The Senate Banking Committee is slated to introduce a bipartisan financial reform bill this week, according to InvestmentWeek. The legislation, sponsored by retiring Sen. Christopher Dodd, D-Conn., reportedly includes provisions establishing, among other things, an "Agency for Financial Stability, " a "Financial Institutions Regulatory Administration," and even a "Office of National Insurance."
The House passed its own financial regulatory reform legislation late last year, which includes a provision that would either delay Sarbanes-Oxley 404(b) compliance for public companies with a market capitalization of less than $75 million or exempt them from 404(b) requirements altogether. Until both houses of Congress pass legislation containing the exemption, however, those businesses are responsible for meeting the June 15, 2010 deadline for 404(b) compliance.
In other regulatory news, the Securities and Exchange Commission also recently announced that it is pushing back the timetable for International Financial Reporting Standards adoption. According to CFO.com:
[T]he earliest that U.S. companies may be able to use IFRS is now 2015. The deadline in the SEC's original "roadmap" was 2014, although some large companies could have prepared their U.S. filings with IFRS this year...[T]he commission said it will keep its promise to decide next year whether to move forward with the adjusted roadmap or scrap it.