Securities


The SEC published for comment proposed regulation B, which would implement provisions of the Gramm-Leach-Bliley Act of 1999 (GLBA) that delineate the securities activities in which banks may engage without registering as brokers under the Securities Exchange Act of 1934 ( www.sec.gov/news/press/ ). GLBA introduced 11 functional exceptions to replace the act’s complete exception of banks from the definition of the term broker . The SEC proposal, which is based on interim rules the commission adopted in 2001, defines some of the statutory terms contained in the GLBA exceptions and recommends—with investor protection in mind—additional exemptions for certain other bank activities. Comments are due August 1, 2004.

Eugene D. O’Kelly, KPMG LLP chairman and chief executive, accepted the George Bush Corporate Leadership Award on behalf of his firm from former President George H.W. Bush and his wife, Barbara P. Bush, as Mary Pat McCarthy, KPMG deputy vice-chairman, looked on. The citation, shared with three other corporations, recognized the organizations’ leadership in providing 67,500 volunteers who contributed more than 100 million hours of community service in 2002—a contribution valued at $1.7 billion.

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Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

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What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.