Understanding Foreign Issuer Reporting Enhancements (FIRE)
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Ellie Bavaria
Special Counsel, Office of International Corporate Finance, Division of Corporation Finance
United States Securities and Exchange Commission

Ellie Bavaria is a Special Counsel, Office of International Corporate Finance, Division of Corporation Finance at the Securities and Exchange Commission. Her work includes: issuing interpretive guidance to foreign issuers on matters relating to the Federal securities laws; working on SEC rulemaking initiatives regarding foreign issuers; reviewing disclosure documents from foreign companies and sovereign issuers and participating in conferences and events to describe developments in the Federal securities laws.

Ms. Bavaria also had previous roles at the Securities and Exchange Commission as Special Counsel in both the Office of Consumer Products and the Office of Natural Resources. Prior to returning to the SEC, Ms. Bavaria was a Counsel at the law firm of Wilmer, Cutler & Pickering.

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Carol M. McGee
Partner, Co-Leader, Securities Practice, (Former Deputy Chief Counsel, Division of Corporation Finance, U.S. Securities and Exchange Commission (SEC))
Alston & Bird

Carol McGee is co-leader of Alston & Bird’s Securities practice. From 2004 to 2008 she was deputy chief counsel of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC). During her nearly 10 years at the SEC, she held numerous other positions in the Division, including the special counsel of the Office of Healthcare and Insurance. While with the SEC, Carol oversaw the administration and interpretation of the rules and regulations under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Trust Indenture Act of 1939, including resolving legal issues in connection with securities offerings and periodic reports, along with providing interpretive guidance on all aspects of these Acts.

Carol holds a J.D. from the University of Virginia. In addition, she earned an M.Phil from the University of St. Andrews in St. Andrews, Scotland, and a B.A., magna cum laude, from Wellesley College.

Representative Experience
- As deputy chief counsel at the SEC during the adoption of landmark regulations, oversaw the staff’s interpretive
  advice regarding Securities Offering Reform and the Sarbanes-Oxley Act.
- In 2007, during the vacancy of the chief counsel position, served as one of two senior staff members who
  ran the Office of Chief Counsel.
- Managed the interpretation and implementation of Regulation AB (the new regulatory regime for asset-backed
  securities) and Section 16 reporting (ownership reporting for officers, directors and 10 percent owners).
- Served as the Division expert on novel securities and transactions such as credit-linked securities and PIPE
  and on-line auction offerings.
- Oversaw resolution of numerous significant legal issues in connection with the Exchange Act registration of
  several Government Sponsored Enterprises (GSEs).
- Twice awarded the SEC’s Capital Markets Award.

Publications
- "Commission Guidance and Changes to Cross-Border Tender Offers," Section 2—Significant 2008 Regulatory
  Developments, Survey—Federal Regulation of Securities, The Business Lawyer, Vol. 64, May 2009.
- “Accounting Standards During The Subprime Crisis,” Law360, September 2008.

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Karen B. Dietrich
Associate Director, Office of International Affairs
Public Company Accounting Oversight Board

Karen Dietrich is an Assistant Director of International Affairs at the PCAOB. Her responsibilities include representing the Board in discussions with non-U.S. regulators, assisting in the development of the Board’s international policies and providing legal advice regarding the oversight of non-U.S. audit firms that operate in U.S. capital markets.

Prior to joining the PCAOB, Ms. Dietrich practiced law with firms in Boston and Washington, D.C. She specialized in securities litigation, white collar criminal and civil enforcement matters, and complex commercial litigation. While in private practice, Ms. Dietrich worked on a number of cases involving allegations of accounting and auditor misconduct. Ms. Dietrich earned a B.A. with distinction and a J.D. with high honors, both from the University of North Carolina at Chapel Hill, where she was also a Morehead Scholar.

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Bridgette Hodges
Partner-in-Charge, SEC Regulatory Matters, National Professional Standards Group
Grant Thornton LLP

Bridgette is a Partner in the National Professional Standards Group with 20 years of experience in financial reporting and compliance combined with solid operational experience. Her focus pertains to SEC regulatory, financial reporting and compliance issues. Bridgette became the Partner in Charge of the SEC Regulatory Matters group during 2009.

Bridgette began her career in the audit practice of a large public accounting firm. After three years, she left the public accounting profession to work in industry. Bridgette worked for 12 years in industry, all with publicly-traded companies ranging from entrepreneurial environments and foreign private issuers, to a Fortune 500 New York Stock Exchange listed company. Her industry experience includes educational software companies, a government contractor (aerospace and defense), and a hospitality real estate investment trust.

Bridgette’s responsibilities have included compliance with generally accepted accounting principles (or GAAP) and SEC rules and regulations, including corporate-wide application of new accounting pronouncements, SEC regulatory filings, as well as corporate governance matters. At MeriStar Hospitality Corporation, she also assisted in the launch of an internal audit function and their Section 404 compliance program. Bridgette has experience in M&A and disposition activities, including due diligence work and technical application of appropriate GAAP.

She has solid operational experience, having established and managed the corporate-wide functions of administration, accounting, treasury and human resources while employed by the educational software companies.

Education: BS in Commerce, Concentration in Accounting, University of Virginia, McIntire School of Commerce

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Understanding Foreign Issuer Reporting Enhancements (FIRE)
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United States Securities and Exchange Commission




Public Company Accounting Oversight Board