SEC ADOPTS FRAUD MEASUREThe Securities and Exchange Commission voted to adopt a sweeping anti-fraud rule that targets money managers who deliberately mislead investors.
The new rule, which was first proposed by the SEC in December, also has been expanded to include hedge funds. The measure covers a wide range of fraud, and increases the regulator's authority for enforcement activity against managers who defraud investors in "pooled" investments such as hedge funds.
The rule will take effect 30 days after publication in the Federal Register.
ILUMEN UNVEILS AGGREGATOR SERVICE
ILumen Inc., a provider of financial information monitoring and benchmarking services, has launched Portfolio Connection - a service for CPA firms and financial institutions that specialize in privately held clients.
Portfolio Connection enables users to connect their entire portfolio to the iLumen Financial Information Network - an online confidential information network for private companies, industry peers, advisors and institutions.
Portfolio Connection is currently used by banks and CPA firms to bulk-load annual financial data from their existing systems into a single repository. It also allows financial advisors to aggregate and benchmark their own portfolio, correlate it to iLumen's industry benchmarking on a national basis and combine that information with relevant third-party services, such as industry content providers and credit information services.
IFRIC OFFERS GUIDANCE ON RETIREMENT PLAN ASSETS
The International Financial Reporting Interpretations Committee has issued guidance on how companies with defined-benefit retirement plans can determine how much of the surplus in IAS 19 employee benefits can be recognized as an asset.
Under the new guidance, known as IFRIC 14, employers don't need to recognize an additional liability unless the contributions payable under the minimum funding requirement cannot be returned to the business.
The interpretation is mandatory for annual periods beginning on or after Jan. 1, 2008, but can be applied to earlier periods as well.
The IFRIC also published proposed guidance on real estate sales. IFRIC D21 proposes that revenue should be recorded as construction progresses only if the developer is providing construction services, rather than selling completed units. The proposal is open for public comment until October 5.
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