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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel Goldman Sachs crafts new rules on disclosures, financial reporting The investment bank initiated the 9-month review after the SEC filed civil fraud charges against Goldman Sachs in April 2010. Source: AHN Reporter: Vittorio Hernandez Location: New York, NY, United States Published: January 11, 2011 7:13 a.m. EST Topics: Government Departments, Politics, Government, Company Information, Financial And Business Service, Quarterly Or Semiannual Financial Statement, Economy, Business And Finance, Banking, Business Goldman Sachs crafted new rules centering on disclosure and financial reporting as part of the investment bank’s improving internal controls and rebuilding its reputation. The rules, released Tuesday in a 63-page internal report, are the result of a 9-month review of Goldman’s business practices. But the changes are not a complete overhaul of Goldman’s business model, but a fine-tuning. Among the changes are the way the bank enhances its quarterly financial data and detail its specific role in transactions. Goldman will move some of the underwriting and origination activities from its securities division to the investment banking group. The bank insisted that it has retained its 14 principles, the top of which is clients’ interest will come first. Goldman Sachs initiated the review in May after the Securities and Exchange Commission filed civil fraud charges against the bank a month earlier. The lawsuit accused Goldman of omitting key facts in its role in developing a subprime mortgage security that caused investors to lose millions of dollars. The bank, while it did not admit any wrongdoing, settled with the SEC for $550 million. The report has 39 recommendations, which the Goldman board approved in December. 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