Jim Hamilton’s World of Securities Regulation The Big Four audit firms have serious concerns about the PCAOB’s proposed standard addressing the responsibility of the audit firm partner that reviews the work of the engagement partner on a public company audit. The proposed standard of performance for engagement quality reviewers requires them to consider not merely what they know, but also what they should know. The Big Four are united in their opposition to injecting this legal standard into a review of the audit engagement.

Investment Executive : SEC proposes amendments to improve regulation of foreign broker activities in U.S. The U.S. Securities and Exchange Commission is providing more detail into plans to allow foreign brokers easier access to U.S. markets.

Investment Executive : MFDA proposes change to dual occupations rule …Dealers and reps have sought clarification as to whether financial planning carried on as an outside business activity must be conducted through a corporate entity and the meaning of “widely recognized professional association”.

Investment Executive : OSC issues revised list of priorities …the OSC has added its new “vision statement” to the statement, and it has clarified its intention to take a leadership role in terms of communicating issues related to management certification requirements and the transition to international financial reporting standards.

Investment Executive : SEC moves to protect investors from abusive practices in sale of equity indexed annuities SEC moves to protect investors from abusive practices in sale of equity indexed annuities

reportonbusiness.com: Paulson calls for better process to manage investment bank failures U.S. Treasury Secretary Henry Paulson said on Wednesday that the United States must strengthen its process for regulators to unwind failing investment banks without threatening the stability of the financial system.

Obama Got a Sweet Deal on His Mortgage Too - Right Wing News (Conservative News and Views) Democratic presidential contender Barack Obama got a sweeter than normal deal on his mortgage

Credit Slips: Interchange and the Price of Gas Americans pay about 10 cents/gallon or $2/tank (20 gallon) in interchange fees.