June 14, 1976 - TSC Industries v Northway. Today in 1976 the Supreme Court’s TSC v Northway decision defined materiality (what must be disclosed to investors). Though the court’s definition set precedent, the SEC still prefers to define materiality in terms of context, as explained in Ted Sonde’s oral history interview.
The Society is pleased to open its newest gallery on the founding and early history of the Public Company Accounting Oversight Board (PCAOB), a unique regulatory entity established by the Sarbanes-Oxley Act of 2002 to oversee, inspect and enforce standards for auditors of publicly traded companies.
The gallery, curated by Lucy Harvey, features an essay outlining the major decisions and challenges faced by those most closely involved in the PCAOB’s conception, establishment, and early years of functionality. The essay is supported and punctuated by dozens of papers, photos, and other distinctive artifacts new to the Museum's virtual collection.
While 2020 was fraught with uncertainty due to the COVID-19 pandemic and other significant challenges, we look back at last year through a positive lens as we share our 2020 Annual Report.
This year’s report includes the narrative of activities, list of donors, and audited financial statements of the Securities and Exchange Commission Historical Society from January 1 through December 31, 2020.
