Regulatory Roundup: May 30-June 5

Central States Pension Fund:
Investment Policy Decisions and Challenges Facing the Plan
GAO-18-106:Published: Jun 4, 2018. Publicly Released: Jun 4, 2018.

Veterans Choice Program:
Improvements Needed to Address Access-Related Challenges as VA Plans Consolidation of its Community Care Programs
GAO-18-281:Published: Jun 4, 2018. Publicly Released: Jun 4, 2018.

Black Lung Benefits Program:
Options for Improving Trust Fund Finances
GAO-18-351:Published: May 30, 2018. Publicly Released: Jun 4, 2018.

National Science Foundation:
Revised Policies on Developing Costs and Schedules Could Improve Estimates for Large Facilities
GAO-18-370:Published: Jun 1, 2018. Publicly Released: Jun 1, 2018.

Animal Use in Federal Research:
Agencies Share Information, but Reporting and Data Quality Could Be Strengthened
GAO-18-459:Published: May 31, 2018. Publicly Released: May 31, 2018.

B61-12 Nuclear Bomb:
Cost Estimate for Life Extension Incorporated Best Practices, and Steps Being Taken to Manage Remaining Program Risks
GAO-18-456:Published: May 31, 2018. Publicly Released: May 31, 2018.

Capital Investment Grants Program:
FTA Should Address Several Statutory Provisions
GAO-18-462:Published: May 31, 2018. Publicly Released: May 31, 2018.

Federal Disaster Assistance:
Individual Assistance Requests Often Granted but FEMA Could Better Document Factors Considered
GAO-18-366:Published: May 31, 2018. Publicly Released: May 31, 2018.

Federal Judiciary:
The Administrative Office of the U.S. Courts Should Ensure Financial Disclosure Redaction Reports Are Submitted to Congress Annually
GAO-18-406:Published: May 31, 2018. Publicly Released: May 31, 2018.

Improper Payments:
Actions and Guidance Could Help Address Issues and Inconsistencies in Estimation Processes
GAO-18-377:Published: May 31, 2018. Publicly Released: May 31, 2018.

2016 Presidential Campaign:
Actions Needed to Address U.S. Secret Service Overpayments for Travel Costs
GAO-18-419:Published: May 30, 2018. Publicly Released: May 31, 2018.

Counterterrorism:
DOD Should Fully Address Security Assistance Planning Elements in Global Train and Equip Project Proposals
GAO-18-449:Published: May 30, 2018. Publicly Released: May 30, 2018.

DOD Personnel:
Further Actions Needed to Strengthen Oversight and Coordination of Defense Laboratories' Hiring Efforts
GAO-18-417:Published: May 30, 2018. Publicly Released: May 30, 2018.

Foster Care:
Additional Actions Could Help HHS Better Support States' Use of Private Providers to Recruit and Retain Foster Families
GAO-18-376:Published: May 30, 2018. Publicly Released: May 30, 2018.

Missile Defense:
The Warfighter and Decision Makers Would Benefit from Better Communication about the System's Capabilities and Limitations
GAO-18-324:Published: May 30, 2018. Publicly Released: May 30, 2018.

Climate Change:
Analysis of Reported Federal Funding
GAO-18-223:Published: Apr 30, 2018. Publicly Released: May 30, 2018.

IASB

05 June 2018
Joint CMAC-GPF meeting—Agenda papers available

31 May 2018
May IASB podcast ready for listening

31 May 2018
IFRS Taxonomy 2017 now available in Hungarian

31 May 2018
IFRS Taxonomy 2017 now available in Korean

IRS

IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings
IR-2018-131, June 4, 2018 -- The Internal Revenue Service (IRS) today announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax regarding the due date for relevant elections.

IRS Tax Forum ‘early bird’ registration ends June 15
IR-2018-130, June 4, 2018 — The Internal Revenue Service is reminding tax professionals that reduced cost “early bird” registration for all five 2018 IRS Nationwide Tax Forums ends June 15 at 5 p.m. Eastern time.

IRS continues warning on impersonation scams; Reminds people to remain alert to other scams, schemes this summer
IR-2018-129, May 31, 2018 – With tax season completed, the Internal Revenue Service today warned taxpayers to remain vigilant for phishing emails and telephone scams.

NYC Dept. of Finance

June 1, 2018
Finance Memoranda #18-5 June 1, 2018 Implementation of the Other Tobacco Products (OTP) Tax

SEC

SEC Modernizes the Delivery of Fund Reports and Seeks Public Feedback on Improving Fund Disclosure
Washington D.C., June 5, 2018 — Yesterday, the Commission voted to improve the experience of investors who invest in mutual funds, ETFs and other investment funds. In three related releases, the Commission provided a new, optional “notice and access” method for delivering fund shareholder reports, invited investors and others to share their views on improving fund disclosure and sought feedback on the fees that intermediaries charge for delivering fund reports. These actions are part of a long-term project, led by the Division of Investment Management, to explore modernization of the design, delivery and content of fund disclosures for the benefit of investors.

SEC Charges Investment Adviser and Two Former Managers for Misleading Retail Clients
Washington D.C., June 4, 2018 — The Securities and Exchange Commission announced that New York-based investment adviser deVere USA, Inc. has agreed to pay an $8 million civil penalty related to its failure to disclose conflicts of interest to its retail clients. The settlement will result in the establishment of a Fair Fund for distribution of the penalty to affected clients. The SEC also announced the filing of a litigated action against two deVere USA investment adviser representatives, one of whom was the CEO of the firm.

SEC Charges 13 Private Fund Advisers for Repeated Filing Failures
Washington D.C., June 1, 2018 —The Securities and Exchange Commission announced settlements with 13 registered investment advisers who repeatedly failed to provide required information that the agency uses to monitor risk. According to the SEC’s orders, the advisers failed to file annual reports on Form PF informing the agency about the private funds they advise, including the amount of assets under management, fund strategy, performance, and use of borrowed money and derivatives. Private fund advisers managing $150 million or more of assets have been required to make annual filings on Form PF since 2012. The orders found that the 13 advisers were delinquent in their filings over multi-year periods.

SEC Charges Investment Banker in Insider Trading Scheme
Washington D.C., May 31, 2018 — The Securities and Exchange Commission charged an employee of a prominent investment bank with repeatedly using his access to highly confidential information in order to place illicit and profitable trades in advance of deals on which the bank was providing investment banking advisory services. According to the SEC’s complaint, Woojae “Steve” Jung, a Vice President of Investment Banking who worked in the bank’s San Francisco and New York offices, used sensitive client information in order to trade in the securities of 12 different companies prior to the announcement of market-moving events.

SEC Charges Long Island Investment Professional in $8 Million Scam Targeting Long-Standing Brokerage Customers
Washington D.C., May 30, 2018 —The Securities and Exchange Commission charged a former registered representative with defrauding long-standing brokerage customers in an $8 million investment scam.

SEC Announces Agenda for June 14 Investor Advisory Committee Meeting in Atlanta
Washington D.C., May 30, 2018 —The Securities and Exchange Commission announced that the SEC Investor Advisory Committee (IAC) will hold its first-ever meeting outside Washington, D.C. on June 14, 2018 at 8:30 a.m. in Atlanta. In another first, all five SEC Commissioners are planning to hold an “Investing in America” Town Hall in Atlanta on June 13 from 2 p.m. to 4 p.m. to meet with, and hear from, Main Street investors.

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