In a speech yesterday, Brian T. Croteau, SEC Deputy Chief Accountant, addressed the following issues concerning auditing: The importance of the academic community and its work to audit policy and regulation; The role of root cause analysis and the audit performance feedback loop; Global audit policy considerations; and Legislative activity related to auditing. View speech in full here (links externally to SEC website).

Order granting the requested exemptions, effective immediately, from (i) Investment Company Act Sections 2(a)(32),2(a)(35), 14(a), 19(b), 22(d) and 26(a)(2)(C), and Rules19b-1and 22c-1 thereunder, and (ii) Sections 11(a) and 11(c) of the Act for approval of certain exchange and rollover privileges. This order permits certain unit investment trusts to: Impose sales charges on a deferred basis and waive the deferred sales charge in certain cases; Offer unitholders certain exchange and rollover options; Publicly offer units without requiring the depositor to first purchase $100,000 worth of units

Standard Chartered PLC (the "Group") "strongly rejects" the accusations set out in an order issued by the New York Department of Financial Services (NYDFS) on August 6. The order accused the Group of concealing, over a period spanning nearly a decade, at least $250 billion worth of illicit transactions routed through the Group's New York Branch on behalf of Iranian clients. The Group argues that, contrary to the impression given by the order, it had voluntarily approached all relevant U.S. agencies in early 2010 to inform them of its review of historical U.S. dollar transactions for compliance

The CFTC is proposing regulations to establish a clearing requirement under new section 2(h)(1)(A) of the Commodity Exchange Act, enacted under Title VII of the Dodd-Frank Act. The regulations would require that certain classes of credit default swaps (CDS) and interest rate swaps (IRS) be cleared by a derivatives clearing organization (DCO) registered with the CFTC. The CFTC is also proposing regulations to prevent evasion of the clearing requirement and related provisions. Comments Due: September 6, 2012 Cross Reference(s): Dodd-Frank Title VII; CEA Section 2(h)(1)(A), Standard for Clearing

According to the SEC’s complaint, Inofin, Inc., along with Kevin Mann, Sr., Michael J. Cuomo, and Melissa George, materially misrepresented how the Company was using investor money and the Company’s financial performance. The SEC also charged two sales agents, alleging that they promoted the offering and sale of Inofin’s unregistered securities. Without admitting or denying the allegations in the complaint, Cuomo and Mann consented to entry of a permanent injunction against violations of Exchange Act Section 10(b) and Rule 10b-5, and Securities Act Sections 5 and 17(a). Cross Reference(s)