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

SEC Charges New Jersey Adviser with Misappropriating Pension Accounts

Posted on October 05, 2010
The SEC filed an emergency enforcement action in the federal district court in New Jesey to halt a fraudulent scheme by investment adviser Carlo G. Chiaese and his company, C.G.C. Advisors, LLC. The Commission also charged Chiaese's wife, Micol Chiaese,...

Boston University Honors Professor Frankel with Fiduciary Duty Conference

Posted on October 04, 2010
Boston University School of Law is holding a conference on The Role of Fiduciary Law and Trust in the 21st Century: A Conference Inspired by the Work of Tamar Frankel, on October 29, 2010, at the Law School. The school...

What Really Caused the "Flash Crash"?

Posted on October 04, 2010
Were the events of May 6 really caused largely by one big trade that used the wrong algorithm, as the joint report of the SEC and CFTC suggests? Others believe that things are not that simple and the regulators have...

SEC Proposes Disclosure Rule for ABSs

Posted on October 04, 2010
The SEC published proposed rule DISCLOSURE FOR ASSET-BACKED SECURITIES REQUIRED BY SECTION 943 OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT. According to the summary: Pursuant to Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection...

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SEC & CFTC Release Staff Report on May 6 Market Events

Posted on October 03, 2010
The staffs of the SEC CFTC released its long-awaited joint report presenting their findings regarding the market events of May 6, 2010. The report will be presented to the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues. Here are excerpts...

Treasury Announces Sales of Citigroup Securities

Posted on October 03, 2010
Treasury recently announced that it priced a secondary offering of all Citigroup trust preferred securities (TruPS�) received pursuant to the Asset Guarantee Program (AGP). The aggregate gross proceeds from the offering, all of which represent a net gain or profit...

Financial Stability Oversight Council Sets Its Agenda for Action

Posted on October 03, 2010
The Financial Stability Oversight Council held its first meeting October 1, 2010. Among the actions taken: ANPR Regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies The Dodd-Frank Act gives the Council a mandate to designate systemically...

SEC Chair Testifies on Dodd-Frank Implementation

Posted on September 30, 2010
SEC Chairman Mary L. Schapiro presented Testimony on Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act by the U.S. Securities and Exchange Commission, before the United States Senate Committee on Banking, Housing, and Urban Affairs on September...

Former State Street Employees Settle Charges They Misled Investors about Subprime Exposure

Posted on September 30, 2010
The SEC today charged a pair of former employees at Boston-based State Street Bank and Trust Company with misleading investors about their exposure to subprime investments. The SEC's Division of Enforcement alleges that John P. Flannery and James D. Hopkins...

Second Circuit Finds Judge Rakoff Exceeded Discretion in Galleon Insider Trading Case

Posted on September 30, 2010
In a setback for the SEC, the Second Circuit, in SEC v. Rajaratnam (Download Secvgalleon2Cir ), reversed Judge Rakoff's discovery order that compelled defendants to disclose to the SEC wiretapped conversations provided to defendants by the federal prosecutor in a...

Business Groups Challenge SEC Proxy Access Rule

Posted on September 30, 2010
As expected, the U.S. Chamber of Commerce and the Business Roundtable yesterday filed a complaint (Download ChamberProxyAccessComplaint) in the D.C. Circuit, challenging the SEC's recent adoption of the Proxy Access Rule. Petitioners ask the Court to hold the rule unlawful...

SEC Approves FINRA Rule Change on Abuses in IPO Allocation Practices

Posted on September 30, 2010
The SEC granted "accelerated approval" of a proposed rule change filed by NASD on Sept. 15, 2003. New FINRA Rule 5131 (originally proposed as NASD Rule 2712) prohibits certain abuses in the allocation and distribution of shares in initial publiofferings...

ABB Ltd. Settles FCPA Charges Involving Mexico and Iraq Business

Posted on September 29, 2010
The SEC announced today that it filed a settled civil action against ABB Ltd ("ABB") in the United States District Court for the District of Columbia, charging the company with violations of the Foreign Corrupt Practices Act. ABB is a...

NASAA Announces Assistance for Investment Advisers Switching from Federal to State Regulation

Posted on September 28, 2010
NASAA today launched an online resource to help investment adviser firms prepare to switch from federal to state regulation. The new NASAA IA Switch Resource Center provides a series of resources to keep firms informed of the upcoming registration switch,...

FINRA Plans to Allow All Investors to Select Arbitration Panels with All Public Arbitrators

Posted on September 28, 2010
FINRA announced today that it will file a rule proposal next month that would allow all investors filing arbitration claims the option of having an all-public panel. The rule proposal, which will be filed for approval with the Securities and...

Recent Developments in insider Trading Law

Posted on September 25, 2010
The law of insider trading under Rule 10b-5 is a law professor?s dream; it?s so much fun to come up with clever hypotheticals. For a doctrine that can result in loss of reputation and even criminal penalties, however, it is...

SEC Issues Guidance on Auditing, Attestation and Professional Standards Related to Broker-Dealers

Posted on September 24, 2010
The SEC published interpretive guidance to clarify the application of certain Commission rules, regulations, releases, and staff bulletins in light of the authority granted to the Public Company Accounting Oversight Board in the Dodd-Frank Wall Street Reform and Consumer Protection...

Judge Says She'll Approve SEC-Citigroup Settlement

Posted on September 24, 2010
The federal district judge who initially expressed concerns about the proposed SEC-Citigroup $75 million settlement said today that she would approve it after the parties agreed to additional changes in the bank's disclosure policies. The SEC sued Citigroup alleging inadequate...

Senate Focuses on SEC's Performance

Posted on September 23, 2010
The Senate unanimously passed S.3171 that would repeal a FOIA exemption for records obtained by the SEC during its surveillance, risk assessment, regulatory or other duties. A companion bill has been referred to the House Oversight and Financial Services Committee...

Hedge Fund Adviser Settles SEC Reg M Charges

Posted on September 23, 2010
The SEC today charged Dallas-based hedge fund adviser Carlson Capital, L.P. with improperly participating in four public stock offerings after selling short those same stocks. Carlson agreed to pay more than $2.6 million to settle the SEC's charges. The SEC's...

Beyond Borders: Extraterritoriality in American Law Symposium

Posted on September 23, 2010
On November 12, 2010, Southwestern Law School in Los Angeles, California is hosting a symposium titled Beyond Borders: Extraterritoriality in American Law. This one-day symposium will bring together leading legal figures from throughout the country to analyze critical issues related...

Kanjorski Says SIPC Ignored Spirit of Law in Paying Madoff Victims' Claims

Posted on September 23, 2010
The House Financial Services Subcommittee on Capital Markets held a hearing today on Assessing the Limitations of the Securities Investor Protection Act. Witnesses included: Mr. Joseph Borg, Director, Alabama Securities Commission The Honorable Orlan Johnson, Chairman of the Board, Securities...

Volcker Critiques the Financial Crisis

Posted on September 23, 2010
Scrapping his prepared remarks, Paul Volcker shared his opinions on the financial crisis, banks, regulators and money market funds, at a luncheon talk before the Chicago Federal Reserve. Well worth reading. WSJ, Volcker Spares No One in Broad Critique

Senate Banking Committee Schedules Hearing on Dodd-Frank Implementation

Posted on September 23, 2010
The Senate Banking Committee will hold a hearing on Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act on September 30, 2010. Witnesses include Neal S. Wolin, Deputy Secretary, U.S. Department of the Treasury; Ben S. Bernanke, Chairman, Board...

Geithner Calls First Meeting of Financial Stability Oversight Counsel for Oct. 1

Posted on September 23, 2010
Treasury Secretary Tim Geithner, in his capacity as chairperson of the Financial Stability Oversight Council, announced that the Council will hold its first meeting on October 1, 2010. The Dodd-Frank Wall Street Reform and Consumer Protection Act established the Financial...

Senate Committee Holds Hearing on SEC and Stanford

Posted on September 22, 2010
The Senate Banking Committee held a hearing today on Oversight of the SEC Inspector General?s Report on the ?Investigation of the SEC?s Response to Concerns Regarding Robert Allen Stanford?s Alleged Ponzi Scheme? and Improving SEC Performance. Witnesses included H...

GAO Recommends Actions to Improve SEC Regulation of Rating Agencies

Posted on September 22, 2010
The GAO released a report on Action Needed to Improve Rating Agency Registration Program and Performance-Related Disclosures. According to the summary: In 2006, Congress passed the Credit Rating Agency Reform Act (Act), which intended to improve credit ratings by fostering...

SEC Holds First Field Hearing on Municipal Securities

Posted on September 21, 2010
SEC Commissioner Elisse B. Walter chaired the SEC's first Field Hearing on the State of the Municipal Securities Market in San Francisco today. In her opening statement, she explained that: The purpose of these hearings is to explore the issues...

SEC Charges Minnesota Attorney with Real Estate Fraud

Posted on September 21, 2010
The SEC today charged a Minneapolis-based attorney and two San Francisco-area promoters with defrauding investors in a real estate lending fund by concealing the financial collapse of the fund's sole business partner. The SEC alleges that Todd A. Duckson, an...

Fifth Circuit Allows SEC's Insider-Trading Charges Against Cuban to Go Forward

Posted on September 21, 2010
The Fifth Circuit Court of Appeals reversed the district court and reinstated the SEC's insider trading charges against Dallas Mavericks owner Mark Cuban. The SEC alleges that Cuban sold his shares in Mamma.com after he learned from the CEO that...

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