All GLG News Analyses Filed Under: Exchange & Other Regulatory Bodies

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Sarbox - The Creator, The Offspring, Internal Controls and Corporate Investment

April 10, 2007

Analysis of:Oxley: I'm not happy with Sarbox | www.cfo.com

The  referred  article  says  that  Michael  Oxley  is  not  happy  with  his  creation  of  the  Sarbanes  Oxley  Act. The  Act  he  says  is  very  well  in  its  intentions  but  not  in  the  manner  it  is  applied.  He  also  says  that  Section 404  is  not  his  creation  but  the  combined  response  of  legislative  action  to  the  WorldCom  saga.

In  this  analysis I  look  at why  Sarbox  has  become  a  wild  horse  and  whether  and  how  it will  ever  be  tamed. I  also  look  at  the  possible  reasons why  the  creator  is  not  happy  with  the  offspring  and  the  effect  of  Sarbox  on  securities  markets.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Corporate Earnings Guidance - The Pitfalls and Disclosure Conundrums

March 22, 2007

Analysis of:Commission on the Regulation of U.S. Capital Markets in the 21st Century - Report and Recommendations | www.uschamber.com

Earnings  per share  data  and  guidance have always  played an important part  in  the  market perception and valuation of  corporate securities. The scope for market manipulation by giving wrong market information by companies in  this  area  is  enormous. In this  context  the  proposal  of  the  Commission  to  change  the  manner  of  giving  earnings data may make eminent  sense.

In  this  analysis  I  look  at  the  third  recommendation  of  the  Commission  to  change  the  disclosure  methods  and  periodicity of  earnings  guidance  and  the  impact  this  may  have  on  corporate  controllers,  analysts  and   securities  markets.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Dow Chemical - Bribery charges - Possible Indian repercussions

February 14, 2007

Analysis of:SEC Swats Dow with Bribery charge | www.cfo.com

The  acceptance  of  a  penalty  by  Dow  Chemicals  without  accepting  or  denying  charges  that  its  Indian subsidiary  made  inappropriate and  illegal  bribe  payments  in  India  is  bound  to  have  several  unpleasant  ramifications  for  the  Indian  subsidiary, its  officers  and  all  those  concerned  in  any  manner  with  the  transactions.

This  analysis  looks  at  what  action possibly  awaits  the  Indian  subsidiary  of  Dow  and  the  effect  on  its   business.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Options Backdating - The Nemesis Phase

February 14, 2007

Analysis of:Not All Backdaters May Be Charged: SEC | www.cfo.com

For  all  the  companies  which  have  been  involved  in  backdating  of  options  and  the  consequent  upward  effect  of  corporate  profits, the  stage  is  now  set  for  facing  the  hand of  judgment. The  SEC  says  it  will  not   prosecute  all  companies  and  look  at  the  evidence  on  a  case  by  case  basis. This  is  but  natural.

However  what  actions  the  SEC  takes  depend  to  a  great  extent  on  how  it  views  the  effect  of  the  backdating  option  effect  on  its  corporate  profits  and  the  extent  of  gain  by  its  top  executives  and  the  company  itself. This  analysis  takes  a  look  at  what  pointers  analysts and  others  should  look for  in  SEC  actions.

A Proper Balance

February 5, 2007

Analysis by: GLG Expert Contributor

Analysis of:Noted Policy Experts Tapped to Keynote Eighth Annual TCPI Symposium | sev.prnewswire.com

Chairman Olson speaks at the Tax Council Policy Institute's annual conference, but invariably, the subject turns to Section 404 and its costs.

Where Do The SEC's Interest Lie?

February 1, 2007

Analysis by: GLG Expert Contributor

Analysis of:Speech by SEC Commissioner: Remarks at the Corporate Directors Forum 2007 | sec.gov

There has been a shift in the SEC's priorities, as evidenced in this speech by SEC Commissioner Paul Atkins.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Sox: Competitiveness vs. Integrity

November 27, 2006

Analysis of:Sitzer Slams Threat to Corporate Reforms | www.ft.com

As  business  evolves  new  rules  emerge. New centers of  excellence  evolve  and  old  centers  either reinvent  themselves  or  fade.

In  the  world  of  capital  markets  and  corporate  governance  the  rules  are  changing  swiftly  and  new  rules  face  resistance.

This  analysis  takes  a  look  at  the  ongoing  debate  on  Section  404  of  the  Sarbannes  Oxley  Act  and  its  effects. This  analysis  also  argues  that  Sarbannes Oxley  will  only  make  the  US  attract  more  capital  not  less.  At  the  same  time  other  centers  with  different  qualitative  attributes  will  also  thrive.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Missing Three Quarter - Reducing the Cost of SOX Compliance

November 9, 2006

Analysis of:SEC is Seeking to Help Small Companies on Audits | www.nytimes.com

The  first  part  of  the  title  of  this  analysis  is  an  adaptation  the  name  of  a  Sherlock  Holmes  short  story.  I  feel  that  the  same  is  very  apt  in  the  context  as  the  SEC  having  along with  the  PCAOB  introduced  stringent  internal  control  and  audit  standards  is  now  seeking  to  reduce  the  cost  of  compliance  with  the  same  standards.

This  analysis  looks  at  some  of  the  concerns  voiced  in  this  area  and  what  the  possible  final  effect  could  be.

Paul MillerProfessorREGENTS OF THE UNIVERSITY OF COLORADO

No ifs or buts, backdating is nothing but bad news

October 6, 2006

Analysis of:Cox: Backdating Charges Imminent | www.cfo.com

It’s inevitable that new rules will follow from the disclosures about backdating.  They will impact (a) corporate governance over compensation, (b) disclosure about stock option plans, (c) disclosure about stock option grants, (d) accounting practices to establish the measurement date, (e) auditing standards concerning verification of compensation, and (f) taxability of option grants.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

A Look At The Beneficial Spinoffs of SARBOX

September 11, 2006

Analysis of:The Case For Clarity | www.cfo.com

Ever  since  Enron  and  the  emphasis  on  internal  controls  leading  to  the  Sarbannes  Oxley  Act  there  has  been  intense  debate  on  the  subject  both in  the  US  and  internationally.

A  survey  reported  by  CFO  says  that  there  is  need  for  clarity  in  the  reporting  requirements  of  Sarbannes  Oxley. This  analysis takes  a  look  at  the  results  of  the  survey.

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