The roundtable addressed recent initiatives of the SEC, including the possibility of adopting International Financial Reporting Standards (IFRS) for both foreign and private issuers. Panelists also addressed the globalization of the U.S. economy and the potential impact on the stock exchanges and auditing standards, including the consolidation of stock exchanges internationally and the possibility of the international centralization of accounting rule-making standards. The roundtable also discussed recent efficiency initiatives at the SEC’s Division of Enforcement, which include focusing on high-risk areas and centralizing the agency’s internal databases used to track enforcement cases.
Moderated by Foley Partner Patrick Daugherty, the panel also featured Michael Emen, Senior Vice President of NASDAQ, James Duffy, Executive Vice President and General Counsel of NYSE, Jarett Decker, Deputy Director and Chief Trial Counsel for the Public Company Accounting Oversight Board, and Merri Jo Gillette, Regional Director of the U.S. Securities and Exchange Commission (SEC) Midwest Regional Office.