Practice

The Securities and Exchange Commission said it effected an "emergency asset freeze" against a "purported fund manager" by the name of Daniel Spitzer, based in the U.S. Virgin Islands.

The Governmental Accounting Standards Board has updated its standards for the reporting of certain financial instruments and external investment pools by government entities.

While the House is still expected to pass the final bill soon, it was unclear when the Senate would act, or whether Democrats still had enough support to enact it.

The Supreme Court ruled against the Public Company Accounting Oversight Board in a 5-4 decision, finding that the way board members are appointed is unconstitutional.

While some financial companies worry about the ramifications of the sweeping financial reform that is set to pass, asset managers appear safe, according to a report released Monday by Keefe Bruyette & Woods.

The Supreme Court ruled against the Public Company Accounting Oversight Board in a 5-4 decision, finding that the way board members are appointed is unconstitutional.

While some financial companies worry about the ramifications of the sweeping financial reform that is set to pass, asset managers won’t feel the heat.

The Supreme Court ruled this morning to uphold the tenets of the PCAOB and Sarbanes-Oxley rule in the Sarbanes Oxley Act of 2002 (SOX), Free Enterprise Fund v. Public Company Accounting Oversight Board. However, the Free Enterprise Fund and others could stage a shareholder campaign to remove board members, the high court said.

Legislators finally reached a compromise on the fiduciary standard bill late Thursday after fierce last-minute wrangling over its contents.

New York officials reached a handshake deal on the city's $62.9 billion budget late last week and spent the weekend trying to hammer out the final details as the state budget remained in legislative limbo.