As reported by the Senate Committee on Commerce, Science, and Transportation on December 15, 2020
Cost Estimate
Division M of H.R. 133, the Consolidated Appropriations Act, 2021
December 22, 2020
As cleared by the Congress on December 21, 2020
Cost Estimate
H.R. 3935, Protecting Patients Transportation to Care Act
December 22, 2020
As passed by the House of Representatives on September 21, 2020
Cost Estimate
H.R. 5187, Housing is Infrastructure Act of 2020
December 22, 2020
As ordered reported by the House Committee on Financial Services on February 28, 2020
Cost Estimate
December 22, 2020
As ordered reported by the House Committee on the Judiciary on September 9, 2020
Cost Estimate
December 21, 2020
As posted on the House Committee on Rules Website on December 21, 2020
Working Paper
December 21, 2020
CBO describes the methods that it uses to project interest rates.
Report
December 18, 2020
Report
CBO's 2020 Long-Term Projections for Social Security: Additional Information
December 16, 2020
Report
Federal Net Interest Costs: A Primer
December 15, 2020
Report
The Accuracy of CBO’s Budget Projections for Fiscal Year 2020
FAF
Financial Accounting Foundation Appoints Eight New Members to the Financial Accounting Standards Advisory Council (FASAC) [12/21/20]
Private Company Council [12/14/20]
December 3, 2020 Meeting Recap
FASB
FASB Proposes Accounting Alternative to the Goodwill Triggering Event Assessment for Certain Private Companies and Organizations [12/21/20]
Media Advisory
Exposure Document
2021 GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy, and XBRL US DQC Rules Taxonomy Now Available [12/17/20]
Media Advisory
FASB Proposes Improvements to Accounting for Acquired Revenue Contracts with Customers in a Business Combination [12/15/20]
Media Advisory
Exposure Document
GAO
Information Technology:
DOD Software Development Approaches and Cybersecurity Practices May Impact Cost and Schedule
GAO-21-182: Published: Dec 23, 2020. Publicly Released: Dec 23, 2020.
Commercial Space Transportation:
FAA Should Examine a Range of Options to Support U.S. Launch Infrastructure
GAO-21-154: Published: Dec 22, 2020. Publicly Released: Dec 22, 2020.
Defense Health Care:
Efforts to Ensure Beneficiaries Access Specialty Care and Receive Timely and Effective Care
GAO-21-143: Published: Dec 22, 2020. Publicly Released: Dec 22, 2020.
Science & Tech Spotlight:
Tracing the Source of Chemical Weapons
GAO-21-271SP: Published: Dec 21, 2020. Publicly Released: Dec 21, 2020.
Automated Technologies:
DOT Should Take Steps to Ensure Its Workforce Has Skills Needed to Oversee Safety
GAO-21-197:Published: Dec 18, 2020. Publicly Released: Dec 18, 2020
Drinking Water:
EPA Could Use Available Data to Better Identify Neighborhoods at Risk of Lead Exposure
GAO-21-78: Published: Dec 18, 2020. Publicly Released: Dec 18, 2020.
Recycling:
Building on Existing Federal Efforts Could Help Address Cross-Cutting Challenges
GAO-21-87: Published: Dec 18, 2020. Publicly Released: Dec 18, 2020.
Amateur Athletes:
The U.S. Center for SafeSport's Response and Resolution Process for Reporting Abuse
GAO-21-128R: Published: Dec 18, 2020. Publicly Released: Dec 18, 2020.
Emergency Responder Safety:
States and DOT Are Implementing Actions to Reduce Roadside Crashes
GAO-21-166: Published: Dec 17, 2020. Publicly Released: Dec 17, 2020.
Federal Research:
Agencies Need to Enhance Policies to Address Foreign Influence
GAO-21-130: Published: Dec 17, 2020. Publicly Released: Dec 17, 2020.
Intelligence Community:
Additional Actions Needed to Strengthen Workforce Diversity Planning and Oversight
GAO-21-83: Published: Dec 17, 2020. Publicly Released: Dec 17, 2020.
Coast Guard:
Actions Needed to Improve National Vessel Documentation Center Operations
GAO-21-100: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Data Governance:
Agencies Made Progress in Establishing Governance, but Need to Address Key Milestones
GAO-21-152: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Financial Stability:
GAO-21-167: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Lead Paint in Housing:
HUD Has Not Identified High-Risk Project-Based Rental Assistance Properties
GAO-21-55: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Medicaid Long-Term Services and Supports:
Access and Quality Problems in Managed Care Demand Improved Oversight
GAO-21-49: Published: Nov 16, 2020. Publicly Released: Dec 16, 2020.
Disaster Housing:
Improved Cost Data and Guidance Would Aid FEMA Activation Decisions
GAO-21-116: Published: Dec 15, 2020. Publicly Released: Dec 15, 2020.
Information Technology:
Federal Agencies Need to Take Urgent Action to Manage Supply Chain Risks
GAO-21-171: Published: Dec 15, 2020. Publicly Released: Dec 15, 2020.
NASA Human Space Exploration:
Significant Investments in Future Capabilities Require Strengthened Management Oversight
GAO-21-105: Published: Dec 15, 2020. Publicly Released: Dec 15, 2020
The Nation's Fiscal Health:
Information on the Spending and Revenue Implications of Potential Debt Targets
GAO-21-211: Published: Dec 15, 2020. Publicly Released: Dec 15, 2020.
HHS Uses Multiple Mechanisms to Help Ensure Compliance with 340B Requirements
GAO-21-107: Published: Dec. 14, 2020 Publicly Released: Dec. 14, 2020
Substance Use Disorder:
Reliable Data Needed for Substance Abuse Prevention and Treatment Block Grant Program
GAO-21-58: Published: Dec. 14, 2020 Publicly Released: Dec. 14, 2020
IASB
23 December 2020
December 2020 IFRS for SMEs Update published
December 2020 IASB podcast available now
December 2020 IASB Update available and work plan updated
IASB issues IFRS Taxonomy Update for Interest Rate Benchmark Reform—Phase 2
Issue 22 of the Investor Update published
Speech: IASB Chair’s virtual keynote in Japan
IFRS Foundation appoints Robert Pozen, Kenneth Robinson and Erhard Schipporeit as new Trustees
IRS
IR-2020-281, December 31, 2020 – The Treasury Department and the Internal Revenue Service today issued guidance providing an extension of the safe harbor for taxpayers developing renewable energy projects offshore or on federal land.
Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans
IR-2020-280, December 29, 2020 – Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.
IRS issues standard mileage rates for 2021
IR-2020-279, December 22, 2020 — The IRS today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Year-end reminder: Expanded tax benefits help individuals and businesses give to charity during 2020
IR-2020-278, December 18, 2020 – The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year.
Get Ready for Taxes: Stay home and stay safe with IRS online tools
IR-2020-277, December 16, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021.
NYS
Superintendent Lacewell Announces Grant of DFS Trust Charter To Enable GMO to Engage in New York’s Growing Virtual Currency Marketplace
December 29, 2020
Noncompliant Tax Preparers Fined Nearly $3.8 Million in 2020
December 29, 2020
Governor Cuomo Announces New Guidance from Department of Financial Services to Further Grow Hospital Capacity
December 23, 2020
Two Business Owners Charged With $2.6 Million Fraud Against New York State Insurance Fund
December 23, 2020
Department of Financial Services Announces Final Regulation Setting Standards for NY Health Insurance ID Cards
December 23, 2020
Superintendent Lacewell Announces DFS Approves New York State-Chartered BNB Bank’s Acquisition of Dime Community Bank
December 22, 2020
DFS Approves NYS-Chartered Sunmark Credit Union’s Acquisition of Columbia-Greene Credit Union and Hudson River Financial Credit Union
December 22, 2020
Brooklyn Tax Preparer Pleads Guilty to Criminal Tax Fraud For Stealing Sales Tax Payments From Clients
December 18, 2020
Superintendent Lacewell Announces DFS Issues Emergency Regulation
December 16, 2020
Governor Cuomo Updates New Yorkers On the State's Vaccination Administration Plan
December 16, 2020
Superintendent Lacewell Announces DFS Approves New Bank Branch
December 16, 2020
SEC
Jed Hickman Named SEC’s EDGAR Business Office Director
2020-344, Dec. 30, 2020 — The Securities and Exchange Commission today announced that it has named Jed Hickman as the Director of the SEC’s EDGAR Business Office (EBO). Mr. Hickman, who has been serving as Acting Director of the office since April 2019, will assume his new role immediately.
SEC Charges Jewelry Wholesaler with Fraudulent Securities Offering Targeting Current and Retired Police Officers and Firefighters
2020-343, Dec. 30, 2020 —The Securities and Exchange Commission today charged Gregory Altieri, of Melville, New York, for operating a fraudulent Ponzi-like scheme that defrauded current and retired police officers and firefighters, among others, and misappropriating investor funds.
Elad Roisman Named Acting Chairman of the SEC
2020-342, Dec. 28, 2020 — The Securities and Exchange Commission today announced that President Donald J. Trump has designated Elad L. Roisman as Acting Chairman of the agenc
SEC Obtains Emergency Asset Freeze, Charges Crypto Fund Manager with Fraud
2020-341, Dec. 28, 2020 — The Securities and Exchange Commission today announced that it filed an emergency action and obtained an order imposing an asset freeze and other emergency relief against Virgil Capital LLC and its affiliated companies in connection with an alleged securities fraud relating to Virgil Capital's flagship cryptocurrency trading fund, Virgil Sigma Fund LP. The Commission's action alleges that the fraud was directed by Stefan Qin, an Australian citizen and part-time resident of New York, who owns and controls Virgil Capital and its affiliated companies.
SEC Issues Statement and Requests Comment Regarding the Custody of Digital Asset Securities by Special Purpose Broker-Dealers
2020-340, Dec. 23, 2020 — The Securities and Exchange Commission today issued a statement and request for comment regarding the custody of digital asset securities by broker-dealers in order to encourage innovation around the application of Securities Exchange Act Rule 15c3-3 to digital asset securities.
SEC Chief of Staff Sean Memon Announces Plans to Conclude Tenure
2020-339, Dec. 23, 2020 — The Securities and Exchange Commission today announced that Sean Memon will conclude his tenure as the agency's Chief of Staff in January 2
SEC Charges Ripple and Two Executives with Conducting $1.3 Billion Unregistered Securities Offering
2020-338, Dec. 22, 2020 — The Securities and Exchange Commission announced today that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.
Charles Koretke Named Managing Executive of Division of Examinations
2020-337, Dec. 22, 2020 — The Securities and Exchange Commission today announced that Charles Koretke has been named Managing Executive of the Division of Examinations. In this role, Mr. Koretke will manage and lead Examinations’ business operations in the areas of human capital, examiner training and development, budget formulation and execution, planning and executing information technology initiatives, and the provision of analytical services that support examinations. He also will serve as Examinations’ primary liaison to other SEC divisions and offices on these matters. Mr. Koretke has been serving as Examinations’ Acting Managing Executive since October 2019.
SEC Proposes Amendments to Rule 144 and Form 144
2020-336, Dec. 22, 2020 — The Securities and Exchange Commission today voted to propose an amendment to Rule 144 under the Securities Act of 1933 to revise the holding period determination for securities acquired upon the conversion or exchange of certain "market-adjustable securities." The proposed amendment is intended to reduce the risk of unregistered distributions in connection with sales of those securities. The Commission also voted to propose amendments to update and simplify the Form 144 filing requiremen
Dalia Blass to Conclude Tenure as Director of the Division of Investment Management
2020-335, Dec. 22, 2020 — The Securities and Exchange Commission today announced that Dalia Blass, Director of the Division of Investment Management, will depart the SEC in January after leading the Division since September 2017. Under her leadership, the Division finalized more than 70 regulatory initiatives affecting investment companies and investment adviser
SEC Adopts Modernized Marketing Rule for Investment Advisers
2020-334, Dec. 22, 2020 — The Securities and Exchange Commission today announced it had finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors. The amendments create a single rule that replaces the current advertising and cash solicitation rules. The final rule is designed to comprehensively and efficiently regulate investment advisers’ marketing communications.
SEC Awards Over $1.6 Million to Whistleblower
2020-333, Dec. 22, 2020 — The Securities and Exchange Commission today announced an award of more than $1.6 million to a whistleblower whose tip significantly contributed to the success of an enforcement action. The whistleblower produced critical information about an ongoing fraudulent scheme and provided extensive assistance to the investigative staff, including by participating in meetings and furnishing high-quality evidence
SEC Issues Substituted Compliance Order for Germany and Notice of Substituted Compliance Application and Proposed Substituted Compliance Order for France
2020-332, Dec. 22, 2020 —The Securities and Exchange Commission voted to take two actions to advance implementation of security-based swap regulation under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. First, the Commission is publishing a final substituted compliance order in response to an application by Germany’s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). In addition, the Commission is publishing a notice of application and proposed substituted compliance order in response to an application by France’s Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudential et de Résolution (ACPR).
SEC and CONSOB Sign New Supervisory Cooperation Arrangement
2020-331, Dec. 22, 2020 — The Securities and Exchange Commission and the Commissione Nazionale per le Società e la Borsa (CONSOB) today announced the signing of a Memorandum of Understanding (MOU) concerning consultation, cooperation and the exchange of information regarding the supervision of regulated entities that conduct financial services business in the U.S., Italy, or both.
SEC Names John Moses as Deputy Director of Office of Investor Education and Advocacy
2020-330, Dec. 21, 2020 — The Securities and Exchange Commission today named John Moses as Deputy Director of the SEC’s Office of Investor Education and Advocacy (OIEA). Mr. Moses joins Mary Head, who has been Deputy Director of OIEA since 2009. In his new role, Mr. Moses will help lead OIEA’s outreach, education, and consultation efforts, including its efforts to enhance investors’ understanding of and access to financial services. Working with divisions and offices across the SEC, including its 11 regional offices, Mr. Moses will advance OIEA and SEC financial inclusion initiatives to support Americans, particularly in underrepresented communities, as they access the capital markets and broader financial system.
SEC Charges Company and CEO for $119 Million Securities Fraud Targeting Members of the South Asian American Community
2020-329, Dec. 21, 2020 —The Securities and Exchange Commission today announced that it filed an emergency action against California-based real estate development company SiliconSage Builders LLC, aka Silicon Sage Builders, and its sole owner, Sanjeev Acharya, in connection with an alleged $119 million fraudulent offerin
S.P. Kothari to Conclude Tenure As SEC Chief Economist and Division of Economic and Risk Analysis Director
2020-328, Dec. 21, 2020 — The Securities and Exchange Commission today announced that S.P. Kothari, Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis, will conclude his tenure by the end of January.
SEC Charges Biotech Company and CEO With Fraud Concerning COVID-19 Blood Testing Device
2020-327, Dec. 18, 2020 — The Securities and Exchange Commission today announced charges against California-based biotechnology company Decision Diagnostics Corp. and its CEO, Keith Berman, with making false and misleading claims in numerous press releases that the company had developed a working, break-through technology that could accurately detect Covid-19 through a quick blood test. The SEC temporarily suspended trading in Decision Diagnostics' securities on April 23, 2020.
SEC Releases 2020 Office of Credit Rating Reports
2020-326, Dec. 18, 2020 — The Securities and Exchange Commission today issued the Annual Report on Nationally Recognized Statistical Rating Organizations (NRSROs) and the 2020 Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization. The annual report discusses, among other topics, the state of competition, transparency, and conflicts of interest among the firms. The exam report provides a comprehensive overview of the Office of Credit Rating (OCR)’s examinations of the NRSROs, including, among other things, the staff’s essential findings and recommendations
SEC Issues Multiple Whistleblower Awards Totaling Over $3.6 Million
2020-325, Dec. 18, 2020 — The Securities and Exchange Commission today announced whistleblower awards in connection with three separate enforcement actions totaling over $3.6 million.
Small Business Advocate Releases Annual Report for Fiscal Year 2020
2020-324 Dec. 18, 2020 — The SEC’s Office of the Advocate for Small Business Capital Formation issued its Annual Report for Fiscal Year 2020 today. The report provides comprehensive data on the state of small business capital formation, a summary of the Office’s activities in supporting small business and their investors, and policy recommendations from the Office.
SEC Announces the Creation of the Security-Based Swaps Joint Venture, Led by Division of Examinations and Division of Trading and Markets
2020-323., Dec. 18, 2020 — The Securities and Exchange Commission today announced the creation of the Security-Based Swaps Joint Venture, a collaborative venture among several SEC divisions and offices that will be responsible for coordinating functions related to the regulation of security-based swaps (SBS) and oversight of certain entities that will be required to register with the SEC (SBS entities).
SEC Approves 2021 PCAOB Budget and Accounting Support Fee
2020-322, Dec. 17, 2020 — The Securities and Exchange Commission voted today to approve the 2021 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fe
SEC Charges Robinhood Financial With Misleading Customers About Revenue Sources and Failing to Satisfy Duty of Best Execution
2020-321, Dec. 17, 2020 — The Securities and Exchange Commission today charged Robinhood Financial LLC for repeated misstatements that failed to disclose the firm’s receipt of payments from trading firms for routing customer orders to them, and with failing to satisfy its duty to seek the best reasonably available terms to execute customer orders. Robinhood agreed to pay $65 million to settle the charges.
SEC Adopts Clearing Agency Rule to Limit Potential for Overlapping or Duplicative Regulation
2020-320, Dec. 16, 2020 — The Securities and Exchange Commission today announced that it has adopted a rule to limit the potential for overlapping or duplicative regulation within its security-based swap regulatory regime. Specifically, the rule exempts certain activities of security-based swap execution facilities and security-based swap dealers from triggering the requirement also to register as a clearing agency, in line with similar exemptions for broker-dealers and national securities exchanges.
Luckin Coffee Agrees to Pay $180 Million Penalty to Settle Accounting Fraud Charges
2020-319 Dec. 16, 2020 — The Securities and Exchange Commission today charged China-based company Luckin Coffee Inc. with defrauding investors by materially misstating the company’s revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth and increased profitability and to meet the company’s earnings estimates. Luckin, whose American Depositary Shares traded on Nasdaq until July 13, 2020, has agreed to pay a $180 million penalty to resolve the charges.
SEC Adopts Final Rules for the Disclosure of Payments by Resource Extraction Issuers
2020-318, Dec. 16, 2020 — The Securities and Exchange Commission today voted to adopt final rules that will require resource extraction issuers that are required to file reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas, or minerals. The rules implement Section 13(q) of the Exchange Act, which was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The rules are intended both (1) to achieve the statutory objective of increasing the transparency of payments to governments for the purpose of the commercial develop
Brett W. Redfearn to Conclude Transformative Tenure as SEC Trading and Markets Director
2020-317, Dec. 15, 2020 — The Securities and Exchange Commission today announced that Brett Redfearn, Director of the SEC’s Division of Trading and Markets, will conclude his tenure as Director by the end of the year after leading the Division for over three yea
SEC Awards More Than $300,000 to Whistleblower with Audit Responsibilities
2020-316, Dec. 14, 2020 —The Securities and Exchange Commission today announced an award of more than $300,000 to a whistleblower whose high-quality information and continuing assistance significantly contributed to a successful enforcement action.
TIGTA
December 28, 2020
Systems Processing Economic Impact Payments Performed Well and the Get My Payment Application Security Vulnerabilities Are Being Remediated
December 28, 2020
Fiscal Year 2021 Biannual Independent Assessment of Private Collection Agency Performance
December 23, 2020
Consolidation of Examination Case Selection and Assignment in the Tax Exempt and Government Entities Division Created Benefits, but Additional Improvements Are Needed
December 21, 2020
Security Controls Over Electronic Crimes Labs Need Improvement
December 15, 2020
Expansion of Self-Correction for Electronic Filers and Other Improvements Could Reduce Taxpayer Burden and Costs Associated With Tax Return Error Resolution