This article discusses the opinion in Checkosky v. SEC, 1998 WL 135489 (D.C. Cir. 1998) where the D.C. Circuit Court of Appeals unanimously ordered the dismissal of SEC proceedings suspending two accountants for "improper professional conduct" under SEC Rule 2(e)(1)(ii).

Bruce Mann, Partner at Morrison & Foerster LLP, discussed SEC corporation finance disclosure developments at FindLaw Corporate Counsel Center's Corporate Governance seminar at Stanford University. Mr. Mann opined that the SEC not only fulfilled its rulemaking obligations under Sarbanes-Oxley in record time, but was also responsive to the concerns of the bar in the comment process. "The basic approach of the SEC used to be: 'we aren't going to give people guidance because someone may take advantage of it, and that will disadvantage the Division of Enforcement.' Today, the attitude is quite different. The SEC recognizes the reality that there are more lawyers in each of the ten largest law firms in the U.S. than in the national office of the SEC. The SEC has to depend on the private bar for enforcement."

On June 20, 2003, the Securities and Exchange Commission ("SEC") announced that it had filed securities fraud charges against the Henry Yuen, the former chief executive officer ("Yuen"), and Elsie Leung, the former chief financial officer ("Leung"), of Gemstar-TV Guide International, Inc. ("Gemstar").

The staff of the Securities and Exchange Commission (SEC) announced on June 24, 2004, that it plans to begin releasing SEC comment letters and issuer responses related to disclosure filings reviewed by the Divisions of Corporation Finance and Investment Management. The comment letters and responses will be available to the public on the SEC's website. This new policy will apply to filings made after August 1, 2004.

Bruce Mann, Partner at Morrison & Foerster LLP, discussed the Securities and Exchange Commission corporation finance disclosure developments at FindLaw Corporate Counsel Center's Corporate Governance seminar at Stanford University.