Jim Hamilton's World of Securities Regulation: Corporate & Securities Law

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Corporate & Securities Law

Jim Hamilton's World of Securities Regulation

Opines on every level of securities regulation (federal, state, international, theoretical) covering market players of all types (e.g., accountants, broker-dealers, foreign issuers, hedge funds, market manipulators) who engage all sorts of transactions and activities (acquisitions, financial reporting, private placements, pyramid schemes). Highlights issues of particular importance to securities lawyers and their clients with emphasis on SEC rulemaking, industry trends, and the many curiosities that inhabit this world.
By Jim Hamilton

Post Frequency: 15.3/day

Last Entry: April 01, 2011 at 16:29:00

Hedge Fund Industry Concerned with

Posted on August 30, 2008
Hedge Fund Industry Concerned with Working Group FAS 157 Valuation Recommendations for Fund ManagersThe hedge fund industry has significant concerns with recent best practices recommended by the President's Working Group on Financial Markets regarding the disclosure of the valuation of managed assets centered on FAS 157 fair value accounting...

UK Accouting Regulator Proposes

Posted on August 30, 2008
UK Accouting Regulator Proposes Changes to Directors Going Concern Report to Reflect IFRSThe UK Financial Reporting Council has proposed revisions to its guidance for directors going concern and financial reporting in light of the adoption of international financial reporting standards and the ongoing financial crises...

Hedge Funds and Private Equity

Posted on August 28, 2008
Hedge Funds and Private Equity Funds Ask FASB for Exemptions from FIN 48A growing chorus of hedge fund and private equity groups has asked FASB for an exemption from FIN 48, a FASB interpretation of a standard on accounting for income taxes. In a letter to FASB, the Managed Funds Association said that the sophisticated investors that invest in hedge funds do not need the enhanced disclosures that FIN 48 was designed to provide...

Global Accounting and Auditing

Posted on August 27, 2008
Global Accounting and Auditing Firms Raise Auditor Attestation Issues with SEC XBRL ProposalWhile expressing overall support for the SEC?s proposed move towards requiring interactive XBRL filings of financial statements, global accounting and auditing firms have concerns about auditor attestation and internal controls...

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Vermont Adopts New Fees for Notice Filings, Securities Registrations, and Agents

Posted on August 26, 2008
The Vermont Division of Securities and Retail Franchising changed the following fees, effective July 1, 2008:1. Notice filings. For offerings by investment companies under Section 18(b)(2) of the Securities Act of 1933 and for registrations of securities, the fee is now a flat $600...

Fed Chair Seeks Legislation on

Posted on August 25, 2008
Fed Chair Seeks Legislation on Macro Prudential Regulation of Systemic Risk to Financial SystemCiting the Bear Stearns experience, Federal Reserve Board Chair Ben Bernanke asked Congress to adopt a regulatory macro-prudential regime capable of dealing with systemic risk to the financial markets...

Securities Regulators Must Scrutinize Mortgage Brokers

Posted on August 25, 2008
Securities regulators need to provide more oversight over the licensing of mortgage brokers says some industry attorneys following the resignation of Don Saxon, the Florida Commissioner of Securities, amid reports published in the Miami Herald that his agency let many convicted criminals work in the mortgage business, including bank robbers and racketeers...

9th Circuit: State Claims Against

Posted on August 25, 2008
9th Circuit: State Claims Against Clearing Agencies PreemptedA 9th Circuit panel found that the federal securities laws preempted state law fraud claims against Depository Trust and Clearing Corp., Depository Trust Co. and the National Securities Clearing Corp...

Federal Appeals Court Upholds Constitutionality

Posted on August 22, 2008
Federal Appeals Court Upholds Constitutionality of PCAOBA split federal appeals court panel has ruled that the PCAOB is constitutional and rejected the claims of an audit firm inspected by the Board that SEC rather than presidential selection of Board members ran afoul of the Appointments Clause of the US Constitution...

Society of Corporate Secretaries

Posted on August 21, 2008
Society of Corporate Secretaries and Governance Professionals Comment on SEC XBRL ProposalWith the SEC moving towards interactive XBRL filings of financial statements, the Society of Corporate Secretaries and Governance Professionals has voiced concerns with liability and the presentation of executive compensation information...

NYSE and Nasdaq Conform Director

Posted on August 20, 2008
NYSE and Nasdaq Conform Director Independence Standards to SEC Regulation S-KThe NYSE and Nasdaq have both amended their listing standards to conform their director independence requirements to the related party transaction requirements of Item 404 of Regulation S-K...

SEC Approves BATS Exchange Conditioned

Posted on August 19, 2008
SEC Approves BATS Exchange Conditioned on FINRA Performing Regulatory DutiesThe SEC has approved the registration of a new national securities exchange, BATS Exchange, conditioned on the further approval of the exchange?s contract with FINRA to perform examination, enforcement, and disciplinary functions...

MONTANA Proposes Rules on Senior Specific Certifications and on Requesting a Transactional Exemption

Posted on August 19, 2008
Rules making the use of senior specific certifications by securities industry persons an unethical practice, together with a rule setting forth the procedure for requesting a transactional exemption, were proposed by the Montana Securities Department...

Cox Details SEC's Conditions for

Posted on August 18, 2008
Cox Details SEC's Conditions for Mutual Recognition of Foreign Exchanges and BrokersAs at a time when US investors are demanding foreign investment opportunities and technological innovations have eliminated physical barriers to market access, SEC Chairman Christopher Cox believes that adopting a mutual recognition regime is absolutely urgent...

Japan Financial Services Agency

Posted on August 17, 2008
Japan Financial Services Agency Firmly Responds to Subprime and Securitization CrisisJapan?s Financial Services Agency has firmly responded to the global subprime and securitization crisis with a series of initiatives on many fronts, including increased transparency, better risk management, and improved early warning systems...

SEC Supports Monitoring Group for

Posted on August 16, 2008
SEC Supports Monitoring Group for IASB as Debate Rages on Role and CompositionIn an effort to deflect the criticism that the IFRS standard setter is not answerable to securities regulators, the oversight trustees of the International Accounting Standards Board have proposed a Monitoring Group composed of the SEC and other securities authorities...

Form D Surveys Will Not Be Submitted

Posted on August 16, 2008
Form D Surveys Will Not Be Submitted to SECThe ABA State and Federal Securities Regulation Committees Survey on Electronic Form D will not be submitted to the SEC. Some of the survey's results will be used in their letter to the SEC seeking interpretive guidance on the electronic Form D release...

Congress Wants the SEC to Reinstate

Posted on August 14, 2008
Congress Wants the SEC to Reinstate the Uptick RuleIn the wake of the SEC?s emergency short sale order, there is growing congressional sentiment for the SEC to reinstate the uptick rule, which was rescinded in 2007. The uptick rule, Rule 10a-1, required all short sale stock transactions to be conducted at a price that was higher than the price of the previous trade...

Senate Readying Legislation on

Posted on August 13, 2008
Senate Readying Legislation on Offshore Entities and Unrealized Business Income Tax; and Energy Commodities SpeculationLegislation ending the tax breaks that speculators in energy and other commodities enjoy is being readied in the Senate Finance Committee...

Demutualization Did Not Render

Posted on August 13, 2008
Demutualization Did Not Render Policyholder's Ownership Interest Zero for Purposes of Federal Tax Code; No Capital Gains Due on Cash for StockIn an opinion that may have enormous consequences for the demutualization of insurance companies, a federal court of claims ruled that a policyholder of a mutual insurance company that was transforming into a public stock company did not have to pay capital gains on an exchange of its interest in the mutual company for shares in the new company that the policyholder then sold in a cash election...

Corrigan Counterparty Risk Management

Posted on August 12, 2008
Corrigan Counterparty Risk Management Policy Group Issues Report on Reforming Global Markets; Examines Role of SEC Reg. ABThe Counterparty Risk Management Policy Group has issued report detailing a forward-looking integrated framework designed to advance the global reform of securitization in light of the recent market turmoil...

IASB to Adopt Global Standard for

Posted on August 10, 2008
IASB to Adopt Global Standard for Fair Value Accounting Converged with FASB SFAS 157The IASB plans to propose a single fair value standard for IFRS by mid-2009 and adopt an IFRS for fair value accounting in 2010 that will be converged with FASB SFAS 157...

Final Report of SEC Advisory Committee

Posted on August 09, 2008
Final Report of SEC Advisory Committee on Improvements to Financial Reporting Impacts PCAOBThe SEC Advisory Committee on Improvements to Financial Reporting has issued its final report recommending major changes to regulation and standard-setting involving financial statements and the independent audit of them...

European Commission Adopts Equivalence

Posted on August 09, 2008
European Commission Adopts Equivalence Regime for non-EU Auditors; PCAOB Registants IncludedThe European Commission will allow third-country audit firms to audit the financial statements of EU listed companies under an equivalence regime based on reciprocity and equivalent oversight systems...

IFAC Chief Says Professional Judgment

Posted on August 08, 2008
IFAC Chief Says Professional Judgment Crucial to Principles-Based Global Audit StandardsEchoing a theme that an SEC advisory committee has examined, the President of the International Federal of Accountants said that the global adoption of principles-based auditing standards is linked to allowing the auditors of company financial statements to make professional judgments without fear of being second guessed...

Australian Securities Commission

Posted on August 08, 2008
Australian Securities Commission Says Securitization Reform Must Be GlobalWhile the subprime crisis originated in the US, the Australian Securities and Investments Commission believes that the ongoing reform of the securitization process must be global and be primarily based on the Financial Stability Forum?s recommendations...

UK Central Banker Says Transparency

Posted on August 08, 2008
UK Central Banker Says Transparency is Key to Securitization ReformIn n some of the more thoughtful remarks on the subprime crisis, the Bank of England director of financial stability said that effective reform of the securitized assets market depends on full transparency...

SEC Guides on Use of Corporate

Posted on August 06, 2008
SEC Guides on Use of Corporate Blogs; Entanglement and Adoption Liability PossibleFor the first time in eight years, the SEC has issued guidance on corporate electronic communications. This guidance is on areas where the convergence of the Internet and federal securities regulation intersect in ways that were unimaginable only a few years ago...

SEC Guidance: Company Internet

Posted on August 05, 2008
SEC Guidance: Company Internet Websites Can be Used to Comply with Regulation FDThe SEC?s recent guidance that company websites could be used to comply with Regulation FD resolved a question that the Commission had left open since adopting FD eight years...

State/Federal Securities Committees Submit Form D Survey to SEC

Posted on August 05, 2008
The State and Federal Securities Regulation Committees of the American Bar Association submitted a survey to the SEC on Electronic Form D, to distribute to law firms. The survey is designed to gleen information about a firm's use of Form D for Regulation D securities offerings so that the Committees can obtain interpretive guidance on Electronic Filing and Revision of Form D adopted in Release No...

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