Following a decision by a federal appellate court that overturned a Securities and Exchange Commission ruling that required at least 75 percent of mutual fund directors to be independent of the fund company, the commission said that it would vote on the matter June 29. The SEC adopted the rule roughly a year ago, when the $7 trillion mutual fund industry was embroiled in a series of late-trading scandals. The SEC mandate required that the fund board chairman and three quarters of fund directors have no direct ties to the manager of the respective fund. The court ruled that the regulator had the authority to adopt the rule; however, it maintained that the commission had not considered any alternatives and did not consider the costs of such a rule. Under that mandate, it was estimated that roughly 3,700 funds would have to seek new chairmen. Prior to next week's vote, the SEC would have to perform more extensive studies on the costs of compliance with the rule.
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Bassim Michael has created Practice Gauge, a cloud-based analytics platform for his fellow accountants to use with their dentistry and veterinary clients.
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Private sector employers cut 33,000 jobs in June, the first decline in over two years, while annual pay grew 4.4% year-over-year, payroll giant ADP reported.
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The Top 25 Firm plans to launch a data warehouse service for smaller organizations this year and has been using AI to develop some of its rollout strategies.
July 2 -
The Internal Revenue Service's Electronic Tax Administration Advisory Committee delivered its annual recommendations.
July 2 -
Tariffs and the impact of government debt on the economy remain major concerns, according to a Grant Thornton survey.
July 2 -
North Carolina Gov. Josh Stein signed into law a bill that adds an additional pathway to CPA licensure, effective Jan. 1, 2026.
July 2