Daily Archives: August 22, 2008, 12:31 pm

DC Circuit Finds PCAOB Constitutional

In a highly anticipated opinion, the U.S. Appeals Court for the District of Columbia Circuit held today that the Public Company Accounting Oversight Board created by the Sarbanes-Oxley Act to oversee auditors is, in fact, constitutional.  As reported by Bloomberg, a Las Vegas accounting firm challenged the board’s legality in a 2006 lawsuit, arguing its makeup violated the Constitution’s separation…

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Canada: Expert Panel on Securities Regulation Working to Create Effective National Securities Regulator

In Canada, a group called the Expert Panel on Securities Regulation, established by Finance Minister Jim Flaherty in February, is working to create a new model for a national securities regulator, and a road map to replacing the country’s fragmented system of 13 provincial and territorial securities commissions. Canwest News Service reports that firms presenting to the panel include most…

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Stoneridge No Help to Defendants in Bristol-Myers Case

Diving deeper into the recent federal court decision previously discussed here denying Bristol-Myers’ (BMY) motion to dismiss a securities class action, the New York Law Journal takes a look at the impact of the Supreme Court’s recent Stoneridge case on the decision.  According to the article, one of the defendants sought to be dismissed from the suit under Stoneridge, which limited liability…

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