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

GOLDMAN SACHS TO PAY RECORD $550 MILLION TO SETTLE SEC CHARGES RELATED TO SUBPRIME MORTGAGE CDO

Posted on July 15, 2010
The SEC today announced that Goldman, Sachs & Co. will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to...

SEC Considers Mutual Fund Distribution Fees at July 21 Meeting

Posted on July 15, 2010
The SEC will hold an Open Meeting on July 21, 2010 to consider: The Commission will consider a recommendation to propose for public comment a new rule and rule and form amendments under the Investment Company Act of 1940, the...

Big News from SEC Enforcement Later Today?

Posted on July 15, 2010
The SEC website announces that the SEC Enforcement Division is holding 4:45 P.M. News Conference to make a significant announcement. Stay tuned ...

Judge Dismisses Case Against JPMorgan in Madoff-Related Charges

Posted on July 15, 2010
Because it's been a long time since there's been anything to say about Madoff-- A judge in federal district court in Manhattan dismissed a law suit brought against JPMorgan by MLSMK Investments, alleging that the bank knew about the fraud,...

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FINRA Issues Warning about High-Yield Investment Programs

Posted on July 15, 2010
FINRA warned investors today about Internet-based Ponzi schemes called high-yield investment programs (HYIPs), which purport to offer returns of 20, 30, 100 percent or more per day. HYIPs are unregistered investments sold by unlicensed individuals using sophisticated-looking websites...

Senate Passes Dodd-Frank

Posted on July 15, 2010
Passage of the financial reform package dragged on so long, it doesn't seem like there's much more to be said until the knotty implementation issues. The Senate passed the legislation by a vote of 60-39, and the President is expected...

Finally, Financial Reform?

Posted on July 14, 2010
Senator Charles Grassley says he's not going to vote for the financial reform legislation; the media predict that exactly 60 Senators will vote for it. The vote is scheduled for tomorrow.

SEC Issues Concept Release on Proxy System Overhaul

Posted on July 14, 2010
The SEC today voted unanimously to issue a concept release seeking public comment on the U.S. proxy system and asking whether rule revisions should be considered to promote greater efficiency and transparency. It has been nearly 30 years since the...

UC Law Seeks Applications for Faculty Positions in Corporate Law

Posted on July 13, 2010
The University of Cincinnati College of Law invites applications from entry-level and lateral candidates for as many as two tenure-track or tenured faculty positions in a broad number of areas, including agency/partnership/unincorporated business associations, civil procedure, commercial law, corporations, criminal...

Senate Expected to Vote on Dodd-Frank this Thursday

Posted on July 13, 2010
The Senate is expected to vote on the Dodd-Frank Act on Thursday morning, with at least 55 Democrats, 3 Republicans and 2 Independents voting for its passage. WPost, Reid: Final vote on bank regulation on Thursday.

D.C. Circuit Vacates FIA Rule 151A As Arbitrary and Capricious

Posted on July 13, 2010
Last summer (July 21, 2009) the D.C. Circuit issued its opinion in American Equity Investment Life Insurance Co. v. SEC involving the agency's authority to issue Rule 151A, which provides that fixed index annuities are not "annuities" exempt under Securities...

FHFA Issues Subpoenas to Banks About Mortgage Securities

Posted on July 12, 2010
The Federal Housing Finance Agency issued 64 subpoenas to collect information about mortgage-backed securities issued by Wall St. banks that Fannie Mae and Freddie Mac invested in during the housing boom, a first step toward possible litigation for fraud...

SEC Approves FINRA Rule Change to Increase Names on Arbitrator Lists

Posted on July 12, 2010
The SEC approved a proposed rule change (SR-FINRA-2010-022), filed by the Financial Industry Regulatory Authority to amend the Codes of Arbitration Procedure to increase the number of arbitrators on lists generated by the Neutral List Selection System...

Bank of America Tells SEC It Made Transactions to Conceal Debt

Posted on July 11, 2010
Bank of America Corp., in a letter to the SEC, admitted to making six transactions that concealed billions of dollars of debt, in order to cut the size of a unit's balance sheet and meet internal financial targets. WSJ, BofA...

How Effective is PCAOB?

Posted on July 11, 2010
Interesting reading in Sunday's Washington Post: Critics question effectiveness of auditing oversight board

SEC Approves Expanded BrokerCheck Disclosures

Posted on July 11, 2010
The SEC approved FINRA's proposed rule change to amend FINRA Rule 8312 (FINRA BrokerCheck Disclosure) to (i) expand the information released through BrokerCheck, both in terms of scope and time; and (ii) establish a formal process to dispute the accuracy...

Schapiro on Implementing Financial Reform

Posted on July 11, 2010
Speech by SEC Chairman Mary L. Schapiro, Remarks at the National Conference of the Society of Corporate Secretaries and Governance Professionals (Chicago, Illinois July 9, 2010): Accountability Going Forward I am committed to finalizing the many rules that the Commission...

Investment Adviser Settles SEC Charges It Marked Closing Price of Stock to Avoid SOX 404 Requirements

Posted on July 11, 2010
On July 8, 2010, the SEC settled an administrative proceeding against Ephraim Fields (Fields), the owner and manager of a registered investment adviser, Clarus Capital Management, LCC (Clarus Management). The SEC alleged that Fields marked the closing price of the...

Korsmo on Market Manipulation Class Actions

Posted on July 11, 2010
Mismatch: The Misuse of Market Efficiency in Market Manipulation Class Actions, by Charles Korsmo, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: Plaintiffs commonly bring two distinct types of claims under Section 10(b) of the Securities...

Matsa & Miller, Evidence on Female Style in Corporate Leadership from Norway

Posted on July 11, 2010
Female Style in Corporate Leadership? Evidence from Quotas, by David A. Matsa, Northwestern University - Department of Finance, and Amalia R. Miller, University of Virginia (UVA) - Department of Economics, was recently posted on SSRN. Here is the abstract: In...

Senate Vote on Dodd-Frank Expected This Week

Posted on July 11, 2010
The Senate is expected to vote on the financial reform legislation this week. The Dodd-Frank Act will rquire the SEC to conduct a number of studies (some with short deadlines) and engage in rulemaking on a number of issues. Expect...

Agenda for SEC's July 14 Meeting is Proxy Rules

Posted on July 07, 2010
The SEC's next Open Meeting is scheduled for July 14, 2010. It will consider whether to issue a concept release to solicit public comment as to whether the Commission should consider revisions to its rules to promote greater efficiency and...

SEC & Snamprogetti Settle FCPA Charges Involving Nigerian Construction Contracts

Posted on July 07, 2010
The SEC today charged Italian company ENI, S.p.A. and its former Dutch subsidiary Snamprogetti Netherlands B.V. with multiple violations of the Foreign Corrupt Practices Act (FCPA) in a bribery scheme that included deliveries of cash-filled briefcases and vehicles to Nigerian...

Rose on Risk and Corporate Governance

Posted on July 06, 2010
Regulating Risk by 'Strengthening Corporate Governance' , by Paul Rose, Ohio State University Moritz College of Law, was recently posted on SSRN. Here is the abstract: This paper, presented at the ?Regulating Risk? symposium at the University of Connecticut School...

Edelman & Thomas on Selectica NOL Poison Pill

Posted on July 06, 2010
Resetting the Trigger on the Poison Pill: Selectica's Unanticipated Consequences, by Paul H. Edelman, Vanderbilt Law School, and Randall S. Thomas, Vanderbilt Law School, was recently posted on SSRN. Here is the abstract: The Delaware Chancery Court recently applied the...

Bainbridge on Stock Trading by U.S. Senators

Posted on July 06, 2010
Insider Trading Inside the Beltway, by Stephen M. Bainbridge, University of California, Los Angeles (UCLA) - School of Law, was recently posted on SSRN. Here is the abstract: A 2004 study of the results of stock trading by United States...

SEC Publishes Pay to Play Rule for Investment Advisers

Posted on July 01, 2010
The SEC posted on its website thetext of the new rule under the Investment Advisers Act of 1940 that prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or...

SEC Settles Wrongful Termination Claim with Former Enforcement Attorney

Posted on June 30, 2010
The SEC and Gary Aguirre, a former attorney in the Enforcement Division, settled wrongful termination charges, with the SEC agreeing to pay $755,000. Aguirre alleged that he was fired because he sought to interview John Mack (soon-to-be named CEO at....

Exchanges & FINRA Propose Expanding Circuit Breakers to Stocks in Russell 100 and ETFs

Posted on June 30, 2010
The SEC will publish for public comment proposals by the national securities exchanges and FINRA to expand a recently adopted circuit breaker program to include all stocks in the Russell 1000 Index and certain exchange-traded funds. A list of the...

SEC Adopts New Pay to Play" Restrictions for Investment Advisers

Posted on June 30, 2010
The SEC today voted to approve new rules to significantly curtail "pay to play" practices by investment advisers. Pay to play is the practice of making campaign contributions and related payments to elected officials in order to influence the awarding...

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