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Last Entry: March 31, 2011 at 16:18:26

Treasury Sends Proposed Systemic Risk Legislation to Congress

Posted on July 23, 2009
On July 22 Treasury sent to Congress proposed Systemic Risk Legislation that would require strong, consolidated supervision and regulation for all financial firms. The legislation also provides a regulatory regime to monitor, mitigate, and respond to risks in the financial...

SEC Approves Exemptions for Central Counterparties for CDSs

Posted on July 23, 2009
The SEC approved conditional exemptions that will allow ICE Clear Europe Limited and Eurex Clearing AG to operate as central counterparties (CCPs) for clearing credit default swaps. These conditional exemptions provide the SEC with regulatory oversight of the central counterparty,...

SEC Proposes "Pay to Play" Rules for Investment Advisers

Posted on July 23, 2009
The SEC voted unanimously to propose measures intended to curtail "pay to play" practices by investment advisers that seek to manage money for state and local governments. The measures are designed to prevent an adviser from making political contributions or...

FINRA Fines 5 Bank Broker-Dealers for Improper Variable Annuities Sales

Posted on July 23, 2009
FINRA announced today that it fined five bank broker-dealers a total of $1.65 million for deficient supervision and procedures related to variable annuity (VA), mutual fund or unit investment trust (UIT) transactions. Brokers at each of the firms operated out...

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FINRA Fines NEXT Financial Group for Supervisory Violations

Posted on July 22, 2009
FINRA) announced today that it fined NEXT Financial Group, Inc., headquartered in Houston, TX, $1 million for supervisory violations that primarily involved the failure to supervise its approximately 130 Office of Supervisory Jurisdiction (OSJ) branch managers, who typically supervise transactions...

GAO Issues Report on Leverage at Financial Institutions

Posted on July 22, 2009
The GAO issued a report on Financial Crisis Highlights Need to Improve Oversight of Leverage at Financial Institutions and across System. It explains that the purpose of the report is to study the role of leverage in the current financial...

SEC Seeks Clawback from Former CEO of CSK Auto

Posted on July 22, 2009
The SEC asked the U.S. District Court for the District of Arizona to order the former chief executive officer of CSK Auto Corporation to reimburse the company and its shareholders more than $4 million that he received in bonuses and...

D.C. Circuit Remands SEC Fixed Indexed Annuity Rule for Further Consideration

Posted on July 22, 2009
The D.C. Circuit continues its practice of being tough on the SEC's compliance with the requirements for federal rulemaking . Yesterday the Circuit remanded to the agency the SEC's controversial rule 151A that stated that fixed indexed annuities (FIAs) are...

Perry Corp. Settles SEC Charges for Failure to Disclose Stock Purchases

Posted on July 21, 2009
The SEC settled charges that New York-based investment adviser Perry Corp. violated securities laws by failing to report that it had purchased substantial stock in a public company in order to vote them in favor of a merger from which...

SEC Brings ARS Action Against Morgan Keegan

Posted on July 21, 2009
The SEC announced that it filed a complaint in the U.S. District Court for the Northern District of Georgia against Morgan Keegan & Company, Inc. (?Morgan Keegan?), a Tennessee-based broker-dealer, for misleading investors regarding the liquidity risks associated with auction...

Treasury Proposes Credit Rating Agency Reforms

Posted on July 21, 2009
The Treasury Dept. announced that it has sent to Congress proposed reform to credit rating agencies. (Although the announcement refers to a link to the legislative language, in fact I couldn't link to it.) The announcement says that: Continuing its...

Morgan Stanley Settles SEC Charges Involving Recommendations about Money Managers

Posted on July 20, 2009
The SEC and Morgan Stanley settled charges that the firm and one of its former investment adviser representatives misled clients about the money managers being recommended to them and failing to disclose conflicts of interest. According to the SEC?s orders...

TD Ameritrade Latest Firm to Settle ARS Charges with Regulators

Posted on July 20, 2009
The SEC, NASAA and the New York AG each separately announced a settlement with TD Ameritrade regarding auction-rate securities (ARS). Similar to other ARS settlements, the firm agrees to purchase illiquid ARS from individuals, charities, non-profits and small businesses and...

SEC Charges Former Qualcomm Employee with Insider Trading

Posted on July 20, 2009
The SEC today filed an insider trading action in the United States District Court for the Southern District of California against Andres Leyva, a former Director of Strategic Marketing Analysis at San Diego-based Qualcomm Incorporated. The SEC's complaint alleges that...

Gevurtz on Stoneridge

Posted on July 18, 2009
Law Upside Down: A Critical Essay on Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc., by Franklin A. Gevurtz, University of the Pacific (UOP) - McGeorge School of Law, was recently posted on SSRN. Here is the abstract: This essay uses...

Webber on Pay-to-Play in Securities Class Actions

Posted on July 18, 2009
Is 'Pay-to-Play' Driving Public Pension Fund Activism in Securities Class Actions? An Empirical Study, by David H. Webber, Center for Law & Business at New York University School of Law and Stern School of Business, was recently posted on SSRN....

Black on Protecting the Retail Investor

Posted on July 18, 2009
Protecting the Retail Investor in an Age of Financial Uncertainty, by Barbara Black, University of Cincinnati - College of Law, was recently posted on SSRN. Here is the abstract: This essay, originating in a presentation made at the University of...

Court Dismisses SEC's insider Trading Case Against Cuban

Posted on July 17, 2009
A Federal District Court in Dallas has dismissed the SEC's insider trading case against Mark Cuban; the agency has 30 days to replead its case. According to the SEC, Cuban sold shares of Mamma.com while in possession of inside information....

Treasury Proposes Say on Pay Legislation

Posted on July 17, 2009
On July 16 Treasury announced that it delivered draft "say-on-pay" legislation to Congress that would require all publicly traded companies to give shareholders a non-binding vote on executive compensation packages. This legislation would require a non-binding annual shareholder vote on...

A Dream Come True? Fiduciary Standards for Broker-Dealers

Posted on July 17, 2009
Is it even remotely possible that an aftermath of the financial meltdown could be a heightened standard of conduct for broker-dealers? Yesterday SIFMA came out in favor of a uniform "fiduciary standard" for broker-dealers and investment advisers that provide individualized...

Sec Publishes Proposed Disclosure Amendments on Municipal Securities

Posted on July 17, 2009
The SEC published for comment proposed amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 (?Exchange Act?) relating to municipal securities disclosure. The proposal would amend certain requirements regarding the information that a broker, dealer, or municipal securities...

SEC Proposes to Improve Disclosure about Municipal Securities

Posted on July 16, 2009
The SEC voted unanimously on July 15 to propose rule amendments to improve the quality and timeliness of municipal securities disclosure. The proposed amendments to SEC Rule 15c2-12 would help investors make more knowledgeable investment decisions, effectively manage and monitor...

Congressional Commission Appointed to Study Causes of Financial Crisis

Posted on July 16, 2009
Congress has appointed a commission to examine the causes of the financial meltdown. Phil Angelides, a former California Treasurer, will lead the 10-person commission, and Bill Thomas, former Republican representative from California, will serve as vice-chair...

ICI and ETF Firms Call on FINRA to Withdraw ETF Notice

Posted on July 15, 2009
According to Investment News, the Investment Company Institute and ETF firms call on FINRA to withdraw its June 29 Regulatory Notice 9-31 that warned brokers that inverse and leverage exchange traded funds "typically are unsuitable for retail investors" who hold...

Court Finds Butko Liable for Online Intrusion Scheme

Posted on July 15, 2009
The SEC announced that on July 6, 2009, the United States District Court of Connecticut entered a Default Judgment against Dmitriy Butko ordering him to pay disgorgement in the amount of $60,362 together with prejudgment interest of $10,494.92 and imposing...

Marshall Holdings Int'l Liable for Public Offerings on Form S-8

Posted on July 15, 2009
The SEC announced that on July 6, 2009 the United States District Court for the Central District of California entered Final Judgments by consent against defendants Marshall Holdings International, Inc. (Marshall Holdings) and Mark T. Ellis, a resident of Irvine,...

SEC Brings Allegations of Insider Trading Involving Two Separate Mergers

Posted on July 15, 2009
The SEC today charged 11 individuals who were involved in separate insider trading schemes that were detected through surveillance of unusual trades preceding two different company merger announcements. The SEC alleges that five individuals, including a former investment banker at...

Schapiro Testifies on SEC's Priorities

Posted on July 14, 2009
SEC Chairman Mary L. Schapiro testified today Concerning SEC Oversight: Current State and Agenda before the United States House of Representatives Committee on Financial Services, Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises...

Key Provisions of Proposed Investor Protection Legislation--Part II

Posted on July 14, 2009
Yesterday I examined the provisions of the proposed Investor Protection Act of 2009 (Download InvestorProtectionAct2009) that deal with the Investor Advisory Committee (sec. 911), the Establishment of a Fiduciary Duty for Brokers, Dealers and Investment Advisers and the Harmonization of...

Tyco Officers Settle with SEC

Posted on July 14, 2009
Remember Tyco? The SEC announced settlements with three former officers: On July 14, 2009, the Securities and Exchange Commission (the Commission) filed settled Final Judgments against L. Dennis Kozlowski, the former Chairman and Chief Executive Officer of Tyco International Ltd...

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