RegAlert2004-05-14
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SEC Office of the Chief Accountant staff letter: Letter from SEC Chief Accountant to KPMG LLP (UK), Concerning KPMG LLP's separation of legal practices, May 14, 2004
The Office of the Chief Accountant will not recommend enforcement action asserting that KPMG lacks independence due to legal services provided by separated legal practices, provided KPMG complies with specific terms including the prohibition of equity interests, revenue sharing, and preferred collaboration. The staff's position is contingent upon the removal of transitional credit support no later than nine months after separation or March 31, 2005, and the adoption of distinctive names and logos by the separated entities. This no-action assurance applies only to the specific facts represented in the letter and does not endorse KPMG's legal analysis or establish a general rule.
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May 14, 2004
KPMG LLP (UK) Attn: Mr. Neil Lerner 8 Salisbury Square London EC4Y 8BB United Kingdom
Dear Mr. Lerner:
The staff has reviewed your letter of May 13, 2004 concerning KPMG LLP's ("KPMG" or "KPMG Member Firms") separation of various legal practices (individually, a "Separated Legal Practice") from their respective KPMG Member Firms. In your letter, you detail key terms of the transaction and conditions that KPMG, including entities that have been considered part of KPMG under Rule 2-01(f)(2) of Regulation S-X, will comply with in connection with the completion of the separation. Your letter concludes that, based on its compliance with those terms and conditions, KPMG should not be considered to be "providing legal services" to, or to have a "mutuality or conflict of interest" or a "direct or material indirect business relationship" with, or a "direct financial interest or material indirect financial interest" in, any audit client (1) that also is a client of, or enters into a business relationship with, such Legal Practice, or (2) in which such Legal Practice invests.
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