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Q1's SEC Rulemaking and Enforcement Conversation with David Peavler

  • 1.  Q1's SEC Rulemaking and Enforcement Conversation with David Peavler

    Posted 04-12-2023 02:28 PM
    Edited by Community Manager 04-12-2023 02:30 PM

    There's no doubt that Q1 was busy for everyone this year. As we gear up for Q2 at SEC Pro Group, we're reflecting on the last quarter and our conversation with David Peavler, former Director of the SEC Forth Worth Regional Office. 

    We want your feedback! Post your thoughts in the thread below.

    Dallas chapter chairs Mallory King of Match Group, Mark Abbott of Peraton, and Denyse Lessard of Cinemark led a follow-up Q&A session that included topics like

    • The psychology of people who commit fraud (David mentioned the book Why They Do It: Inside the Mind of the White-Collar Criminal by Eugene Soltes)
    • The right spot for ESG disclosures (the SEC is figuring that out, but it's possible those could be spread through a 10-K in addition to having its own section)
    • How far do companies go with calculating Scope 3 emissions? (Would an app maker, for example, be forced to calculate the emissions tied to someone using their smart phone to access the app?)
    • Should COVID-19 still make an appearance in 10-Ks? (Consider whether it's still affecting your business or if it's been normalized)
    • Crypto (David raised the question of whether it's a topic that Congress, rather than regulators, will ultimately take on)

    To those of you who attended in-person chapter meetings: What discussion did this session spark for your group?

    To those who attended virtually: What questions arose for you from the conversation between Steve Soter and David Peavler?

    To everyone: Was this a valuable and relevant conversation? What topics would you like to see discussed in the future?

    If you were unable to attend in-person or virtually this quarter, you can catch the conversation with David Peavler and read a review of his conversation with Steve Soter in this blog post.

    Community Manager
    Professional Groups National Team

  • 2.  RE: Q1's SEC Rulemaking and Enforcement Conversation with David Peavler

    Posted 04-18-2023 04:06 PM

    I really appreciated his perspectives on fraud. I've been in those circumstances when you've missed forecast/guidance, or there's been an error, and everyone's trying to figure out if there's anything that can be done (one of my old bosses used to joke about some controllers having a "drawer of credits" to cover up any P&L issues). Those moments can be tense, and I can understand why it can be so tempting (and initially easier) to cover it up, especially when so much can be on the line. But as David said, the cover up is always worse than the crime, and from my observations, it's like a treadmilll that just doesn't stop.

    Steve Soter
    Executive Advisor
    SEC. ESG & SOX Pro Groups