SIFMA supported a Congressional joint resolution sponsored by Senator Cynthia Lummis (R-WY) and Representatives Mike Flood (R-NE) and Wiley Nickel (D-NC) to disapprove SEC Staff Accounting Bulletin No. 121, which prevents banks from providing custodial services to digital assets investors by requiring them to keep those assets on-balance sheet.
News & Insights
The U.S. District Court for the Southern District of New York granted the SEC summary judgment against the CFO and Controller of a software company on fraud charges related to the recognition of revenue under GAAP standards.
FINRA reminded firms that SEC rules govern how a firm's net worth must be calculated, recorded and reported. In a Regulatory Notice, FINRA offered guidance on applying financial accounting standards to revenue recognition from contracts with customers.
The SEC adopted the 2024 annual budget of the Public Company Accounting Oversight Board along with the related annual accounting support fee.
The SEC adopted a rule that any SEC-registered central clearing agency that provides central clearing of U.S. Treasury securities ("USTs") shall require its members to centrally clear (i) most repurchase and reverse repurchase transactions in USTs to which it is a counterparty and (ii) certain cash market purchases and sales of USTs.