Monday, October 14, 2013

This Past Weeks' Press Releases by the S.E.C.

Daniel Murdock Named SEC Deputy Chief Accountant
Oct. 11, 2013
Washington D.C., Oct. 11, 2013 — The Securities and Exchange Commission today announced the appointment of Daniel Murdock as a deputy chief accountant in the agency's Office of the Chief Accountant.

Mr. Murdock assumed his new role this week as head of the office’s accounting group.  The group advises the Commission on accounting and auditing matters and works closely with private sector accounting bodies such as the Financial Accounting Standards Board.  Public companies, auditors, and other divisions and offices within the SEC regularly consult with the accounting group on the application of accounting standards and financial disclosure requirements. Read More

Mark Kronforst Named Chief Accountant In Division Of Corporation Finance
Oct. 10, 2013
Washington D.C., Oct. 10, 2013 — The Securities and Exchange Commission today announced that Mark Kronforst has been named chief accountant of its Division of Corporation Finance.

“I am very pleased that Mark Kronforst has agreed to serve as the chief accountant in the Division of Corporation Finance,” said Keith Higgins, Director of the Division of Corporation Finance. “Mark combines a deep knowledge of accounting and experience in the private sector with a broad understanding of the disclosure requirements of the federal securities laws.  His skills and experiences will serve us well as we address important financial reporting issues.”

Mr. Kronforst has been one of the division’s associate directors for disclosure operations since October 2010.  He previously served in several positions within the division including as the division’s deputy chief accountant.  Before joining the SEC, Mr. Kronforst was the director of financial reporting for Solectron Corporation and an audit senior manager at the accounting firm of KPMG LLP. Read More

Previously Unknown Insider Traders in Heinz Agree to $5 Million Settlement
Oct. 10, 2013
Washington D.C., Oct. 10, 2013 — The Securities and Exchange Commission today announced that two brothers in Brazil have agreed to pay nearly $5 million to settle charges that they were behind suspicious trading in call options for H.J. Heinz Company the day before the company publicly announced its acquisition.

The SEC filed an emergency enforcement action earlier this year to freeze assets in a Swiss-based trading account used to reap more than $1.8 million from trading in advance of the Heinz announcement.  The SEC’s immediate move the day after the announcement ensured the illicit profits could not be released out of the account while the investigation into the then-unknown traders continued. Read More

Daniel M. Hawke to Step Down as Director of Philadelphia Office
Oct. 9, 2013
Washington D.C., Oct. 9, 2013 — The Securities and Exchange Commission today announced that Daniel M. Hawke, the chief of the Enforcement Division’s Market Abuse Unit, will step down as director of the Philadelphia Regional Office to concentrate his efforts on leading the nationwide unit.

Mr. Hawke has served in dual senior officer roles at the SEC for nearly four years, leading the Market Abuse Unit since its creation in January 2010 and directing the Philadelphia office for more than seven years.  He has played key roles in the restructuring of the Enforcement Division and the implementation of the five specialized units as well as the Office of Market Intelligence.  Mr. Hawke also contributed significantly to recent enhancements in the agency’s National Exam Program. Read More

SEC Launches Market Structure Data and Analysis Website
Oct. 9, 2013
Washington D.C., Oct. 9, 2013 — The Securities and Exchange Commission today unveiled a dynamic new website to provide investors and others with the ability to interactively explore a range of new market metrics and access empirical research and analyses that further inform the broader public debate on market structure.

The new website located at www.sec.gov/marketstructure will serve as a central location for the SEC to publicly share evolving data, research, and analysis as the agency continues its review of the equity of market structure.  The data and related observations address the nature and quality of displayed liquidity across the full range of U.S.-listed equities – from the lifetime of quotes and the speed of the market to the nature of order cancellations. Read More

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