United States

Federal bank supervisors can reduce, not eliminate, bank failure risks. Reuters reported that NY Federal Reserve President William Dudley stated that the army of supervisors from the Federal Reserve and other agencies can reduce, not eliminate, the risk of bank failures. Dudley further noted that supervisors, who occasionally work day-to-day inside banks, “can reduce the chances” that these firms fail “but can never guarantee” that. (3/18/2016) Reuters.

SEC Chair says at US Chamber of Commerce conference that the SEC could curb use of adjusted earnings figures. The Wall Street Journal reported that SEC Chairman Mary Jo White, in addressing the US Chamber of Commerce conference in Washington, DC, stated that regulators are considering whether to curb some of the freedom that firms enjoy to provide adjusted earnings figures. Today, the SEC allows companies to report profit figures that don’t comply with generally accepted accounting principles (GAAP), as long as they do not obscure the official numbers and reconcile the non-GAAP numbers to the equivalent GAAP figure. (3/16/2016) The Wall Street Journal.

Canada

OSC announces Continuous Disclosure Advisory Committee members for 2016-2018. The Ontario Securities Commission announced the new membership of its Continuous Disclosure Advisory Committee (CDAC), which advises OSC staff on the planning, implementation and communication of its continuous disclosure review program as well as related policy initiatives. The CDAC also serves as a forum to advise OSC staff on emerging issues. (3/15/2016) OSC press release.

Stakeholders may comment on OSC’s 2016-2017 draft statement of priorities.The OSC published its 2016-2017 Draft Statement of Priorities, setting out the OSC’s five regulatory goals. The OSC has invited stakeholders to provide feedback on specific initiatives the OSC will pursue in support of its goals. (3/10/2016) OSC press release.