Law360 (July 17, 2019, 4:50 PM EDT) -- On June 18, 2019, the U.S. Securities and Exchange Commission adopted amendments to Rule 2-01 of Regulation S-X, which sets forth the SEC's auditor independence standards, changing the analysis of whether an audit firm is independent if it has a lending relationship with certain shareholders of an audit client at any time during an audit or other professional engagement period.
These rule amendments reflect extensive efforts over the last three years among the SEC, the fund industry and accounting firms to consider and address compliance concerns that arose as a result of the intersection of the application of the SEC's auditor...
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