Regulatory Roundup: Sept. 6-12

By:
Chris Gaetano
Published Date:
Sep 12, 2017

AICPA 

AICPA Provides $120,000 in Scholarships to Two-Year Transfer Students 
Twenty-Four Community College Students Received a total of $120,000 in Scholarships
Published September 07, 2017

AICPA Names Skip Braziel Vice President for State Regulatory and Legislative Affairs 
Washington, D.C. (September 6, 2017) – Skip Braziel has joined the American Institute of CPAs (AICPA) as vice president of state regulatory and legislative affairs.

CBO

Cost Estimate
H.R. 880, MISSION ZERO Act
September 11, 2017

Cost Estimate
H.R. 2874, 21st Century Flood Reform Act
September 8, 2017

Cost Estimate
S. 1697, Taylor Force Act
September 8, 2017

Cost Estimate
S. 1514, HELP for Wildlife Act
September 8, 2017

Cost Estimate
H.R. 767, SOAR to Health and Wellness Act of 2017
September 8, 2017

Cost Estimate
H.R. 2408, Protecting Girls’ Access to Education Act
September 8, 2017

Report
Monthly Budget Review for August 2017
September 8, 2017

Cost Estimate
S. 1322, American Fisheries Advisory Committee Act
September 8, 2017

Cost Estimate
H.R. 2615, Gulf Islands National Seashore Land Exchange Act of 2017
September 8, 2017

Cost Estimate
H.R. 2763, Small Business Innovation Research and Small Business Technology Transfer Improvements Act of 2017
September 7, 2017

Cost Estimate
H.R. 2936, Resilient Federal Forests Act of 2017
September 7, 2017

Cost Estimate
Continuing Appropriations Act, 2018 and Supplemental Appropriations for Disaster Relief Requirements, 2017
September 7, 2017

Cost Estimate
Make America Secure and Prosperous Appropriations Act, 2018
September 6, 2017

Cost Estimate
H.R. 3218, Harry W. Colmery Veterans Educational Assistance Act of 2017
September 6, 2017

Cost Estimate
H.R. 3672, a bill making supplemental appropriations for disaster relief requirements for the fiscal year ending September 30, 2017
September 6, 2017

Presentation
How CBO Promotes Integrity in Its Analyses
September 6, 2017

GAO

Financial Technology:
Information on Subsectors and Regulatory Oversight
GAO-17-806T:Published: Sep 12, 2017. Publicly Released: Sep 12, 2017.

Veterans Affairs:
Management and Oversight of Mail Operations Could Be Improved
GAO-17-800T:Published: Sep 12, 2017. Publicly Released: Sep 12, 2017.

Aviation Security:
Actions Needed to Systematically Evaluate Cost and Effectiveness Across Security Countermeasures
GAO-17-794:Published: Sep 11, 2017. Publicly Released: Sep 11, 2017.

Modernizing the Nuclear Security Enterprise:
A Complete Scope of Work Is Needed to Develop Timely Cost and Schedule Information for the Uranium Program
GAO-17-577:Published: Sep 8, 2017. Publicly Released: Sep 8, 2017.

Medicaid:
States Fund Services for Adults in Institutions for Mental Disease Using a Variety of Strategies
GAO-17-652:Published: Aug 9, 2017. Publicly Released: Sep 8, 2017.

Aviation Security:
TSA Has Made Progress Implementing Requirements in the Aviation Security Act of 2016
GAO-17-662:Published: Sep 7, 2017. Publicly Released: Sep 7, 2017.

Centers for Disease Control and Prevention:
Use of Special Interest Projects to Fund Prevention Research Centers
GAO-17-693:Published: Sep 7, 2017. Publicly Released: Sep 7, 2017.

Diplomatic Security:
Key Oversight Issues
GAO-17-681SP:Published: Sep 7, 2017. Publicly Released: Sep 7, 2017.

International Mail Security:
CBP and USPS Should Assess Costs and Benefits of Using Electronic Advance Data
GAO-17-796T:Published: Sep 7, 2017. Publicly Released: Sep 7, 2017.

Managing for Results:
Selected Agencies' Experiences in Implementing Strategic Reviews
GAO-17-740R:Published: Sep 7, 2017. Publicly Released: Sep 7, 2017.

Navy Readiness:
Actions Needed to Address Persistent Maintenance, Training, and Other Challenges Facing the Fleet
GAO-17-798T:Published: Sep 7, 2017. Publicly Released: Sep 7, 2017.

Nonviolent Drug Convictions:
Stakeholders' Views on Potential Actions to Address Collateral Consequences
GAO-17-691:Published: Sep 7, 2017. Publicly Released: Sep 7, 2017.

State Health-Insurance Marketplaces:
Three States Used Varied Data Sources for Eligibility and Had Few Indications of Potentially Improper Enrollments
GAO-17-694:Published: Sep 7, 2017. Publicly Released: Sep 7, 2017.

Air Traffic Control Modernization:
Progress and Challenges in Implementing NextGen
GAO-17-450:Published: Aug 31, 2017. Publicly Released: Sep 7, 2017.

Anti-Money Laundering:
U.S. Efforts to Combat Narcotics-Related Money Laundering in the Western Hemisphere
GAO-17-684:Published: Aug 22, 2017. Publicly Released: Sep 7, 2017.

International Mail Security:
Costs and Benefits of Using Electronic Data to Screen Mail Need to Be Assessed
GAO-17-606:Published: Aug 2, 2017. Publicly Released: Sep 7, 2017.

Affordable Care Act:
IRS Should Mitigate Limitations of Data to Be Used for the Age and Gender Adjustment for the Tax on High-cost Health Plans
GAO-17-661:Published: Sep 6, 2017. Publicly Released: Sep 6, 2017.

Environmental Protection:
Status of GAO Recommendations Made to EPA since Fiscal Year 2007
GAO-17-801T:Published: Sep 6, 2017. Publicly Released: Sep 6, 2017.

Military Training:
DOD Met Annual Reporting Requirements in Its 2017 Sustainable Ranges Report
GAO-17-769:Published: Sep 6, 2017. Publicly Released: Sep 6, 2017.

Navy Unmanned Aerial Refueling System:
Acquisition Addresses Validated Requirements and Reflects a Knowledge-Based Approach
GAO-17-647:Published: Sep 6, 2017. Publicly Released: Sep 6, 2017.

Public Health Information Technology:
HHS Has Made Little Progress toward Implementing Enhanced Situational Awareness Network Capabilities
GAO-17-377:Published: Sep 6, 2017. Publicly Released: Sep 6, 2017.

SSA's Compassionate Allowance Initiative:
Actions Needed to Improve the Accuracy and Consistency of Expedited Processing of Disability Claims
GAO-17-795T:Published: Sep 6, 2017. Publicly Released: Sep 6, 2017.

Telecommunications:
Additional Action Needed to Address Significant Risks in FCC's Lifeline Program
GAO-17-802T:Published: Sep 6, 2017. Publicly Released: Sep 6, 2017.

Data Center Optimization:
Agencies Need to Address Challenges and Improve Progress to Achieve Cost Savings Goal
GAO-17-448:Published: Aug 15, 2017. Publicly Released: Sep 6, 2017.

SSA's Compassionate Allowance Initiative:
Improvements Needed to Make Expedited Processing of Disability Claims More Consistent and Accurate
GAO-17-625:Published: Aug 11, 2017. Publicly Released: Sep 6, 2017.

Federal Telework:
Improved Guidance and Communication on Recording Telework Hours Needed at Veterans Benefits Administration
GAO-17-621R:Published: Aug 7, 2017. Publicly Released: Sep 6, 2017.

IASB

12/09/17
IASB published Exposure Draft to clarify how to distinguish accounting policies from accounting estimates

11/09/17
IFRS Foundation to publish Practice Statement 2: Making Materiality Judgements and Exposure Draft: Definition of Material

11/09/17
September 2017 IASB meeting—agenda papers available

08/09/17
IFRS Foundation to publish Exposure Draft: Accounting Policies and Accounting Estimates

07/09/17
September 2017 IFRS IC meeting—agenda papers available

IRS 

IRS Gives Tax Relief to Victims of Hurricane Irma; Like Harvey, Extension Filers Have Until Jan. 31 to File; Additional Relief Planned
IR-2017-150, Sept. 12, 2017 –– Hurricane Irma victims in parts of Florida and elsewhere have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

IRS Waives Diesel Fuel Penalty in Florida Due to Hurricane Irma
IR-2017-149, Sept. 11, 2017 — The IRS, in response to shortages of undyed diesel fuel caused by Hurricane Irma, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the state of Florida.

IRS Reminds Partnerships that Received Extensions: Returns Due Sept. 15 Tax Relief Available for those Affected by Hurricane Harvey; IRS Monitoring Hurricane Irma, Upcoming Deadline
IR-2017-148, Sept. 8, 2017 — The IRS continues to monitor Hurricane Irma, but reminds calendar-year partnerships that the due date for filing a return after receiving an extension remains Sept. 15 following a recent change in the tax law.

Interest Rates Remain the Same for the Fourth Quarter of 2017
IR-2017-147, Sept. 8, 2017 – The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2017.

IRS Announces Five New Members for the Electronic Tax Administration Advisory Committee 
IR-2017-146, Sept. 6, 2017 — The IRS today announced the selection of five new members for the Electronic Tax Administration Advisory Committee (ETAAC).

As Hurricane Irma Threatens, IRS Urges Taxpayers to Prepare for Hurricanes, Floods and Other Disasters 
IR-2017-145, Sept. 6, 2017 — For September’s National Preparedness Month, the Internal Revenue Service is offering advice to taxpayers who may be affected by storms, fires, floods or other disasters.

SEC

Commission Statement on T+2 Implementation
FOR IMMEDIATE RELEASE
2017-163
Washington D.C., Sept. 11, 2017—Last week, on September 5, 2017, the securities industry successfully implemented a shortened settlement cycle for most securities transactions, pursuant to amendments to Rule 15c6-1 that the Commission adopted earlier this year.  The move to a two business day standard settlement cycle – or T+2 – was the product of extensive preparation and coordination among regulators and industry.  This change represents a significant milestone for the securities markets – the standard settlement cycle was last shortened in 1995 when it moved from five business days to three business days.  The first transactions covered by the amended rule settled on September 7, 2017. 

SEC, MSRB, FINRA to Hold Compliance Outreach Program for Municipal Advisors
FOR IMMEDIATE RELEASE
2017-162
Washington D.C., Sept. 11, 2017—The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for the Compliance Outreach Program for Municipal Advisors. 

Bridget Fitzpatrick Named Chief Litigation Counsel
David Gottesman to Continue as Deputy Chief Litigation Counsel
FOR IMMEDIATE RELEASE
2017-161
Washington D.C., Sept. 7, 2017—The Securities and Exchange Commission today announced the leadership of the agency’s trial unit.  Bridget Fitzpatrick has been named Chief Litigation Counsel of the SEC and David Gottesman will continue to serve as the agency’s Deputy Chief Litigation Counsel.

Former Amazon Employee and College Friend Charged With Insider Trading
FOR IMMEDIATE RELEASE
2017-160
Washington D.C., Sept. 7, 2017—The Securities and Exchange Commission today announced insider trading charges against a former Amazon financial analyst who allegedly leaked confidential information to his former fraternity brother in advance of a company earnings announcement so they could turn an illegal profit.  The college friend and his trading partner also are charged in the SEC’s complaint.

State Street Paying Penalties to Settle Fraud Charges and Disclosure Failures
FOR IMMEDIATE RELEASE
2017-159
Washington D.C., Sept. 7, 2017—The Securities and Exchange Commission today announced that State Street has agreed to pay more than $35 million to settle charges that it fraudulently charged secret markups for transition management services and separately omitted material information about the operation of its platform for trading U.S. Treasury securities.

SEC Announces Agenda for September 13 Meeting of the Advisory Committee on Small and Emerging Companies
FOR IMMEDIATE RELEASE
2017-158
Washington D.C., Sept. 6, 2017—The Securities and Exchange Commission today announced the agenda for the next meeting of its Advisory Committee on Small and Emerging Companies.  The committee will discuss the Sarbanes-Oxley Act auditor attestation requirement and explore whether updates are needed to Securities Act Rule 701, which many companies use to provide stock and option awards.  The committee also will vote on a final report that would be issued before the committee’s charter expires on September 24.

Radio Host Charged With Concert Ticket Investment Scam
FOR IMMEDIATE RELEASE
2017-157
Washington D.C., Sept. 6, 2017—The Securities and Exchange Commission today charged a sports radio personality and another New York City man with stealing millions of dollars from investors who were allegedly promised their funds would be used for the purchase and resale of concert tickets.

Adviser Charged With Stealing Investor Funds
FOR IMMEDIATE RELEASE
2017-156
Washington D.C., Sept. 6, 2017—The Securities and Exchange Commission today charged a New Jersey-based tax preparer and investment adviser with stealing more than $1 million from clients to support his gambling habit and other personal expenditures. 

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