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Securities Law Prof Blog

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Post Frequency: 38.1/day

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

SEC Settles with Two Defendants in Rajaratnam Insider Trading Case

Posted on November 08, 2010
On October 27, 2010 and November 5, 2010, respectively, the United States District Court for the Southern District of New York entered Consent Orders and Judgments as to Defendants Roomy Khan ("Khan") and Rajiv Goel ("Goel") in the SEC's insider...

SEC Approves Rules to Prohibit "Stub Quotes"

Posted on November 08, 2010
The SEC approved new rules proposed by the exchanges and FINRA to strengthen the minimum quoting standards for market makers and effectively prohibit "stub quotes" in the U.S. equity markets. A stub quote is an offer to buy or sell...

Awrey on Principles-Based Regulation

Posted on November 07, 2010
Regulating Financial Innovation: A More Principles-Based Alternative?, by Dan Awrey, University of Oxford - Faculty of Law, was recently posted on SSRN. Here is the abstract: The global financial crisis has exposed the complexity of modern financial markets...

Alvarez on Corporations under International Law

Posted on November 07, 2010
Are Corporations 'Subjects' of International Law?, by Jose E. Alvarez, New York University - School of Law, was recently posted on SSRN. Here is the abstract: Courts and scholars often attempt to draw legal conclusions from the status of entities,...

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Markham on Fiduciary Duties under CEA

Posted on November 07, 2010
Fiduciary Duties under the Commodity Exchange Act, by Jerry W. Markham, Florida International University (FIU) - College of Law, was recently posted on SSRN. Here is the abstract: Much commentary has been directed to the role of fiduciary duties in...

Thompson on Good Faith and Delaware Courts

Posted on November 07, 2010
The Short But Interesting Life of Good Faith as an Independent Liability Rule, by Robert B. Thompson, Georgetown University Law Center, was recently posted on SSRN. Here is the abstract: Shareholder challenges to director actions usually assert a breach of...

SEC Extends Compliance Date for Short-Sales Regulations

Posted on November 06, 2010
The SEC extended for a limited period of time the compliance date for the amendments to Rule 201 and Rule 200(g) of Regulation SHO . Rule 201 adopts a short sale-related circuit breaker that, if triggered, will impose a restriction...

SEC Posts FINRA Proposed Rule for All-Public Arbitrator Panels

Posted on November 06, 2010
The SEC posted on its website FINRA's proposed rule change to give investors the option of selecting an all-public arbitrator panel in all customers' disputes with their securities firms and associated persons. Comments are due 21 days after publication in...

Active Traders on Capital Hill

Posted on November 06, 2010
86 legislators and congressional aides on both sides of the aisle reported frequent trades of securities last year, according to a Wall Street Journal's analysis of disclosure forms covering trading activity on Capitol Hill in 2009. WSJ, Congress Has Active...

Supreme Court will hold Oral Argument in Market-Timing Disclosure Case Next Month

Posted on November 05, 2010
The Supreme Court will hear oral argument on December 7, 2010 on Janus Capital Group v. First Derivative Traders, 566 F.3d 111 (4th Cir. 2009) involving alleged misstatements about market-timing in a mutual fund prospectus. As set forth in the...

SEC & DOJ Settle FCPA Charges Against 7 Companies in Oil Services Industry

Posted on November 04, 2010
The SEC announced settlements with global freight forwarding company Panalpina, Inc. and six other companies in the oil services industry that violated the Foreign Corrupt Practices Act (FCPA) by paying millions of dollars in bribes to foreign officials to receive...

SEC Requires Broker-Dealers to Have Risk Controls for "Sponsored Access"

Posted on November 03, 2010
The SEC today voted unanimously to adopt a new rule to require brokers and dealers to have risk controls in place before providing their customers with access to the market. The new rule focuses on a practice in which broker-dealers...

SEC Seeks Public Comment on Money Market Fund Reforms

Posted on November 03, 2010
The SEC published a request for public comment on the options discussed in the President's Working Group on Financial Markets report on possible money market fund reforms. As contemplated by the President's Working Group report, the SEC is requesting public...

SEC Proposes Anti-Fraud Rule in connection with Security-Based Swaps

Posted on November 03, 2010
The SEC today voted unanimously to propose a new rule to help prevent fraud, manipulation, and deception in connection with security-based swaps, pursuant to its authority under Dodd-Frank to regulate security-based swaps. The proposal would ensure that market conduct in...

SEC Proposes A Whistleblower Program for High-Quality Tips

Posted on November 03, 2010
At its meeting today, the SEC took a number of actions that I will address in a series of blog postings. The agency voted unanimously to propose a whistleblower program to reward individuals who provide the agency with high-quality tips...

Agenda for Nov. 3 SEC Open Meeting

Posted on November 02, 2010
SEC's Open Meeting Agenda, November 3, 2010 Item 1: Risk Management Controls for Brokers or Dealers with Market Access Office: Division of Trading and Markets Item 2: Prohibition Against Fraud, Manipulation, and Deception in Connection with Security-Based Swaps Office: Division...

SEC Alleges Pump & Dump Scheme in California Apparel Company Stock

Posted on November 02, 2010
The SEC charged a Southern California businessman, Javeed Matin, with engaging in a scheme to pump up the stock of his former apparel company, Veltex Corp. The Commission's complaint alleges that, beginning in at least 2006 through August 2008, Matin...

SEC CHARGES TRADER IN FRAUDULENT FREE-RIDING SCHEME

Posted on November 02, 2010
The SEC charged a trader with orchestrating and conducting an illegal scheme that defrauded two broker-dealers out of more than $600,000, and netted the trader, alone or with others, over $223,000 in illicit profits. According to the SEC, Noor Mohammed,...

SEC Charges French Doctor with Tipping Results of Clinical Trials to Hedge Fund Manager

Posted on November 02, 2010
The SEC charged that Yves M. Benhamou, M.D., a French medical doctor and researcher, tipped a hedge fund manager with confidential information about a clinical trial that he was involved in. According to the SEC, Benhamou breached his duty of...

SEC and Certain Madoff Feeder Firms Agree to Partial Settlement

Posted on November 02, 2010
The SEC announced that on November 1, 2010, it submitted to the court for its approval partial settlements in its Madoff-related action, SEC v. Cohmad Securities Corp., et al. If approved, the settlements will permanently enjoin defendants Robert M. Jaffe,...

FINRA Issues Guidance on Funding and Liquidity Risk Management Practices

Posted on November 02, 2010
FINRA recently released Regulatory Notice 10-57, dealing with Funding and Liquidity Risk Management Practices. According to the executive summary: In adverse circumstances, whether the result of firm-specific events or systemic credit events, the cost of funding a broker-dealer?s operations could...

SEC's Director or Investment Management Reviews Initiatives and Developments

Posted on November 02, 2010
Andrew J. Donohue, the retiring Director, Division of Investment Management at the SEC, recently reviewed recent developments at the Commission, as well as some of the initiatives that the Division staff is currently considering at the 2010 ALI-ABA Conference on...

Fraudster that Conned Elway Pleads Guilty

Posted on November 01, 2010
Sean Mueller, the hedge-fund manager facing charges related to a Ponzi scheme that conned some of Denver's wealthiest people, including former Broncos quarterback John Elway, pleaded guilty Monday to securities fraud and other charges. Under the plea agreement, he could...

Is SEC Investigating JPMorganChase's Dealings with Hedge Fund?

Posted on November 01, 2010
Pro Publica reports that the SEC is investigating whether JPMorgan Chase improperly allowed a hedge fund to select assets for a $1.1 billion deal backed by subprime mortgages. SEC Investigating Deal Between JPMorgan and Hedge Fund Magnetar

Treasury Provides Update on AIG Restructuring, U.S. to Own 92% of AIG

Posted on November 01, 2010
The U.S. Department of the Treasury provided an update on the previously announced restructuring of the United States Government's (USG) loans to and investments in American International Group, Inc. (AIG), following the completion of an initial public offering for AIA...

SIFMA Releases Impact Assessment Survey of Uniform Standard of Care for BDs and IAs

Posted on November 01, 2010
According to a study commissioned by SIFMA, retail investors would see reduced product and service availability and higher costs under a uniform standard of care for investment advisers and broker dealers that does not recognize distinctions among business models...

Kahan & Rock on Proxy Access

Posted on October 31, 2010
The Insignificance of Proxy Access, by Marcel Kahan, New York University - School of Law, and Edward B. Rock, University of Pennsylvania Law School, was recently posted on SSRN. Here is the abstract: The SEC recently adopted rules on proxy...

Bainbridge on Corporate Governance and Competition

Posted on October 31, 2010
Corporate Governance and U.S. Capital Market Competitiveness, by Stephen M. Bainbridge, University of California, Los Angeles (UCLA) - School of Law, was recently posted on SSRN. Here is the abstract: This essay was prepared for a forthcoming book on the...

Romano on Financial Regulation Harmonization

Posted on October 31, 2010
Against Financial Regulation Harmonization: A Comment, by Roberta Romano, Yale Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI), was recently posted on SSRN. Here is the abstract: This comment is on a paper by Christian...

SEC's Corp Fin Reminds Companies of Disclosure Obligations Related to Mortgages and Foreclosures

Posted on October 29, 2010
The SEC has posted on its website a Sample Letter sent in October 2010 to public companies on accounting and disclosure issues related to potential risks and costs associated with mortgage and foreclosure-related activities or exposures. The letter is intended...

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