Friday, September 17, 2010

SEC Proposes Disclosures, Issues Interp Release

At an open commission meeting earlier today, the SEC voted unanimously to propose new disclosures for short-term borrowings.

The comment deadline on the proposed new disclosures for short-term borrowings will be 60 days after publication in the Federal Register.

Additionally, the SEC voted to issue an interpretive release providing guidance on existing MD&A requirements for liquidity and funding disclosure. The interpretive release will be effective immediately upon publication in the Federal Register.

Read more in SEC's press release, which also provides links to the proposed rule (proposed disclosures), and the interpretive release.

Some will say that some of these disclosures arise from the Lehman brothers debacle. Earlier this year, the SEC posted a 'sample letter' of a letter sent to public companies regarding disclosures of repo, securities lending, and certain other transactions.

See also blogger Francine McKenna's take on the post-Lehman world. She participated earlier this week on a panel with NYT's Floyd Norris and the Lehman bankruptcy examiner, Anton Valukas. Read her post in her blog, Re: The Auditors: "Top Ten Things Lawyers Should Know About Auditors."

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