BDO Assurance Practice SEC Newsletter - January 2016
Significant 2015 Developments
Consistent with Chair White’s focus over the past few years, the Commission’s 2015 agenda continued to be dominated by rulemaking required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the Jumpstart Our Business Startups (JOBS) Act of 2012. The Commission made progress on the backlog of Dodd-Frank rulemaking related to executive compensation matters, including a final rule on pay ratio disclosures and proposals on pay vs. performance disclosures and compensation clawback policies. In December, the Commission re-proposed a rule to require resource extraction issuers to disclose payments made to the U.S. and foreign governments. The re-proposal followed a Court decision in July 2013 to vacate the rule requiring disclosure of the same information that the SEC adopted in 2012. The Commission also completed all of the major rulemaking required by the JOBS Act, including final rules related to crowdfunding and amendments to Regulation A. The Commission and its staff now need to focus on implementing the provisions of the Fixing America’s Surface Transportation (FAST) Act, which was passed in December and included provisions that amend securities laws, some of which became effective immediately.