SEC Takes Significant Actions at July 25 Open Meeting

July 26, 2007

On July 26, 2007, the New York office authored an alert memorandum entitled, “SEC Takes Significant Actions at July 25 Open Meeting.” At its open meeting on July 25, the Securities and Exchange Commission adopted a revised auditing standard of the Public Company Accounting Oversight Board with respect to audits of internal control over financial reporting and adopted a definition of “significant deficiency” as part of the SEC’s rules. The SEC also proposed for comment alternative proxy access rules and approved the issuance of a concept release on the use of International Financial Reporting Standards by U.S. issuers. The memorandum summarizes these actions.