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Last Entry: June 19, 2013 at 16:05:06

SEC Chair Says Agency Will Require Admissions in Some Settlements

Posted on June 19, 2013
It has been widely reported that SEC Chair White stated that the agency will seek admissions in settlements in certain cases, because "public accountability in particular kinds of cases can be quite important." Reuters, UPDATE 2-U.S. SEC to seek admissions...

Schwartz on Crowdfunding

Posted on June 18, 2013
Crowdfunding Securities, by Andrew A. Schwartz, University of Colorado Law School, was recently posted on SSRN. Here is the abstract: A new federal statute authorizes the online "crowdfunding" of securities, a new idea based on the concept of "reward" crowdfunding...

Rock on the New Shareholder-Centric Reality

Posted on June 18, 2013
Adapting to the New Shareholder-Centric Reality, by Edward B. Rock, University of Pennsylvania Law School, was recently posted on SSRN. Here is the abstract: After more than eighty years of sustained attention, the master problem of U.S. corporate law ?...

Brown on Insurance Regulation Post-Dodd Frank

Posted on June 18, 2013
Will the Federal Insurance Office Improve Insurance Regulation?, by Elizabeth F. Brown, Georgia State University - Department of Risk Management and Insurance, was recently posted on SSRN. Here is the abstract: Prior to the financial crisis, insurance was the only...

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FINRA Files Proposed Rule Change to Amend Discovery Guide on E-Discovery Issues

Posted on June 18, 2013
FINRA filed with the SEC a proposed rule change to amend the Discovery Guide (?Guide?) used in customer arbitration proceedings to provide general guidance on electronic discovery (?e-discovery?)issues and product cases and to clarify the existing provision relating to affirmations...

FINRA Files Proposed Rule Change to Simplify Selection of All-Public Arbitrator Panel in Customer Disputes

Posted on June 18, 2013
FINRA has filed with the SEC a proposed rule change to amend FINRA Rule 12403 of the Code of Arbitration Procedure for Customer Disputes (?Customer Code?) to make it easier for parties to select an all-public arbitrator panel in cases...

FINRA Targets Firms' Use of Social Media Communications

Posted on June 18, 2013
FINRA has posted on its website a generic "Targeted Examination Letter" relating to Spot-Check of Social Media Communications, requesting that the firm provide information about its use of social media, including: An explanation of how the firm is currently using...

Deloitte Agrees to One-Year Suspension from Consulting Work at New York Financial Institutions

Posted on June 18, 2013
Deloitte Financial Advisory Services agreed to a one-year suspension from consulting work at financial institutions regulated by the New York State Dept. of Financial Services because of alleged misconduct during its consulting work at Standard Chartered on anti-money laundering issues...

Former Regions Morgan Keegan Funds Directors Settle Charges They Failed Pricing Responsibilities

Posted on June 14, 2013
The SEC announced a settlement in an enforcement proceeding against eight former directors of five Regions Morgan Keegan open- and closed-end funds that were heavily invested in securities backed by subprime mortgages. The SEC alleged that the directors failed to...

Revlon Settles SEC Charges It Misled Shareholders in Going Private Transaction

Posted on June 14, 2013
The SEC charged Revlon with misleading shareholders during a "going private transaction." An SEC investigation found that during a voluntary exchange offer to satisfy a significant debt to its controlling shareholder, Revlon engaged in "ring fencing" that deprived its independent...

Cunningham Tells the AIG Story at NBLSC

Posted on June 14, 2013
The Fourth Annual National Business Law Scholars Conference was held June 12-13 at The Ohio State University Moritz College of Law. Organized by Steven Davidoff (OSU), Eric Chaffee (Toledo) and Barbara Black (Cincinnati), the NBLSC is a forum that provides...

CBOE Pays $6 Million to Settle SEC Charges of Regulatory Failures

Posted on June 11, 2013
The SEC charged the Chicago Board Options Exchange (CBOE) and an affiliate for various systemic breakdowns in their regulatory and compliance functions as a self-regulatory organization, including a failure to enforce or even fully comprehend rules to prevent abusive short...

CFPB Seeks Comments on Survey on Arbitration Clauses in Consumer Financial Contracts

Posted on June 11, 2013
The Consumer Financial Products Bureau is proposing to conduct a nationwide telephone survey of 1,000 credit card holders as part of its Dodd-Frank-mandated study about predispute arbitration clauses in consumer financial contracts. The proposed survey will explore consumer awareness of...

FINRA Surveys to Update Series 4, 9 and 10 Exams

Posted on June 11, 2013
FINRA is conducting job analysis surveys to inform updates to the Series 4, 9 and 10 qualification examinations. Through these surveys, FINRA intends to gather information from currently registered individuals regarding their roles, responsibilities and job functions, and to use...

FINRA's Revised Definition of Public Arbitrator Effective July 1

Posted on June 11, 2013
FINRA announced that the SEC approved amendments to the definition of public arbitrator in the Customer and Industry Codes of Arbitration Procedure. The amended definition excludes persons associated with a mutual fund or hedge fund from serving as public arbitrators...

SEC's Office of Inspector General Makes Recommendations to Strengthen Economic Analysis of Rulemaking

Posted on June 11, 2013
The SEC's Office of Inspector General recently issued a report, Use of the Current Guidance on Economic Analysis in SEC Rulemakings, Report No. 518, detailing the results of its evaluation of the SEC's use of the current guidance on economic...

SEC Alleges that Detroit Adviser Stole Money from Police & Firefighters' Pension Fund

Posted on June 10, 2013
The SEC and Chauncey C. Mayfield, the founder, president, and CEO of MayfieldGentry Realty Advisors, a Detroit-based investment adviser, agreed to settle charges that Mayfield stole nearly $3.1 million from the pension fund that the firm manages for the city's...

U.S. Supreme Court: Arbitrator's Decision Allowing Class Arbitration Survives Limited Judicial Review under FAA

Posted on June 10, 2013
The Supreme Court today unanimously held that a court has no power to vacate an arbitrator's interpretation of an arbitration agreement permitting class arbitration under section 10(a)(4) of the Federal Arbitration Act, so long as (1) the parties agreed that...

Stipanowich on the Delaware Arbitration Program

Posted on June 08, 2013
In Quest of the Arbitration Trifecta, or Closed Door Litigation?: The Delaware Arbitration Program, by Thomas Stipanowich, Pepperdine University School of Law, was recently posted on SSRN. Here is the abstract: The Delaware Arbitration Program established a procedure by which...

Alces on Legal Diversification

Posted on June 08, 2013
Legal Diversification, by Kelli A. Alces, Florida State University College of Law, was recently posted on SSRN. Here is the abstract: The greatest protection investors have from the risks associated with capital investment is diversification. This Essay introduces a new...

Sale on Public Governance

Posted on June 08, 2013
Public Governance, by Hillary A. Sale, Washington University in Saint Louis - School of Law, was recently posted on SSRN. Here is the abstract: This Article develops a theory of public governance as a form of publicness by exploring corporate...

Anabtawi & Schwarcz on Regulating Financial Failure

Posted on June 08, 2013
Regulating Ex Post: How Law Can Address the Inevitability of Financial Failure, by Iman Anabtawi, University of California, Los Angeles (UCLA) - School of Law, and Steven L. Schwarcz, Duke University - School of Law, was recently posted on SSRN....

Krawiec, et alia, on Board Diversity

Posted on June 08, 2013
The Danger of Difference: Tensions in Directors? Views of Corporate Board Diversity, by Kimberly D. Krawiec, Duke University - School of Law; John M. Conley, University of North Carolina (UNC) at Chapel Hill - School of Law; and Lissa L....

Kaal on Dynamic Regulation of Financial Services Industry

Posted on June 08, 2013
Dynamic Regulation of the Financial Services Industry, by Wulf A. Kaal, University of St. Thomas, Minnesota - School of Law, was recently posted on SSRN. Here is the abstract: Governance adjustments via stable rules in reaction to financial crises are...

Gelter on Pension System & Shareholder Primacy

Posted on June 08, 2013
The Pension System and the Rise of Shareholder Primacy, by Martin Gelter, Fordham University School of Law; European Corporate Governance Institute (ECGI), was recently posted on SSRN. Here is the abstract: This article explores the influence of the pension system...

Couture on the First Amendment and Securities Fraud

Posted on June 08, 2013
The Collision Between the First Amendment and Securities Fraud, by Wendy Gerwick Couture, University of Idaho College of Law, was recently posted on SSRN. Here is the abstract: This Article seeks to correct the imbalance that occurs when the First...

SEC & Whittier Trust Settle Insider Trading Charges involving Dell & Nvidia Securities

Posted on June 08, 2013
The SEC charged Whittier Trust Company and fund manager Victor Dosti, a South Pasadena, Calif.-based wealth management company and a former fund manager, with insider trading on non-public information about technology companies. The charges are the agency?s latest in its...

SEC Freezes Assets of Bangkok Trader for Insider Trading in Smithfield Securities

Posted on June 06, 2013
The SEC obtained an emergency court order to freeze the assets of a trader in Bangkok, Thailand, who made more than $3 million in profits by trading in advance of last week's announcement that Smithfield Foods agreed to a multi-billion...

SEC Investor Warning: Binary Options!

Posted on June 06, 2013
The SEC is warning investors about the potential risks of investing in binary options and has charged a Cyprus-based company with selling them illegally to U.S. investors. Binary options are securities in the form of options contracts whose payout depends...

SEC Action Against Tourre Set to Commence

Posted on June 06, 2013
Fabrice Tourre, the former VP in the structured products correlation desk at Goldman Sachs, lost his attempt to get the SEC charges against him dismissed based on Morrison v. National Australia Bank. The SEC is suing Tourre, as readers of...

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