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Corporate & Securities Law

Jim Hamilton's World of Securities Regulation

Opines on every level of securities regulation (federal, state, international, theoretical) covering market players of all types (e.g., accountants, broker-dealers, foreign issuers, hedge funds, market manipulators) who engage all sorts of transactions and activities (acquisitions, financial reporting, private placements, pyramid schemes). Highlights issues of particular importance to securities lawyers and their clients with emphasis on SEC rulemaking, industry trends, and the many curiosities that inhabit this world.
By Jim Hamilton

Post Frequency: 15.3/day

Last Entry: April 01, 2011 at 16:29:00

President?s Proposed Budget Would Significantly Increase SEC and CFTC Funding to Enable Dodd-Frank Implementation

Posted on February 14, 2011
President Obama?s proposed FY 2012 budget would significantly increase SEC and CFTC funding so that the Commissions can properly implement the mandates of the Dodd-Frank Act. Moreover, for the first time, the CFTC would be permitted to fund some activities through user fees...

Business Study Says Dodd-Frank Derivatives Regulations Could Cost Jobs and Push Hedging Offshore

Posted on February 14, 2011
A study commissioned by business groups and released ahead of House hearings on Dodd-Frank Title VII found that the federal derivative regulation mandated by Title VII could cost thousands of US jobs and shift hedging activities to foreign jurisdictions...

SEC Enforcement Action Against Hedge Fund Managers is First Insider Trading Action in Expert Network Investigation

Posted on February 14, 2011
In the first enforcement action against traders in the SEC's ongoing investigation of insider trading involving expert networks, the SEC alleged that a New York-based hedge fund and four hedge fund portfolio managers illegally traded on confidential inside information obtained from technology company employees moonlighting as expert network consultants...

Key Senator Asks SEC to Investigate How Hacking Can Disrupt Exchange Trading Platforms

Posted on February 13, 2011
In the wake of a breach of NASDAQ computer systems by hackers, Senator Robert Menendez (D-NJ) asked the SEC to investigate the extent to which hacking can disrupt trading platforms at national exchanges and what steps can be taken to prevent that. In a letter to SEC Chair Mary Schapiro, the Senator, a leading member of the Banking Committee, also urged the SEC to review policies concerning when exchanges and other trading companies are required to publicly report information on security breaches, and what the effects of the timing of such revelations are on both criminal investigations and markets...

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PCAOB Member Gradison Sees Inability to Conduct Int?l Inspections and Advent of IFRS as Major Challenges

Posted on February 13, 2011
In his farewell remarks, PCAOB Member Bill Gradison said that the current inability to conduct inspections in the EU, Switzerland, and China is the weakest link in the Board?s inspection program involving not only limits on inspecting the work of the signing auditor, but also substantial role work and work referred by U...

Chairman Bachus Asks SEC and CFTC to Report on the Integrity of Stock and Futures Exchanges in Light of NASDAQ Hacking

Posted on February 13, 2011
In a letter to SEC Chair Mary Schapiro and CFTC Chair Gary Gensler, House Financial Services Committee Chair Spencer Bachus (R-ALA) requested information regarding the protocols in place to ensure the integrity of the equity and commodity trading systems at various exchanges...

Expectation Gap between Financial Statement Audit and Investor Perception Must Be Closed Says UK Audit Oversight Chief

Posted on February 12, 2011
The gap between what an independent audit of financial statements does and what investors expect it to do must be closed, in the view of Stephen Haddrill, Chief Executive of the UK Financial Reporting Council. The gap between what audit does and what users expect from an audit of the financial statements has been growing for the last 20 to 30 years, he noted, and now is the time for fresh thinking to address the expectation gap and to bring the value of audit closer to investor needs in the modern economy...

New IASB Chair Plans Global Strengthening of IFRS, Calls Accounting Transparency Crucial to Financial Stability

Posted on February 12, 2011
Describing IFRS as the only set of accounting standards that has the potential to be used all over the world, new IASB Chair Hans Hoogervorst said that only IFRS can unleash the full potential of a truly global capital market and make an enormous contribution to economic growth by enhancing transparency and liquidity around the world...

Prominent Law Professors? Amicus Brief Refutes Argument that SEC Proxy Access Rule Violates First Amendment

Posted on February 11, 2011
An amicus brief filed in the DC Circuit Court of Appeals by prominent law professors refuted the argument advanced by business groups that the SEC?s proxy access rule violates the First Amendment to the US Constitution. In their brief, the law professors specifically avoid policy and procedure arguments, but instead dissected the First Amendment claim to show that companies? constitutional rights are not diminished by Rule 14a-11...

Legislation Would Place Bureau of Consumer Financial Protection Under Treasury and Congressional Appropriations

Posted on February 10, 2011
Legislation amending Dodd-Frank to move the Bureau of Consumer Financial Protection into the Department of the Treasury has been introduced by Rep. Randy Neugebauer (R-TX), Chairman of the Oversight and Investigation Subcommittee of the House Financial Services Committee...

FINRA CEO Comments on SEC Dodd-Frank Studies on Adviser Oversight and Uniform Fiduciary Standard

Posted on February 09, 2011
Referring to the two Dodd-Frank mandated studies the SEC released two studies last month on the oversight of investment advisers and a uniform federal fiduciary standard for adviser and brokers, FINRA CEO Rick Ketchum said that FINRA has long advocated that more frequent examinations of investment advisory firms will enhance investor protection and looks forward to working with the SEC and Congress as decisions are made on how to implement the options in the study, one of which was to create an SRO for advisers...

House Committeee Hearings Will Explore Impact of Dodd-Frank Derivatives Title

Posted on February 09, 2011
Financial Services Committee Chairman Spencer Bachus (R-ALA) has set a hearing to examine the economic and market impact of the derivatives title of the Dodd-Frank Act. The hearing will take place on February 15. Chairman Bachus said that this will be the first hearing to review the impact of the Dodd-Frank Act on the U...

Chairman Garrett Calls for Prompt Reform of GSEs While Preserving Vital Securitization

Posted on February 08, 2011
Rep. Scott Garrett (R-NJ) has called for the prompt reform of Fannie Mae and Freddie Mac along the lines of what he calls the Cantor Rules after House Majority Leader Eric Cantor (R-VA). This would be a reform that increases transparency and decreases government exposure...

Banking Community Urges Congress to Nullify Durbin Interchange Amendment to Dodd-Frank

Posted on February 08, 2011
The American Bankers Association and the state bankers associations sent a joint letter to the Senate and House urging Congress to stop the implementation of the Fed?s interchange proposal implementing the Durbin interchange amendment in the Dodd-Frank Act...

Commissioner Casey Says Take Time with Dodd-Frank rulemaking, Examines Retroactivity Issue

Posted on February 05, 2011
Calling the Dodd-Frank Act arguably the most significant financial legislation in modern history, SEC Commissioner Kathleen Casey essentially asked Congress to extend some of the Act's rulemaking deadlines. In remarks at the PLI SEC Speaks seminar, she said that the legislation ushers in a breathtaking amount of changes that will result in a tectonic shift in the legal, regulatory and policy landscape affecting markets and the economy in a relatively short period of time...

SEC Chair Says Budget Shortfall Affecting Core Mission as Dodd-Frank Rulemaking Intensifies

Posted on February 04, 2011
The continuing resolution that has essentially frozen the SEC budget at 2010 levels has impacted the Commission?s core mission, said Chairman Mary Schapiro, separate and apart from the Dodd-Frank duties to regulate derivatives, hedge fund advisers and credit rating agencies...

German BaFin Extends Short Selling Disclosure Regime until March of 2012.

Posted on February 03, 2011
The German Federal Financial Supervisory Authority (BaFin) has extended its General Decree of March 2010 imposing a regime of two-tier transparency for net short selling positions. The Decree, scheduled to expire Jan. 31, 2011, was extended until March 25, 2012...

Former Senior SEC Officials Urge Congress to Adequately Fund the Commission

Posted on February 03, 2011
In a letter to House and Senate leaders, a host of former SEC senior officials, including former Commissioners Annette Nazareth and Irving Pollack, urged Congress to substantially increase appropriations for the SEC through the Commission?s longstanding registration fee mechanism or allow the SEC the same funding model that Congress has used successfully for the nation s banking regulators...

US Hedge Fund Industry Comments on European Commission Proposed Changes to MiFID

Posted on February 03, 2011
While generally supporting the increased transparency embodied in the European Commission?s proposed reform of the Markets in Financial Instruments Directive (MiFID), the US hedge fund industry is concerned that proprietary or confidential information of individual investors may be disclosed to the public...

SEC Asked to Clarify Proposed Commodity Trading Advisor Exemption from Dodd-Frank Mandated Hedge Fund Registration

Posted on February 01, 2011
The hedge fund industry has urged the SEC to clarify the exemption from registration in the Dodd-Frank Act for CFTC-registered commodity trading advisors to private funds. In a letter to the SEC, the Managed Funds Association, reasoning by analogy, suggested that the SEC use the factors in a 1983 no-action letter determining a fund?s primary business in adopting regulations on whether a commodity trading advisor is predominantly engaged in providing advice on securities, which would cause the exemption to be lost...

SEC Adopts Regulations Implementing Dodd-Frank Say-on-Pay Mandates

Posted on February 01, 2011
The SEC has adopted regulations implementing the provisions of the Dodd-Frank Act relating to shareholder approval of executive compensation and disclosure and shareholder approval of golden parachute compensation arrangements. New Rule 14a-21 provides for separate shareholder advisory votes to approve executive compensation, to approve the frequency of such votes on executive compensation, and to approve golden parachute compensation arrangements...

Senator Johnson Named Senate Banking Committee Chair

Posted on January 31, 2011
Senator Tim Johnson (D-SD) will be the new Chair of the Senate Banking Committee for the 112th Congress. Senator Johnson said that he is committed to making US financial regulations world class and ensuring that consumers and investors are meaningfully protected...

Big Four Believe that PCAOB Should Clarify ``Failure to Supervise?? within Quality Control System

Posted on January 31, 2011
While supporting the PCAOB?s objective to clarify failure to supervise under Section 105(c)(6) of Sarbanes-Oxley and enhance documentation of these responsibilities, the Big Four audit firms believe that this effort should be implemented through the quality control project already on the Board's agenda...

Chinese Corporate Governance Improved by Passage of Legislation and Adoption of a Code

Posted on January 31, 2011
The corporate governance of Chinese public companies has improved dramatically since the passage of the Company Law of 2006 and the Securities Law of 2006 and the adoption of a Code of Corporate Governance based on the legislation, according to an OECD report...

Shareholder Cannot Maintain Derivative and Federal Securities Fraud Actions Simultaneously against Same Company

Posted on January 28, 2011
A shareholder could not maintain a derivative action against a company while simultaneously maintaining his own individual federal securities fraud action against the same company, ruled a federal judge, since the shareholder could not fairly and adequately enforce a right of the corporation while suing that corporation...

Chairman Bachus Asks SEC and CFTC How Much Dodd-Frank Regulations Will Cost

Posted on January 28, 2011
In a letter to the Chairs of the SEC and CFTC, House Financial Services Committee Chair Spencer Bachus (R-Ala) asked for information on the costs to each agency of implementing Dodd-Frank regulations and the annual execution of Dodd-Frank mandates. Specifically, the Chair asked for the amount of their FY 2011 budget request and how much that differs from the FY 2010 budget request, and estimates for the FY2012 budget request...

GAO Dodd-Frank Mandated Study on Financial Planners Sees No Need for More Regulation; But Identifies Consumer Issues

Posted on January 27, 2011
While finding no need for additional regulation of financial planners at this time, the GAO recommended that the SEC incorporate into its ongoing review of financial literacy among investors an assessment of the extent to which investors understand the titles and designations used by financial planners, GAO found confusion here, and any implications a lack of understanding may have for consumers? investment decisions...

House Bill Would Apply FOIA to Government-Sponsored Enterprises

Posted on January 27, 2011
House Bill Would Apply FOIA to Government-Sponsored EnterprisesA bill introduced by Rep. Jason Chaffetz (R-UT) would apply the Freedom of Information Act to Fannie Mae and Freddie Mac during periods when these GSEs are in conservatorship or receivership, as they are now...

SEC Staff Study Mandated by Dodd-Frank Recommends Enhancing Investor Access to Data on Brokers and Advisers

Posted on January 27, 2011
The SEC staff has recommended a unified public disclosure database for accessing information about brokers and advisers pursuant to a study on how to improve investors? access to information about these financial intermediaries mandated by Section 919B of Dodd-Frank...

SEC Defers Creation of Dodd-Frank Mandated Investor Advisory Committee

Posted on January 27, 2011
Citing budgetary concerns, the SEC has deferred the creation of the Investor Advisory Committee mandated by Section 911 of Dodd-Frank. The Act requires the creation of an Investor Advisory Committee within the SEC and authorizes appropriations for its implementation and operation...

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