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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 & CFTC Announce Meeting on Emerging Regulatory Issues

Posted on October 29, 2010
The SEC and the CFTC will hold a public meeting of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues on November 5. Meeting agenda includes: Receive a summary and recap from the staffs of the CFTC and SEC on...

SEC Staff Releases Progress Report on Global Accounting Standards Work Plan

Posted on October 29, 2010
The SEC's Office of the Chief Accountant and Division of Corporation Finance today published their first progress report on the Work Plan related to global accounting standards. The Commission directed agency staff earlier this year to execute the Work Plan...

FINRA Proposes New Disclosures from Broker-Dealers to Retail Investors

Posted on October 28, 2010
FINRA requests comment on a concept proposal to require broker-dealers to provide a disclosure statement for retail investors before commencing a business relationship with them. As conceived by FINRA staff, a possible new rule proposal would require a firm, at...

SEC Charges Two Massachusetts Foreign Currency Traders with Fraud

Posted on October 28, 2010
The SEC charged two foreign currency traders and their Boston-based company with operating a fraudulent scheme in which they sent investors misleading account statements while stealing their funds and incurring major trading losses. According to the SEC, Craig Karlis and...

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FINRA Files Proposal for All-Public Arbitration Panels in Customer Disputes

Posted on October 28, 2010
FINRA filed with the SEC its proposed rule change that would give customers the option of selecting all-public arbitrator panels in disputes with their brokerage firms or registered representatives. The SEC has not yet published the rule change for public...

SEC Seeks Comments on Extraterritorial Private Rights of Action

Posted on October 27, 2010
Section 929Y of Dodd-Frank directs the SEC to solicit public comment and conduct a study to determine the extent to which private rights of action under the antifraud provisions of the Securities Exchange Act of 1934 should be extended to...

Former San Diego Officials Settle SEC Charges Over Failure to Disclose Pension Costs

Posted on October 27, 2010
The SEC announced that four former San Diego officials have agreed to pay financial penalties for their roles in misleading investors in municipal bonds about the city's fiscal problems related to its pension and retiree health care obligations. It's the...

SIFMA Identifies Dodd-Frank Priorities

Posted on October 27, 2010
In a speech before the National Economists Club, SIFMA President and CEO Tim Ryan identified the organization's priorities in implementing Dodd-Frank: To be most effective, SIFMA is focusing primarily on seven areas: � systemic risk, specifically the new Financial Stability...

Securities Law Prof Named Among 25 Best Business Blogs

Posted on October 27, 2010
I am pleased to report that a Lexis Nexis survey named the Securities Law Prof Blog one of the 25 best business blogs for 2010. Thanks to all of you who voted for me; I sincerely appreciate it! You can...

SEC Scheduled to Consider Risk Management Controls for Broker-Dealers with Market Access

Posted on October 27, 2010
The next Open Meeting of the SEC will be held on November 3, 2010. The subject matter of the Open Meeting will be: The Commission will consider whether to adopt new Rule 15c3-5, Risk Management Controls for Brokers or Dealers...

SIGTARP Identifies Harm to Government's Credibility as Cost of TARP

Posted on October 25, 2010
The Special Inspector General of the TARP Program released its Quarterly Report dated Oct. 26, 2010. The 338-page report assesses TARP after two years and, consistent with previous reports, does not mince words in describing problems. It identifies as a...

Zaring on the Post-Crisis

Posted on October 23, 2010
The Post-Crisis and its Critics, by David T. Zaring, University of Pennsylvania - Legal Studies Department, was recently posted on SSRN. Here is the abstract: What should we make of the continuing government oversight over the recipients of bailout funds...

Choi et alia on Proxy Advisors

Posted on October 23, 2010
The Power of Proxy Advisors: Myth or Reality?, by Stephen J. Choi, New York University - School of Law; Jill E. Fisch, University of Pennsylvania Law School - Institute for Law and Economics; and Marcel Kahan New York University -...

Chen et alia on Firms That Stop Giving Quarterly Earnings Guidance

Posted on October 23, 2010
Is Silence Golden? An Empirical Analysis of Firms that Stop Giving Quarterly Earnings Guidance, by Shuping Chen, University of Texas at Austin - Red McCombs School of Business; Dawn A. Matsumoto, University of Washington - Department of Accounting; and Shivaram...

Fisch on Securities Intermediaries

Posted on October 23, 2010
Securities Intermediaries and the Separation of Ownership from Control, by Jill E. Fisch, University of Pennsylvania Law School - Institute for Law and Economics, was recently posted on SSRN. Here is the abstract: The Modern Corporation and Private Property highlighted...

SEC Releases Strategic Plan for Agency

Posted on October 22, 2010
The SEC released its Strategic Plan for the next five years prepared in accordance with the Government Performance and Results Act of 1993. The plan sets out the Commission?s mission, vision, values, and strategic goals for fiscal years 2010 through....

SEC and Office Depot Settles Selective Disclosure Charges

Posted on October 22, 2010
The SEC, Office Depot and two Office Depot executives settled charges that they violated Regulation FD by selectively conveying to analysts and institutional investors that the company would not meet analysts' earnings estimates. The SEC also charged Office Depot with...

President's Working Group Releases Report on Money Market Fund Reform

Posted on October 22, 2010
The President?s Working Group on Financial Markets released a report this week on Money Market Fund Reform Options. Here is an excerpt from the Executive Summary: The Treasury Department proposed in its Financial Regulatory Reform: A New Foundation (2009), that...

What's with the CFTC Judges?

Posted on October 22, 2010
Two interesting recent stories about the administrative law judges at the CFTC. According to yesterday's Wall St. Journal, court records in a guardianship case allege that George Painter, a 83-year old recently retired ALJ, decided matters when (according to his...

FINRA Fines Former Ferris Baker Watta for Unsuitable Sales of Reverse Convertible Notes

Posted on October 22, 2010
FINRA announced earlier this week that it fined the former Ferris, Baker Watts LLC, acquired by RBC Wealth Management, $500,000 for inadequate supervision of sales of reverse convertible notes to retail customers as well as unsuitable sales of reverse convertibles...

Treasury Continues to Sell Off its Citigroup Shares

Posted on October 19, 2010
The U.S. Department of the Treasury today announced its continued sale of its holdings of Citigroup common stock. Treasury has entered into a fourth pre-arranged written trading plan under which Morgan Stanley, as Treasury's sales agent, will have discretionary authority...

SEC Charges Hedge Fund Managers with Overvaluing Assets in "Side Pocket"

Posted on October 19, 2010
The SEC charged two Georgia hedge fund portfolio managers and their investment advisory businesses with defrauding investors in the Palisades Master Fund, L.P. by overvaluing illiquid fund assets they placed in a "side pocket." According to the SEC, Paul T...

SEC Requests Comment on Reducing 404(b) Burden on Smaller Public Issuers

Posted on October 19, 2010
The SEC is requesting public comment related to a study of how the Commission could reduce the burden of complying with Section 404(b) of the Sarbanes-Oxley Act of 2002 for companies whose public float is between $75 million and $250...

Klein on Who Obama Should Hire for Economic Policy

Posted on October 18, 2010
The Washington Post's Ezra Klein is a pretty smart guy. Here's his thinking on The five people Obama should hire now to shape economic policy. See what you think.

SC Obtains Injunction Against Hedge Fund Manager

Posted on October 18, 2010
The SEC announced that on October 5, 2010, the federal district court in Minnesota entered by consent a Partial Final Judgment as to hedge fund manager Gregory Bell and his firm Lancelot Investment Management, LLC, permanently enjoining them from violating...

Aguilar on Regulatory Reform

Posted on October 18, 2010
SEC Commissioner Luis A. Aguilar spoke on An Insider?s View of the SEC: Principles to Guide Reform, at the Berkeley Center for Law, Business and the Economy, University of California at Berkeley, on Oct. 15.

SEC Proposes Rules on Say on Pay and Golden Parachutes

Posted on October 18, 2010
The SEC proposed rules that would enable shareholders to cast advisory votes on executive compensation and "golden parachute" arrangements. The rules are called for by Section 951 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the proposed...

Skeel on Dodd-Frank

Posted on October 17, 2010
The New Financial Deal: Understanding the Dodd-Frank Act and its (Unintended) Consequences, by David A. Skeel Jr., University of Pennsylvania Law School; European Corporate Governance Institute (ECGI), was recently posted on SSRN. Here is the abstract: Contrary to rumors that...

Pritchard on Securities Law in Roberts Court

Posted on October 17, 2010
Securities Law in the Roberts Court: Agenda or Indifference?, by Adam C. Pritchard, University of Michigan Law School, was recently posted on SSRN. Here is the abstract: Historically, securities law has not been a high priority for the Supreme Court....

Agrawal & Cooper on Accounting Scandals in IPO Firms

Posted on October 17, 2010
Accounting Scandals in IPO Firms: Do Underwriters and VCs Help?, by Anup Agrawal, University of Alabama - Culverhouse College of Commerce & Business Administration, and Tommy Cooper, Kansas State University - Department of Finance, was recently posted on SSRN...

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