Latest news with #ChrisPrentice
Yahoo
02-07-2025
- Business
- Yahoo
US SEC, SolarWinds reach preliminary deal to end breach lawsuit
By Chris Prentice and AJ Vicens NEW YORK (Reuters) -The U.S. Securities and Exchange Commission has reached a deal in principle with SolarWinds Corp and its top security officer to end litigation tied to a Russia-linked cyberattack involving the software firm, they said in a court filing on Wednesday. The SEC, SolarWinds and its chief information security officer, Timothy Brown, asked a federal judge on Wednesday to stay court proceedings while they finalize paperwork for a settlement. The judge granted their motion, filings showed. In what was seen as a landmark case, the SEC sued the software company and its top security executive in connection with a two-year cyberattack known as Sunburst that targeted Austin, Texas-based SolarWinds. A judge dismissed much of the regulator's case last year. The SEC had said that the defendants defrauded investors by concealing security weaknesses, but U.S. District Judge Paul Engelmayer, who approved the stay, had said that the claims were based on "hindsight and speculation." An SEC spokesperson declined to comment on the matter beyond the public filings. SolarWinds did not immediately respond to requests for comment. The parties said they planned to file settlement paperwork or a joint status report by September 12. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-07-2025
- Business
- Yahoo
US SEC, SolarWinds reach preliminary deal to end breach lawsuit
By Chris Prentice and AJ Vicens NEW YORK (Reuters) -The U.S. Securities and Exchange Commission has reached a deal in principle with SolarWinds Corp and its top security officer to end litigation tied to a Russia-linked cyberattack involving the software firm, they said in a court filing on Wednesday. The SEC, SolarWinds and its chief information security officer, Timothy Brown, asked a federal judge on Wednesday to stay court proceedings while they finalize paperwork for a settlement. The judge granted their motion, filings showed. In what was seen as a landmark case, the SEC sued the software company and its top security executive in connection with a two-year cyberattack known as Sunburst that targeted Austin, Texas-based SolarWinds. A judge dismissed much of the regulator's case last year. The SEC had said that the defendants defrauded investors by concealing security weaknesses, but U.S. District Judge Paul Engelmayer, who approved the stay, had said that the claims were based on "hindsight and speculation." An SEC spokesperson declined to comment on the matter beyond the public filings. SolarWinds did not immediately respond to requests for comment. The parties said they planned to file settlement paperwork or a joint status report by September 12.
Yahoo
11-06-2025
- Business
- Yahoo
US regulators push through last-minute delay to new private fund reporting rules
By Chris Prentice NEW YORK (Reuters) -U.S. regulators scrambled on Wednesday to extend a deadline for new data reporting requirements for investment advisers to private funds, just one day before they were due to take effect. The rules, adopted by two U.S. markets regulators in February 2024, will require advisers to disclose more information to regulators in a bid to boost the government's ability to spot risks from private markets that have swelled in size in recent years. The U.S. Securities and Exchange Commission extended the deadline for compliance to later this year in a 3-1 vote on Wednesday, less than 24 hours before firms had to comply. The Commodity Futures Trading Commission also voted in favor of an extension, marking the second time the regulators decided to push back the deadline after previously postponing it in January. "Additional time is required for dialogue with filers, review of the reasonableness of the data demands, and review of the actual utility of the information collected," SEC Chairman Paul Atkins said during Wednesday's open meeting. Private funds have pressed the SEC to review this rule, among others, and have warned the new requirements are unnecessary and costly. The firms now have until October 1, 2025 to comply. The new data, which includes disclosure of events pointing to significant stress within 72 hours, would be accessible to the Financial Stability Oversight Council, which gathers top financial regulators across the U.S. government to monitor systemic risks. Regulators have cautioned for years that growing private markets could pose increasing risks, particularly as they are more opaque and less vigorously regulated than traditional markets. Federal agencies have begun a push to loosen regulations as part of Republican President Donald Trump's agenda since he took office in late January. "The SEC and other regulators, including FSOC, depend on these detailed data to better comprehend when the private markets may be experiencing turbulence that could affect our entire financial system, because these entities generally operate outside our regulatory purview," said Caroline Crenshaw, the lone Democratic SEC commissioner.
Yahoo
11-06-2025
- Business
- Yahoo
US regulators push through last-minute delay to new private fund reporting rules
By Chris Prentice NEW YORK (Reuters) -U.S. regulators scrambled on Wednesday to extend a deadline for new data reporting requirements for investment advisers to private funds, just one day before they were due to take effect. The rules, adopted by two U.S. markets regulators in February 2024, will require advisers to disclose more information to regulators in a bid to boost the government's ability to spot risks from private markets that have swelled in size in recent years. The U.S. Securities and Exchange Commission extended the deadline for compliance to later this year in a 3-1 vote on Wednesday, less than 24 hours before firms had to comply. The Commodity Futures Trading Commission also voted in favor of an extension, marking the second time the regulators decided to push back the deadline after previously postponing it in January. "Additional time is required for dialogue with filers, review of the reasonableness of the data demands, and review of the actual utility of the information collected," SEC Chairman Paul Atkins said during Wednesday's open meeting. Private funds have pressed the SEC to review this rule, among others, and have warned the new requirements are unnecessary and costly. The firms now have until October 1, 2025 to comply. The new data, which includes disclosure of events pointing to significant stress within 72 hours, would be accessible to the Financial Stability Oversight Council, which gathers top financial regulators across the U.S. government to monitor systemic risks. Regulators have cautioned for years that growing private markets could pose increasing risks, particularly as they are more opaque and less vigorously regulated than traditional markets. Federal agencies have begun a push to loosen regulations as part of Republican President Donald Trump's agenda since he took office in late January. "The SEC and other regulators, including FSOC, depend on these detailed data to better comprehend when the private markets may be experiencing turbulence that could affect our entire financial system, because these entities generally operate outside our regulatory purview," said Caroline Crenshaw, the lone Democratic SEC commissioner. Sign in to access your portfolio
Yahoo
05-06-2025
- Business
- Yahoo
French regulator warns of 'damaging consequences' if US audit watchdog is dismantled
By Chris Prentice NEW YORK (Reuters) -The French audit regulator has warned of "damaging consequences" if U.S. lawmakers advance a plan to eliminate its U.S. counterpart that has oversight of public companies' auditors, according to a letter seen by Reuters. Congress is debating legislation that would dismantle the Public Company Accounting Oversight Board, a nonprofit created by Congress in 2002 in response to a series of high-profile accounting scandals and auditing failures. As part of a sweeping tax and spending bill, Republicans are pushing to move auditor oversight to the Securities and Exchange Commission, which has seen a staff exodus as part of President Donald Trump's and Elon Musk's efforts to overhaul the federal workforce. Congress' plan to axe the PCAOB could jeopardize the ability of France's High Authority of Auditing (H2A) to coordinate with its U.S. counterpart, including on audits underway or about to begin, H2A President Florence Peybernes said in a letter to the PCAOB chair dated May 28 and seen by Reuters late Wednesday. Peybernes' statements follow a similar warning from German counterparts, according to a separate letter seen by Reuters. The PCAOB has agreements in place with regulators across the European Union and elsewhere that would need to be reworked should U.S. lawmakers dismantle the group and task SEC with its responsibilities. Even if regulators successfully resolve such issues, Peybernes said she foresaw serious disruptions during the transition. Representatives for H2A and the PCAOB did not respond immediately to requests for comment on the letter or the legislation. PCAOB Chair Erica Williams has also separately warned lawmakers of the risks of eliminating the PCAOB, saying in an April letter to Democratic Congresswoman Maxine Waters: "With millions of Americans invested in the stock market, including through 401(k)s and pensions, auditors need to perform their audits with more care than ever. Now is not the time for a major disruption in audit oversight." SEC Chairman Paul Atkins has said as recently as Tuesday he expects the SEC could take over the PCAOB's functions. The agency has asked for a $100 million buffer in its budget to accommodate potential new responsibilities. A spokesperson for the SEC declined to comment beyond the chairman's prior remarks. Many Republicans have long criticized the PCAOB as costly, while advocates point to huge improvements in public companies' financial reporting since the group was founded. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
