SEC Division of Enforcement Director Gurbir Grewal asserted that the "decline in trust in our financial markets" is in part a result of "repeated lapses by large businesses, gatekeepers, and other market participants." He said that regulators do not hold them sufficiently accountable.
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SEC and Public Company Accounting Oversight Board officials decried the continuing limitations on the PCAOB's ability to inspect the audit work and practices of PCAOB-registered audit firms in China.
A U.S. District Court held that compliance communications are not protected by attorney-client privilege or the work-product doctrine, and that the SEC can force an investment advisor to produce documentation of such communications.
SEC Chair Mary Jo White described progress on cooperative initiatives between the SEC and the Public Company Accounting Oversight Board.