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Definition investment company complex

The SEC fact sheet provides an example to illustrate the concerns the proposed amendment is designed to address:. Assume Company X is a U. Fund F invests in various companies around the globe, perhaps dozens or even hundreds, including Company X. Audit Firm A is the auditor of Company X. Call them Company Y and Company Z.

To add practical context, further assume that:. This is the case regardless of whether, as the Staff has observed in similar situations, these limited services at immaterial portfolio companies Companies Y and Z have no impact on the entity under audit in any way and do not impact the objectivity and impartiality of the auditor in conducting the audit for Company X.

A domestic IPO registration statement must include either two or three years of audited financial statements, and auditors of domestic first-time filers need to be independent in accordance with Rule during all audited financial statement periods included in the registration statement.

Conversely, the auditor of an FPI engaging in an IPO has to be independent in accordance with Rule only during the immediately preceding fiscal year, regardless of how many years of audited financial statements are included in the registration statement. The proposal would amend the definition such that the one-year look-back provision currently applicable only to FPIs would apply to all first-time filers, domestic and foreign.

Accordingly, as proposed, an auditor for a first-time filer that is either a domestic issuer or an FPI would apply Rule for the most recently completed fiscal year included in its first filing, provided there has been full compliance with applicable independence standards in all prior periods covered by any registration statement or report filed with the SEC i.

The proposing release notes that shortening the look-back period could help domestic firms avoid the compliance costs associated with having to switch auditors or delay their IPOs in order to comply with the auditor independence rules. The reduced compliance costs, in turn, could encourage capital formation by mitigating challenges associated with consummating IPOs and otherwise facilitating additional domestic IPOs.

The release outlines — and invites comment on — an alternative approach that would lengthen the look-back period for FPIs to all periods in which the financial statements are being audited or reviewed. The release notes, however, that while this alternative would help level the playing field between domestic and FPI first-time filers, it would increase compliance burdens for FPIs and thus could reduce the incentives for FPIs to list in the United States, thereby impeding capital formation and limiting investment opportunities for U.

These amendments are intended to address independence violations that arise solely as the result of a corporate event, such as a merger or acquisition, where the services or relationships that are the basis for the violation were not prohibited by applicable independence standards before the consummation of such corporate event. The proposed amendments may help promote consistency in application of the rules by making positions previously available only through consultation with the Staff available to all companies subject to the rules.

Additionally, if adopted, the amendments are expected to permit companies to choose from among a wider array of audit firms. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology.

Back Forward. Share Facebook Twitter Linked In. Follow Please login to follow content. Register now for your free, tailored, daily legal newsfeed service. USA January 10 Background In , the SEC adopted a comprehensive framework of rules governing auditor independence, laying out governing principles and describing certain specific financial, employment, business and nonaudit service relationships that would cause an auditor not to be independent of its audit client.

An accountant is not independent if, at any point during the audit and professional engagement period, the accountant has a direct financial interest or a material indirect financial interest in the accountant's audit client, such as:. An accountant is not independent when:.

A The accounting firm, any covered person in the firm, or any of his or her immediate family members, has any direct investment in an audit client, such as stocks, bonds, notes, options, or other securities.

The term direct investment includes an investment in an audit client through an intermediary if:. B Any partner, principal, shareholder, or professional employee of the accounting firm, any of his or her immediate family members, any close family member of a covered person in the firm, or any group of the above persons has filed a Schedule 13D or 13G 17 CFR C The accounting firm, any covered person in the firm, or any of his or her immediate family members, serves as voting trustee of a trust, or executor of an estate, containing the securities of an audit client, unless the accounting firm, covered person in the firm, or immediate family member has no authority to make investment decisions for the trust or estate.

D The accounting firm, any covered person in the firm, any of his or her immediate family members, or any group of the above persons has any material indirect investment in an audit client. E The accounting firm, any covered person in the firm, or any of his or her immediate family members:. An accountant is not independent when the accounting firm, any covered person in the firm, or any of his or her immediate family members has:. Commodity Exchange Act , as amended [ 7 U.

B Savings and checking accounts. Any savings, checking, or similar account at a bank, savings and loan, or similar institution that is an audit client, if the account has a balance that exceeds the amount insured by the Federal Deposit Insurance Corporation or any similar insurer, except that an accounting firm account may have an uninsured balance provided that the likelihood of the bank, savings and loan, or similar institution experiencing financial difficulties is remote.

C Broker-dealer accounts. Brokerage or similar accounts maintained with a broker-dealer that is an audit client, if:. D Futures commission merchant accounts. Any futures, commodity, or similar account maintained with a futures commission merchant that is an audit client. E Credit cards. F Insurance products. Any individual policy issued by an insurer that is an audit client unless:. G Investment companies.

Any financial interest in an entity that is part of an investment company complex that includes an audit client. Notwithstanding paragraphs c 1 i and c 1 ii of this section, an accountant will not be deemed not independent if:. A Inheritance and gift. Any person acquires an unsolicited financial interest, such as through an unsolicited gift or inheritance, that would cause an accountant to be not independent under paragraph c 1 i or c 1 ii of this section, and the financial interest is disposed of as soon as practicable, but no later than 30 days after the person has knowledge of and the right to dispose of the financial interest.

B New audit engagement. Any person has a financial interest that would cause an accountant to be not independent under paragraph c 1 i or c 1 ii of this section, and:. C Employee compensation and benefit plans. An immediate family member of a person who is a covered person in the firm only by virtue of paragraphs f 11 iii or f 11 iv of this section has a financial interest that would cause an accountant to be not independent under paragraph c 1 i or c 1 ii of this section, and the acquisition of the financial interest was an unavoidable consequence of participation in his or her employer's employee compensation or benefits program, provided that the financial interest, other than unexercised employee stock options, is disposed of as soon as practicable, but no later than 30 days after the person has the right to dispose of the financial interest.

A Investments by the audit client in the accounting firm. B Underwriting. An accounting firm engages an audit client to act as an underwriter , broker-dealer, market-maker, promoter, or analyst with respect to securities issued by the accounting firm. An accountant is not independent if, at any point during the audit and professional engagement period, the accountant has an employment relationship with an audit client, such as:.

A current partner, principal, shareholder, or professional employee of the accounting firm is employed by the audit client or serves as a member of the board of directors or similar management or governing body of the audit client. A close family member of a covered person in the firm is in an accounting role or financial reporting oversight role at an audit client, or was in such a role during any period covered by an audit for which the covered person in the firm is a covered person.

A A former partner, principal, shareholder, or professional employee of an accounting firm is in an accounting role or financial reporting oversight role at an audit client, unless the individual:. B A former partner, principal, shareholder, or professional employee of an accounting firm is in a financial reporting oversight role at an issuer as defined in section 10A f of the Securities Exchange Act of 15 U.

C A former partner, principal, shareholder, or professional employee of an accounting firm is in a financial reporting oversight role with respect to an investment company registered under section 8 of the Investment Company Act of 15 U.

A former officer, director, or employee of an audit client becomes a partner, principal, shareholder, or professional employee of the accounting firm, unless the individual does not participate in, and is not in a position to influence, the audit of the financial statements of the audit client covering any period during which he or she was employed by or associated with that audit client. An accountant is not independent if, at any point during the audit and professional engagement period, the accounting firm or any covered person in the firm has any direct or material indirect business relationship with an audit client, or with persons associated with the audit client in a decision-making capacity, such as an audit client's officers, directors, or substantial stockholders.

The relationships described in this paragraph do not include a relationship in which the accounting firm or covered person in the firm provides professional services to an audit client or is a consumer in the ordinary course of business. An accountant is not independent if, at any point during the audit and professional engagement period, the accountant provides the following non-audit services to an audit client:.

Any service, unless it is reasonable to conclude that the results of these services will not be subject to audit procedures during an audit of the audit client's financial statements , including:. A Maintaining or preparing the audit client's accounting records;. B Preparing the audit client's financial statements that are filed with the Commission or that form the basis of financial statements filed with the Commission; or. C Preparing or originating source data underlying the audit client's financial statements.

A Directly or indirectly operating, or supervising the operation of, the audit client's information system or managing the audit client's local area network; or.

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In these scenarios, the Staff regularly observes that the audit firm is objective and impartial and, as a result, does not object to its continuing the audit relationship with the audit client. Audit Firm has an audit partner based in Atlanta who continues to pay his student loans taken to attend college before starting his career at Audit Firm.

A different audit partner in Atlanta audits the lender that provided the student loan, a large student loan company that originates thousands of student loans. Under the current rules, the student loan of the audit partner who is not part of the audit would still lead to an independence violation for the audit engagement of the lender.

The proposed amendments also would revise existing rules to add de minimis consumer loans to the categorical exclusions from independence-impairing lending relationships. Consequently, in complex organizational structures, such as large ICCs, the requirement to identify and monitor for potential independence-impairing relationships and services currently applies to affiliated entities, including sister entities, regardless of whether the sister entities are material to the controlling entity.

This concern has become more acute as the asset management industry has grown, investments have become more global and the international audit services industry has consolidated and become more specialized. The SEC fact sheet provides an example to illustrate the concerns the proposed amendment is designed to address:. Assume Company X is a U. Fund F invests in various companies around the globe, perhaps dozens or even hundreds, including Company X. Audit Firm A is the auditor of Company X.

Call them Company Y and Company Z. To add practical context, further assume that:. This is the case regardless of whether, as the Staff has observed in similar situations, these limited services at immaterial portfolio companies Companies Y and Z have no impact on the entity under audit in any way and do not impact the objectivity and impartiality of the auditor in conducting the audit for Company X.

A domestic IPO registration statement must include either two or three years of audited financial statements, and auditors of domestic first-time filers need to be independent in accordance with Rule during all audited financial statement periods included in the registration statement. Conversely, the auditor of an FPI engaging in an IPO has to be independent in accordance with Rule only during the immediately preceding fiscal year, regardless of how many years of audited financial statements are included in the registration statement.

The proposal would amend the definition such that the one-year look-back provision currently applicable only to FPIs would apply to all first-time filers, domestic and foreign. Accordingly, as proposed, an auditor for a first-time filer that is either a domestic issuer or an FPI would apply Rule for the most recently completed fiscal year included in its first filing, provided there has been full compliance with applicable independence standards in all prior periods covered by any registration statement or report filed with the SEC i.

The proposing release notes that shortening the look-back period could help domestic firms avoid the compliance costs associated with having to switch auditors or delay their IPOs in order to comply with the auditor independence rules. The reduced compliance costs, in turn, could encourage capital formation by mitigating challenges associated with consummating IPOs and otherwise facilitating additional domestic IPOs.

The release outlines — and invites comment on — an alternative approach that would lengthen the look-back period for FPIs to all periods in which the financial statements are being audited or reviewed. The release notes, however, that while this alternative would help level the playing field between domestic and FPI first-time filers, it would increase compliance burdens for FPIs and thus could reduce the incentives for FPIs to list in the United States, thereby impeding capital formation and limiting investment opportunities for U.

These amendments are intended to address independence violations that arise solely as the result of a corporate event, such as a merger or acquisition, where the services or relationships that are the basis for the violation were not prohibited by applicable independence standards before the consummation of such corporate event. The proposed amendments may help promote consistency in application of the rules by making positions previously available only through consultation with the Staff available to all companies subject to the rules.

Additionally, if adopted, the amendments are expected to permit companies to choose from among a wider array of audit firms. Not a investment company complex to lose. Have you a investment company complex definition burr-headed, sojourn? I orb to iterate a sec investment company complex financial to orwell.

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the Fund, the Adviser and any entity controlled by, controlling or under common control with the Adviser if such entity is an. Definition of Investment Company. ▫ Types of Investment Companies. ▫ Broad Scope of Substantive Regulation, including: ▫ Registration and reporting. (f)(16)(i) "Investment Company Complex" includes: for purposes of this definition, is an entity that establishes a unit investment trust.