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

Angell et al. on Equity Trading in 21st Century

Posted on May 23, 2010
Equity Trading in the 21st Century, by James Angel, Georgetown University - Department of Finance; Lawrence Harris, University of Southern California - Marshall School of Business - Finance and Business Economics Department; and Chester S. Spatt, Carnegie Mellon University -...

Veliotis on Rule 10b5-1 Trading Plans

Posted on May 23, 2010
Rule 10b5-1 Trading Plans and Insiders? Incentive to Misrepresent, by Stanley Veliotis, Fordham University Schools of Business, was recently posted on SSRN. Here is the abstract: Rule 10b5-1 plans provide an affirmative defense against insider trading charges if, at a...

Schapiro Testifies on May 6 Market Plunge

Posted on May 21, 2010
Examining the Causes and Lessons of the May 6th Market Plunge, Testimony of Chairman Mary L. Shapiro Before the Subcommittee on Securities, Insurance, and Investment of the United States Senate Committee on Banking, Housing, and Urban Affairs, on May 20,...

Former HBOC CEO Settles Financial Fraud Charges

Posted on May 21, 2010
The SEC settled fraud charges against Charles McCall, former CEO and Chairman of HBOC and then Chairman of McKesson HBOC, stemming from allegations of financial reporting fraud at McKesson HBOC, Inc. (now, McKesson Corporation), a Fortune 100 company headquartered in...

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SIFMA Says Senate Bill Could Have Negative Impact on Economy

Posted on May 21, 2010
Here is SIFMA's statement on the financial reform bill passed by the Senate last night: ?While we continue to support financial reform legislation that responsibly guards against systemic risk, protects investors and increases regulatory transparency and oversight of all markets,...

Senate Passes Regulatory Reform Legislation

Posted on May 21, 2010
Last night the Senate, by a 59-39 vote, passed its version of financial reform. Here is some media coverage: WPost, Senate passes financial regulation bill NYTimes, Senate Passes Broader Rules for Overseeing Wall Street WSJ, Senate Passes Finance Bill Here...

FINRA Proposes Rule Change to Increase Number of Arbitrators on List

Posted on May 21, 2010
The SEC posted on its website FINRA's proposed rule change, to amend Rules 12403 and 12404 of the Code of Arbitration Procedure for Customer Disputes (?Customer Code?) and Rules 13403 and 13404 of the Code of Arbitration Procedure for Industry...

SEC & CFTC Staff Release Preliminary Findings on May 6 Flash Crash

Posted on May 19, 2010
The staffs of the SEC and CFTC released yesterday Preliminary Findings Regarding the Market Events of May 6, 2010. Bottom line: they don't know what happened.

SEC Will Consider Proposed Rule on Consolidated Audit Trail Next Week

Posted on May 19, 2010
The SEC will hold its next open meeting May 26, 2010. The subject matter of the Open Meeting will be: Item 1: The Commission will consider whether to propose new Rule 613 of Regulation NMS that would require national securities...

Defendant in Galleon Insider Trading Case Settles SEC Charges

Posted on May 18, 2010
The SEC announced that, on May 17, 2010, the U.S. District Court for the Southern District of New York entered a Consent Order and Judgment as to Defendant Anil Kumar ("Kumar") in the SEC's insider trading case, SEC v. Galleon...

Exchanges and FINRA Propose Stock Circuit-Breaker Rules

Posted on May 18, 2010
The SEC announced that in response to the market disruption of May 6, the national securities exchanges and FINRA are filing proposed rules today under which they would pause trading in certain individual stocks if the price moves 10 percent...

First Meeting of SEC-CFTC Committee on Emerging Regulatory Issues Set for May 24

Posted on May 18, 2010
The SEC and the CFTC announced that the first meeting of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues will be held on Monday, May 24. The Joint Committee will discuss the preliminary findings of the staffs of the...

SEC Small Business Capital Formation Report Available

Posted on May 17, 2010
The 2009 Annual SEC Government-Business Forum on Small Business Capital Formation FINAL REPORT is posted on the SEC website.

Is Mandatory Securities Arbitration Likely to be Abolished?

Posted on May 17, 2010
Today I appeared as part of a panel of experts on securities arbitration before the SEC Investor Advisory Committee. The Committee appears to be considering seriously a recommendation to eliminate mandatory securities arbitration. As an investor advocate (particularly for small...

Branson on SEC Enforcement

Posted on May 15, 2010
Trekking Toward �ber Regulation: Prospects for Meaningful Change at SEC Enforcement?, by Douglas M. Branson, University of Pittsburgh School of Law, was recently posted on SSRN. Here is the abstract: Whether used in analysis of Senator Christopher Dodd?s, the administration?s,...

Branson on Stock Borrowing Programs

Posted on May 15, 2010
More Muscle Behind Regulation SHO? Short Selling and the Regulation of Stock Borrowing Programs, by Douglas M. Branson, University of Pittsburgh School of Law, was recently posted on SSRN. Here is the abstract: Recent amendments to SEC Regulation SHO (originally...

Webber on Individual Investors in Securities Class Actions

Posted on May 15, 2010
The Plight of the Individual Investor in Securities Class Actions, by David H. Webber, Center for Law & Business at New York University School of Law and Stern School of Business, was recently posted on SSRN. Here is the abstract:...

Senate Votes to Create a Credit-Rating Board to Deal with Conflicts

Posted on May 14, 2010
Yesterday the Senate, by a 64-35 vote, included a provision in the financial reform package to deal with the conflicts of interest of credit rating agencies. It would create a credit-rating board, under SEC oversight, to act as a middleman...

CEOs Seek to Kill "Proxy Acess" Provision

Posted on May 14, 2010
The Washington Post reports that CEOs are intensifying their lobbying efforts to eliminate the provision in the financial reform package that would authorize the SEC to adopt "proxy access." WPost, CEOs from far and wide band against financial bill provision.

FCIC Issues Preliminary Staff Report on Shadow Banking

Posted on May 14, 2010
The Financial Crisis Inquiry Commission has posted on its website a preliminary staff report on Shadow Banking and the Financial Crisis. The public can comment on the report until June 18.

New York AG Investigates Whether Big Banks Deceived Rating Agencies

Posted on May 13, 2010
The New York Times reports this morning that the New York Attorney General has issued subpoenas to eight banks, investigating whether they provided false information to rating agencies to obtain higher ratings for mortgage-related securities. The banks include the usual...

FINRA Fines Deutsche Bank Securities for Short-Sales Violations

Posted on May 13, 2010
FINRA fined two broker-dealers a total of $925,000 for executing numerous short sale orders in violation of Regulation SHO and for related supervisory violations. FINRA fined New York's Deutsche Bank Securities $575,000 and Boston's National Financial Services (NFS) $350,000...

Morgan Stanley and its Deals Now Under Government Scrutiny

Posted on May 12, 2010
The Wall St. Journal reports today that the DOJ (out of its New York office) is investigating Morgan Stanley and mortgage-related deals that it designed and marketed (called "Dead President" deals after Presidents Buchanan and Jackson). Similar to the charges...

SEC Settles Short-Selling Charges Against Individuals with no Securities Industry Background

Posted on May 11, 2010
The SEC charged two Boca Raton, Fla., residents for engaging in illegal short selling of securities in advance of participating in numerous secondary offerings to make illicit profits. These mark the first enforcement actions brought by the SEC under Rule...

SEC and CFTC Announce Joint Advisory Committee on Emerging Regulatory Issues

Posted on May 11, 2010
The SEC and the CFTC announced the formation of a joint committee that will address emerging regulatory issues. The joint committee will develop recommendations on emerging and ongoing issues relating to both agencies. The first item on the committee's agenda...

NY AG Sues Bank of New York Mellon Adviser Alleging Madoff-Related Fraud

Posted on May 11, 2010
New York Attorney General Cuomo today filed a lawsuit against Ivy Asset Management, LLC (?Ivy?), its former Chief Executive Officer Lawrence Simon, and its former Chief Investment Officer Howard Wohl, alleging that they deliberately misled clients about investments tied to...

Senate Calls for Audit of Fed Reserve

Posted on May 11, 2010
Expressing its frustration with the secretive policies of the Fed, the Senate voted unanimouslyfor a onetime audit to learn details of the emergency funding made by the Fed during the financial crisis. The Fed would have to post information on...

Schapiro Testifies on Market Disruption

Posted on May 11, 2010
Here is SEC Chair Schapiro's written testimony submitted for the Capital Markets Subcommittee on the Severe Market Disruption on May 6, 2010. Her bottom line: "The sudden evaporation of meaningful prices for many major exchange-listed stocks in the middle of...

SEC & Exchanges Agree to Strengthen Circuit Breakers

Posted on May 10, 2010
There still is a great deal of mystery surrounding the unusual trading activity last Thursday afternoon. Here is today's brief statement from the SEC: This morning, SEC Chairman Mary Schapiro had a constructive meeting with the leaders of six exchanges...

House Capital Markets Subcommittee Schedules Hearing on Market Plunge

Posted on May 10, 2010
The House Financial Services Committee, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, has scheduled a hearing for tomorrow at 3 p.m. on The Stock Market Plunge: What Happened and What Is Next? It will be webcast. Here is...

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