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Compliance Hotline
SEC Seeks Comment on Definitions Used by the PCAOB
The Securities and Exchange Commission has published for public comment proposed Public Company Accounting Oversight Board Rule 3101, which sets forth the terminology the PCAOB will use to describe the degree of responsibility that the auditing and related professional practice standards will impose on auditors that conduct engagements pursuant to “the standards of the Public Company Accounting Oversight Board (United States).”
The PCAOB proposed Rule 3101 on Oct. 7, 2003 and adopted it on June 9, 2004. The final rule now requires SEC approval. Proposed Rule 3101(a) describes three categories of professional obligations. The first is obligations that are unconditional, which include the use of the words “must,” “shall,” and “is required.” The second is obligations that are presumptively mandatory. The word “should” indicates obligations that are presumptively mandatory. The third category are obligations that are subsidiary to the unconditional or presumptively mandatory obligations. The words “may,” “might,” “could,” or other terms and phrases describe actions and procedures that auditors have a professional obligation to consider.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.