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The Securities and Exchange Commission today charged The Boeing Company and its former CEO, Dennis A. Muilenburg, with making materially misleading public statements following crashes of Boeing airplanes in 2018 and 2019. The crashes involved Boeing’s 737 MAX airplane and a flight control function called the Maneuvering Characteristics Augmentation System (MCAS). According to the SEC’s orders, after the first crash, Boeing and Muilenburg knew that MCAS posed an ongoing airplane safety issue, but nevertheless assured the public that the 737 MAX airplane was “as safe as any that has ever flown the skies.” Later, following the second crash, Boeing and Muilenburg assured the public that there were no slips or gaps in the certification process with respect to MCAS, despite being aware of contrary information. "There are no words to describe the tragic loss of life brought about by these two airplane crashes," said SEC Chair Gary Gensler. "In times of crisis and tragedy, it...

The Securities and Exchange Commission announced that the fees that public companies and other issuers pay to register their securities with the Commission will increase from $92.70 per million dollars to $110.20 per million dollars, effective Oct. 1. The new fee rate will be applicable to the registration of securities under Section 6(b) of the Securities Act of 1933, the repurchase of securities under Section 13(e) of the Securities Exchange Act of 1934, and proxy solicitations and statements in corporate control transactions under Section 14(g) of the Securities Exchange Act of 1934. The securities laws require the Commission to make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933, which also adjusts the annual fee rates under Sections 13(e) and 14(g) of the Securities Act of 1934, as well as Rule 24f-2 under the Investment Company Act of 1940. The Commission must set rates for the fees paid under Section 6(b) to levels that the Co...

The Securities and Exchange Commission today announced the appointment of Anthony (Tony) C. Thompson to a second term as a Board Member of the Public Company Accounting Oversight Board (PCAOB). Mr. Thompson joined the Board on January 3, 2022, filling a term that expires on October 24, 2022. His second term will run until October 24, 2027. “I am pleased that Tony will serve a second term on the PCAOB Board," said SEC Chair Gary Gensler. "The public will continue to benefit from Tony's dedication and broad expertise. I am confident that he will help the PCAOB build and sustain trust in the financial information that public companies disclose to investors." SEC Acting Chief Accountant Paul Munter added, “I look forward to continuing to work with Tony to further the PCAOB’s mission to promote investor protection and improve audit quality.” “I am honored by the Commission’s confidence in me and my work on behalf of investors,” said Mr. Thompson. “I am excited to ...