One of the reasons that worried investors: investigations by SEC on bribery charges of foreign officials.
Several categories of individuals are categorically prevented from benefiting from the program, including individuals themselves culpable for the violation they are informing upon to the SEC, as well as foreign government officials.
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The Office of Global Security Risk will focus on asymmetric risk by assisting review staff in giving consideration to whetherU.S.or foreign companies that are registered with the SEC have operations or other exposure with or in areas of the world that may subject it and its investors to material risks, trends or uncertainties.
In Congress, Republican Senator Sam Brownback is considering legislation that would expand the SEC's role in investigating foreign companies seeking to list in New York.
Mr Pitt, who was nominated yesterday by President George W. Bush to head the SEC, will be given the task of implementing a decision that significantly expands the SEC's role in ensuring that foreign companies listing in the US do not run foul of US sanctions policy.
The rule requires SEC-listed companies to report payments to foreign governments, subnational governments, and the Federal Government on a project-by-project basis.
These troubling events underscore, yet again, the consequences of the SEC failing to demand adequate disclosure of where foreign firms seeking to list in New York are doing business globally and with whom.
Recent changes to SEC procedures regarding the amount of documentation required from foreign borrowers might also have delayed the process of issuing a bond into the U.S. market, a situation China wanted to avoid.
But we also need to take a look at the degree to which disclosure, which is what the SEC is supposed to be all about, by foreign borrowers and foreign users of our capital markets does not measure up to disclosure by our own domestic companies.
The SEC also plans to amend its rules to require all foreign firms to file listing documents electronically.
Eager to stamp out any shenanigans, the SEC has set up a group to investigate fraud in foreign companies with American listings.
Bachus and Kucinich introduced a bill to create a new Office of National Security within the SEC which merely would report the names of firms affiliated with foreign governments and seeking to enter U.S. capital markets.
However, the SEC's push for convergence of U.S. and foreign standards, as indicated by Tuesday's meeting, shows that the agency is at last getting serious about accounting reform.
For starters, the SEC intends to end the disparity between U.S. and foreign firms seeking to access our capital markets by henceforth requiring all foreign registrants to file electronically on the Edgar system.
The Securities and Exchange Commission (SEC) has just announced new disclosure rules that expand its scrutiny of foreign firms.
Walmart is already under investigation by the SEC and the US Department of Justice over its potential breach of the Foreign Corrupt Practices Act (FCPA), which bans US businesses from bribing foreign officials.
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The California Public Employees' Retirement System (CalPERS), the nation's largest pension fund and a leader in promoting corporate governance, said Friday it welcomed any move by the SEC that would help U.S. investors make educated decisions about their foreign exposure.
They charge the measures could be part of an SEC design to tighten "extraterritorial" U.S. sanctions and penalize uncooperative foreign firms and governments.
And foreign-based companies, as well, that trade in the U.S. have to file with the SEC basic information and major material developments.
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Apple's figures for foreign tax appear on page 61 of its form 10-K filing with the US Securities and Exchange Commission (SEC).
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