JPMorgan expanded disclosures after SEC questioning
(Reuters) - JPMorgan Chase & Co expanded its disclosures to investors after the U.S. Securities and Exchange Commission staff challenged the investment bank on dozens of its descriptions of its businesses and compensation policies.
The changes were described in more than 50 pages of letters released on Tuesday between the SEC and JPMorgan.
The correspondence, in four exchanges from June 15, 2011 to February 14 of this year, covered more than 70 points raised by the SEC's Division of Corporation Finance over JPMorgan's disclosures in its 10-K annual report for 2010 and its 10-Q report for the first quarter of 2011.
The staff challenged JPMorgan's descriptions of its risk factors, its possible losses on home equity mortgages, its exposure to European debtors, and its accounts of its executive compensation criteria.
In the majority of cases, JPMorgan said it would disclose more information or add clarifying statements in future filings. In other cases, the SEC let stand JPMorgan's explanation that the information being asked about was not available or was not material to the company.
A JPMorgan spokesman declined to comment.
(Reporting by David Henry in New York; Editing by Leslie Gevirtz)
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