SEC’s Concept Release Calling for Enhanced Audit Committee Disclosure

August 12, 2015

The SEC issued a release seeking public comment regarding possible revisions to public company audit committee disclosure requirements ("Concept Release").1 The potential revisions predominantly involve disclosures relating to an audit committee's oversight of the independent auditor. In the Concept Release, the SEC calls into question whether its disclosure rules provide shareholders with sufficient information regarding the roles and responsibilities carried out by audit committees of public companies. Public issuers of securities that may be impacted by enhanced audit committee disclosure requirements include listed operating companies, closed-end funds (but not other registered investment companies) and certain other SEC registrants.

For more information about the audit committee concept release, see Seward & Kissel LLP Memorandum: SEC's Concept Release Calling for Enhanced Audit Committee Disclosure at http://xlo3.wpengine.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=707.


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Investment Advisers, Investment Companies