Regulatory Alerts2019-04-03 | 2019-06427Added · Updated
Public Company Accounting Oversight Board Hearing Officers
The Securities and Exchange Commission issued a final rule amending its regulations to require Commission approval for the appointment and removal of Public Company Accounting Oversight Board hearing officers. This change addresses constitutional concerns regarding the status of hearing officers as inferior officers under the Appointments Clause following the Supreme Court's decision in Lucia v. SEC. The rule ensures that no action by the PCAOB to appoint or remove a hearing officer is final without explicit Commission consent.
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