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SEC Ready For Full-Court Press With Senate Confirm of Aguilar, Gallagher

The U.S. Securities and Exchange Commission will be back up to its full panoply of five Commissioners, with the Senate's reappointment of Commissioner Luis Aguilar to a second term, and the appointment of Dan Gallagher as a new Commissioner.

Aguilar, a Dem, began his first term as an SEC Commissioner on July 31, 2008. Gallagher, a Republican (replacing the vacancy created at the end of Commissioner Kathleen Casey's term), formerly served on SEC staff, including as Deputy Director of the Division of Trading and Markets. Gallagher re-joined law firm WilmerHale upon leaving the SEC in 2010 (see 2010 press release).


SEC Chairman Mary L. Schapiro made the following announcement following the Senate's action on Friday:

"I very much appreciate the Senate's confirmation of these nominees. Investors and markets are best served when the SEC benefits from the dedication and broad range of views that a full five-member Commission provides. I look forward to Luis's continued service, and I welcome Dan's return to the agency as we continue our efforts to protect investors and improve our markets and the economy."

Read more in TheCorporateCounsel.net blog and in the Washington Post.

Investment Companies, Investment Properties, Subject of FASB Proposals

The FASB released two proposals (more formally, Exposure Drafts of proposed Accounting Standards Updates) on Friday, relating to investment companies and investment properties, respectively.

See:

• Proposed ASU: Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (see related press release), and


• Proposed ASU: Real Estate—Investment Property Entities (Topic 973) (see related press release).

The comment period ends on Jan. 5, 2012 for both proposals.