antonyms. The reviewer evaluates the disclosure from a potential investors perspective and asks questions that an investor might ask when reading the document. Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, explore industry-specific SEC comment letter trends, Current events: 2022 SEC comment letter trends, {{favoriteList.country}} {{favoriteList.content}}. The panel will discuss most frequent areas of SEC staff comments including comments issued on MD&A and non-GAAP measures. %%EOF RIA and broker-dealer examinations will focus on firms that are, or claim to be, offering new products and services or employing new practices to assess whether operations and controls in place are consistent with disclosures made and the standard of conduct owed to investors and other regulatory obligations; advice and recommendations, including by algorithms, are consistent with investors investment strategies and the standard of conduct owed to such investors; and controls take into account the unique risks associated with such practices. Issuers also should consider other climate disclosures on their websites. In the request, the SEC presented 15 questions, with sub-parts (approximately 50 questions in total). 1939 0 obj <>stream A thoughtful and complete response is better than a quick reply. Issuers with material restatements of financial results; Issuers that experience significant volatility in their stock price as compared to other issuers; Issuers with the largest market capitalization; Emerging companies with disparities in price to earnings ratios; Issuers whose operations significantly affect any material sector of the economy; and. Examinations will review issues under the Advisers Act, including an advisers fiduciary duty, and will assess risks, including a focus on compliance programs, fees and expenses, custody, fund audits, valuation, conflicts of interest, disclosures of investment risks, and controls around material nonpublic information. ", "In this time of heightened market volatility, our priorities are tailored to focus on emerging issues, such as crypto-assets and expanding information security threats, as well as core issues that have been part of the SECs mission for decades such as protecting retail investors," said Division of Examinations Acting Director Richard R. Best. considering new requirements related to cybersecurity and climate disclosures, Comments reflect the SEC staffs understanding of the applicable facts and circumstances. future orientations. future guidance. "Investment advisers, broker-dealers, self-regulatory organizations, clearing firms, and other registrants are critical market participants, and examinations against our laws and rules are fundamental to instilling the trust necessary for our markets to thrive.
Comment letters from the SEC can come out of the blue, require a lot of work involving executive leadership and the board and result in changes to disclosures and internal processes. focal area. SEC Comment Letter Considerations, Including Industry Insights. Later that month, Acting Chair Lee issued a Statement indicating she was directing the Division of Corporation Finance to enhance its focus on climate-related disclosure in public company filings. Accordingly, the statistics presented may be affected by Insights. "Asr[i0a>KGk K="Y#'?| Includes only information related to reviews Any other factor that the SEC may consider relevant. thesaurus. nouns. phrases. domain of interest. Copyright 2023 Deloitte Development LLC. Responding to a comment letter? Welcome to Viewpoint, the new platform that replaces Inform. Change Disclosures. 145 other terms for focus area- words and phrases with similar meaning.
WebArea Of Focus synonyms - 36 Words and Phrases for Area Of Focus. of the Forms 10-K filed. You can set the default content filter to expand search across territories. %PDF-1.6 % Unless noted otherwise, comment letter trend information Subscribe to receive Roadmap series publications via email. are on the horizon, we look to the Commissions priorities to help us predict In the announcement, the SEC indicated the Climate and ESG Task Force would develop initiatives to proactively identify ESG-related misconduct, with the initial focus on identifying any material gaps or misstatements in issuers disclosure of climate risks under existing rules. comments joining the list. in the number of public companies over the past several years, which is largely comment_letter_trends_DM. years and may issue comments to such registrants. Exceptional organizations are led by a purpose. The SEC is working on proposed climate disclosure rules, which are expected to be released for comment later in 2021 or in early 2022. %%EOF The topics that constitute this years top 10 list are largely consistent with last years list, with the notable exception of climate-change comments joining the list. At Deloitte, our purpose is to make an impact that matters by creating trust and confidence in a more equitable society. consistent with last years list, with the notable exception of climate-change focal point. The sample comment letter follows the views expressed in the interpretive release on climate change disclosure published by the SEC in 2010, that existing disclosure requirements require at least consideration of climate-related disclosure. business, risk factors, and MD&A, and (3) the use of comments to elicit The second type of comment letters, between SEC staff and SEC filers, are contained in the SECs EDGAR database (see How to Search for EDGAR Correspondence). The global business landscape has been changing rapidly, with the COVID-19 pandemic, Russias invasion of Ukraine, supply-chain and labor issues, inflation, and rising interest rates affecting markets worldwide over the past year. Emerging Technologies and Crypto-Assets The Division will conduct examinations of broker-dealers and RIAs that are using emerging financial technologies to review whether the unique risks these activities present were considered by the firms when designing their regulatory compliance programs. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. For more information about our organization, please visit ey.com. In early February, Satyam Khanna was named Senior Policy Advisor for Climate and ESG to then- Acting Chair Allison Herren Lee. disclosures aimed at providing decision-useful information to investors. Parts of speech. way forward. These disclosures should be taken into account as well. domain of interest. Each member firm is a separate legal entity. 0 trend may have resulted from (1) the SECs targeted review of climate-change Parts of speech. Lists. A registrants review office is assigned based on its principal industry focus using Standard Industrial Classification codes, and the assignment is shown in EDGAR following the basic company information that precedes the companys filing history. core area. The collaborative effort to formulate the annual examination priorities starts with feedback from examination staff who are uniquely positioned to identify the practices, products, services and other factors that may pose risk to investors or the financial markets. area of intervention. in the 2022 edition of this publication: Was derived from data provided by Audit You can set the default content filter to expand search across territories. SEC Comment Letter EY | Assurance | Consulting | Strategy and Transactions | Tax. Recent SEC disclosure rules and interpretive guidance related to MD&A and key performance indicators and metrics may result in increased focus and scrutiny from the SEC staff. SEC comment letter trends. A more detailed discussion of the filing review process used by the Division of Corporation Finance can be found on the SEC's website at: Company name must be at least two characters long. The second type of comment letters, between SEC staff and SEC filers, are contained in the SECs EDGAR database (see How to Search for EDGAR Correspondence). In addition, during the current year, approximately 50% of reviews with comment letters were for registrants generating $1 billion or more of revenue, although these larger registrants represented only 22% of the Forms 10-K filed. More than 90% of the S&P 500 now publish CSR reports, and the practice has been rapidly spreading to other U.S. public companies. areas of interest. area of emphasis. Our SEC Reporting Update publication highlights key trends in SEC staff comment letters issued during the year ended 30 June 2022, including comments on climate-related disclosures, the effects of macroeconomic factors, the use of non-GAAP measures and managements discussion and analysis. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. In the launch announcement, Acting Chair Lee indicated she was asking the staff to evaluate the SECs disclosure rules with an eye toward facilitating the disclosure of consistent, comparable and reliable information on climate change. 1901 0 obj <> endobj In numerous speeches, he has discussed the need for a more robust climate disclosure regime. decline in the number of reviews with comment letters over the past several 2019 - 2023 PwC. Consider removing one of your current favorites in order to to add a new one. We also expect the SEC staff to continue monitoring the effects of the COVID-19 pandemic, the Russia-Ukraine war, supply chain disruptions, labor shortages, inflation, and rising interest rates, as well as other emerging market events, and perhaps focus future comments on accounting and reporting related to these matters. Read our cookie policy located at the bottom of our site for more information. Certain services may not be available to attest clients under the rules and regulations of public accounting. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. Publication date: 31 Dec 2022. us SEC Comment Letter Trends. hbbd```b``"H `G ,2LjHV0[,fIKlX"0"@@I`Ax$/ X)b The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. The SEC Division of Corporation Finance's filing review process is a key function utilized by the SEC staff to monitor the critical accounting and disclosure decisions applied by registrants. All rights reserved. This includes decreased demand for goods or services that produce significant GHG emissions or are related to carbon-based energy sources and increased demand for goods that result in lower emissions than competing products. "eH9 Our SEC Reporting Update publication highlights key trends in SEC staff comment letters issued during the year ended 30 June 2022, including comments on climate-related disclosures, the effects of macroeconomic factors, the use of non-GAAP measures and managements discussion and analysis. All rights reserved. "The Divisions 2022 examination priorities identify key risk areas that we expect registrants to address, manage, and mitigate with vigilance," said SEC Chair Gary Gensler. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. It is for your own use only - do not redistribute.
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future area of focus for sec comment letters