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August 28, 2008
SEC again taking actions, but not pro-small investor protection
After a moribund period, some say due to a lack of a quorum, the Chris Cox-led SEC has issued two decisions this week, neither of which will help small investors. Barb Roper, director of investor protection at the Consumer Federation of America, has issued two strong statements criticizing the two actions: Without a public rulemaking and -- according to Roper -- against the wishes of Senate Securities Subcommittee chairman Jack Reed, the SEC announced a so-called Mutual Recognition Agreement (MRA) that essentially holds Australia's investor protections to be substantially equivalent to ours. (Roper statement Reuters story). Then, the SEC announced a "roadmap" (which Roper believes may even be an illegal action) toward international accounting standards that could lead to firms over-stating income, misleading investors and other problems. (Roper statement; Business Week story.)
Posted by Ed Mierzwinski at August 28, 2008 02:51 PM
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