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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 Empowers and Emphasizes Enforcement Division

Posted on August 16, 2010
SEC Chair Mary Schapiro has consistently stated that enhancing and improving the agency's Enforcement Division was one of her priorities in restoring the SEC's reputation. Two recent examples of this commitment: 1. Zachary Goldfarb reports that the SEC has made...

Judge Refuses to Approve SEC's Settlement with Citigroup

Posted on August 16, 2010
Courts have typically approved SEC settlements under a lenient "fair and reasonable" standard, but Judge Jed Rakoff may have started a trend when he initially refused to approve the agency's settlement with Bank of America involving misstatements about the Merrill...

What is the Future of Securities Arbitration Post Dodd-Frank?

Posted on August 16, 2010
On August 11 I was a panelist at the PLI-Securities Arbitration 2010 program held in New York City, an annual event that reviews recent developments in FINRA's arbitration rules and practice, as well as updates on judicial developments. The concluding...

Fitzpatrick on Attorneys Fees

Posted on August 15, 2010
Do Class Action Lawyers Make Too Little?, by Brian T. Fitzpatrick, Vanderbilt Law School, was recently posted on SSRN. Here is the abstract: Class action lawyers are some of the most frequently derided players in our system of civil litigation....

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Blair on Financial Innovation

Posted on August 15, 2010
Financial Innovation and the Distribution of Wealth and Income, by Margaret M. Blair, Vanderbilt Law School, was recently posted on SSRN. Here is the abstract: Now that Congress has passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, regulators...

Armour et alia on Comparative Analysis of Hostile Takeovers

Posted on August 15, 2010
A Comparative Analysis of Hostile Takeover Regimes in the US, UK and Japan (with Implications for Emerging Markets), by John Armour, University of Oxford - Faculty of Law; Oxford-Man Institute of Quantitative Finance; European Corporate Governance Institute (ECGI); Jack B...

SEC & CFTC Seek Public Comment on Mixed Swaps

Posted on August 15, 2010
The SEC and CFTC published a joint advance notice of proposed rulemaking that requests public comment to assist the agencies in further defining certain key terms and prescribing regulations regarding "mixed swaps" as required by Title VII of the Dodd-Frank...

SEC and CFTC Schedule Roundtable on Swaps

Posted on August 15, 2010
The SEC and CFTC staffs will hold a public roundtable on August 20 to discuss issues related to governance and conflicts of interest in the clearing and listing of swaps and security-based swaps. The roundtable will assist both agencies in...

SEC, FiNRA and NASAA Update Best Practices for Senior Investors

Posted on August 15, 2010
The SEC, FINRA and NASAA pdated a joint report that outlines practices being used by financial services firms to strengthen their policies and procedures for serving senior investors as they approach and begin retirement. The SEC, FINRA and NASAA first...

FINRA Fines Morgan Stanley for Deficiencies in Research Conflicts Disclosure

Posted on August 12, 2010
FINRA censured and fined Morgan Stanley & Co., Inc. $800,000 for failing to make public disclosures required by FINRA's rules governing research analyst conflicts of interest. The firm also failed to comply with a key provision of the 2003 Research...

University of Tennessee Conference on Behavior & Business Law

Posted on August 09, 2010
University of Tennessee College of Law Presents A Multidisciplinary Event: Behavior and Business Law Conference October 2, 2010 Business Law in the New Economy The recent financial crisis has prompted policymakers in the U.S. and abroad to reexamine some basic...

Call for Papers --Fiduciary Standards of Conduct

Posted on August 09, 2010
BOSTON UNIVERSITY REVIEW OF BANKING & FINANCIAL LAW CALL FOR PAPERS Summary: Call for Short Papers. The editors of the Boston University Review of Banking & Financial Law, in cooperation with The Committee for the Fiduciary Standard, invites papers from...

D.C. Circuit Faults SEC Rulemaking Process Once Again

Posted on August 09, 2010
The D.C. Circuit continues its practice of carefully reviewing the SEC rulemaking process and remanding rules when it finds the process deficient, particularly when the SEC has not, in its view, adequately considered the Rules's effect on competition...

SEC Charges Seattle Skin Care Retailer with Accounting Fraud

Posted on August 09, 2010
The SEC charged International Commercial Televison Inc. (ICTV), a Seattle-area skin care retailer, and its former chief financial officer with fraudulently boosting earnings by reporting sales of anti-aging products promoted through Home Shopping Network infomercials while the products still sat...

Black on the U.S. Government as Reluctant Shareholder

Posted on August 08, 2010
The U.S. as 'Reluctant Shareholder': Government, Business and the Law, by Barbara Black, niversity of Cincinnati - College of Law, was recently posted on SSRN. Here is the abstract: Through the TARP program, the government became a substantial equity holder...

Black on Behavioral Economics & Securities Arbitration

Posted on August 08, 2010
Can Behavioral Economics Inform Our Understanding of Securities Arbitration?, by Barbara Black, University of Cincinnati - College of Law, was recently posted on SSRN. Here is the abstract: The classical economic approach assumes that parties take rational account of the...

Armour & Cheffins on Shareholder Activism by Hedge Funds

Posted on August 08, 2010
The Rise and Fall (?) of Shareholder Activism by Hedge Funds, by John Armour, University of Oxford - Faculty of Law; Oxford-Man Institute of Quantitative Finance; European Corporate Governance Institute (ECGI), and Brian R. Cheffins, University of Cambridge - Faculty...

Cain & Davidoff on Management Buy-Outs

Posted on August 08, 2010
Form Over Substance? The Value of Corporate Process and Management Buy-Outs, by Matthew D. Cain, University of Notre Dame - Department of Finance, and Steven M. Davidoff, University of Connecticut School of Law, was recently posted on SSRN. Here is...

SEC Divided Over Clawbacks

Posted on August 07, 2010
According to the Wall St. Journal, SEC Commissioner Luis Aguilar has pushed hard for clawbacks of executive pay when corporate books are cooked, putting him at odds with fellow Commissioners. WSJ, Clawbacks Divide SEC .

SEC-CFTC Committee Continues Examination of May 6 Market Events

Posted on August 06, 2010
The SEC and the CFTC announced the agenda and participant list for the third meeting of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues on August 11. The Joint Committee will continue its examination of the unusual market events...

Two Tobacco Companies Settle FCPA Charges

Posted on August 06, 2010
The SEC charged two major tobacco companies, Universal Corporation, Inc. and Alliance One International, Inc., with violating the anti-bribery provisions of the Foreign Corrupt Practices Act of 1977 ("FCPA") for their involvement in a multi-million dollar bribery scheme with government...

Proxy Access at Long Last?

Posted on August 05, 2010
According to the Wall St. Journal, the SEC will adopt, by a 3-2 vote, a proxy access rule at its August 25 meeting. SEC Set to Open Up Proxy Process

SEC Settles Allegations of Hoax Tender Offers for U.S. Corporations

Posted on August 05, 2010
The SEC has agreed to settle charges against the late Hazem Al-Braikan, a Kuwaiti financial advisor, and Al-Raya Investment Company involving an alleged scheme to profit by issuing hoax takeover announcements for Harman International Industries, Inc. and another company...

SEC Charges Former Business Director at Innospec with FCPA Violations

Posted on August 05, 2010
The SEC charged a former business director at Innospec, Inc., and the company's third-party agent in Iraq with violating the Foreign Corrupt Practices Act (FCPA) by engaging in widespread bribery of Iraqi government officials to land contracts under the United...

FINRA Arbitration Panel Awards ARS Purchaser $81 Million in Consequential Damages

Posted on August 05, 2010
Purchasers of auction rate securities that have sued for consequential damages resulting from the illiquidity of their investments have not fared well in court; for example, Aimis Art Corp. v. Northern Trust Securities, Inc., 641 F. Supp.2d 314 (S.D.N...

SEC Settles Accounting Fraud Charges Against Navistar and Current and Former Officers

Posted on August 05, 2010
The SEC issued a cease-and-desist order against Navistar International Corporation (Navistar), CEO Daniel C. Ustian (Ustian), former CFO Robert C. Lannert (Lannert), Thomas M. Akers, Jr. (Akers), James W. McIntosh (McIntosh), James J. Stanaway (Stanaway), Ernest A...

SEC Charges Two California Boiler-Room Operators with Green Energy Investment Fraud

Posted on August 05, 2010
The SEC charged two California boiler-room operators and four salesmen with conducting a fraudulent green energy investment scheme. The SEC's complaint names as defendants, boiler-room operators Joseph R. Porche, age 51, of Aliso Viejo, CA, and Larry R...

SEC Charges Former Deloitte Partner with Insider Trading in Securities of Audit Clients

Posted on August 04, 2010
The SEC today charged a former Deloitte and Touche LLP partner and his son with insider trading in the securities of several of the firm's audit clients. The agency alleges that Thomas P. Flanagan traded in the securities of Deloitte...

FINRA Files with SEC Proposal to Revise the Discovery Guide

Posted on August 03, 2010
The SEC has posted on its website the FINRA proposal to revise the Discovery Guide to expand the guidance FINRA gives to parties and arbitrators on the discovery process and to update the Document Production Lists. The proposal includes conforming...

SEC and GE Settle FCPA Charges Involving UN Oil for Food Program

Posted on August 03, 2010
The SEC settled Foreign Corrupt Practices Act books and records and internal controls charges against General Electric Company ("GE") and two GE subsidiaries ? Ionics, Inc. (currently GE Ionics, Inc.) and Amersham plc (currently GE Healthcare Ltd.). The SEC alleges...

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