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  • Auditor Independence And Ethical Responsibilities: Critical Points To Consider When Contemplating An Audit Firm Restructuring - Paul Munter, SEC Acting Chief Accountant, Aug. 29, 2022

    Date 29/08/2022

    Introduction – Complex Business Relationships and Audit Firm Restructurings

    Auditor independence and a culture of professional ethical behavior are critical to an audit firm’s ability to fulfill its gatekeeper responsibilities. Accounting firms must keep these responsibilities in mind in all contexts, including when exploring complex business relationships and firm restructurings. In this regard, we have observed audit firms exploring the sale of a portion of their business to an external party while retaining an equity interest or other form of continuing involvement in that business, or divesting all or portions of the accounting firm’s consulting practice to a third-party entity. While such contemplated sale and divestiture deals are not new, in the view of OCA staff, complex transactions with investors that are not traditional accounting firms, and have not previously been subject to the same independence and ethical responsibilities, elevate the risk to an auditor’s independence with respect to its audit clients. In these complex practice structures and divestitures, it is paramount that the accounting firm fully understands its responsibility for maintaining auditor independence and it discloses such requirements to the non-accounting firm investors involved in the transaction so that the accounting firm can obtain the information necessary to fulfill its responsibilities.

  • CFTC Swaps Report Update

    Date 29/08/2022

    CFTC's Weekly Swaps Report has been updated, and is now available.

  • Federal Reserve Updates FedNow Service Timing To Mid-2023, Marks Beginning Of Full-Scale Pilot Testing

    Date 29/08/2022

    The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe. This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow Pilot Program prepares to enter technical testing for the service starting in September.

  • MIAX Options Exchange - Interface Specification Updates For System Enhancements

    Date 29/08/2022

    The MIAX Options Exchange has published updated Interface Specifications to support the following system enhancements:

  • Progress On Fast Payments For All: An Update On FedNow - Federal Reserve Vice Chair Lael Brainard, At FedNow Early Adopter Workshop, Rosemont, Illinois (via webcast)

    Date 29/08/2022

    I am pleased to join the FedNow Early Adopter Workshop. With the technical testing phase of the FedNow℠ Service kicking off in mid-September, I want to particularly thank the early adopters for the important investments they are making to prepare for the day when the FedNow Service goes live next year. Together with our partners, we will be ready to launch the FedNow Service between May and July of 2023, bringing this innovative core instant payment infrastructure to financial institutions of every size across America. We have been working hard to deliver on time, but ultimately the number of American businesses and households that are able to access instant payments will depend on financial services providers making the necessary investments to upgrade our payments infrastructure. Together, we can ensure that all Americans have access to a modern and reliable instant payment system.