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Post Frequency: 38.1/day

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

FINRA Proposes Changes to Rules Governing Communications with the Public

Posted on September 28, 2009
FINRA recently posted on its website a request for comments on proposed new rules governing communications with the public. (Regulatory Notice 09-55). While the regulatory approach is similar to the existing rules, the new rules would reduce the number of...

Blair & Gerding on OTC Credit Derivatives

Posted on September 27, 2009
Sometimes Too Great a Notional: Measuring the 'Systemic Significance' of OTC Credit Derivatives, by Margaret M. Blair, Vanderbilt University - School of Law, and Erik F. Gerding, University of New Mexico - School of Law, was recently posted on SSRN.....

Ramirez on Subprime Bailouts

Posted on September 27, 2009
Subprime Bailouts and the Predator State, by Steven A. Ramirez, Loyola University of Chicago School of Law, was recently posted on SSRN. Here is the abstract: Recent bailouts in response to the subprime crisis evince an ad hoc government response...

Roe & Siegel on Finance and Politics

Posted on September 27, 2009
Finance and Politics: A Review Essay Based on Kenneth Dam's Analysis of Legal Traditions in the Law-Growth Nexus, by Mark J. Roe, Harvard Law School; European Corporate Governance Institute (ECGI), and Jordan I. Siegel, Harvard Business School, was recently posted...

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Anderson on Global Corporate Citizenship

Posted on September 27, 2009
Law and Global Corporate Citizenship: A Research Agenda, by Rachel J. Anderson, William S. Boyd School of Law, UNLV, was recently posted on SSRN. Here is the abstract: The role and purpose of large transnational corporations is among the defining...

Chung on Wall St.'s Responses to Women

Posted on September 27, 2009
From Lily Bart to the Boom Boom Room: How Wall Street?s Social and Cultural Response to Women Has Shaped Securities Regulation, by Christine Sgarlata Chung, Albany Law School, was recently posted on SSRN. Here is the abstract: In Edith Wharton?s...

SEC Charges Perot Systems Employee with Inside Trading Involving Dell's Tender Offer

Posted on September 24, 2009
The SEC today charged Perot Systems employee Reza Saleh with insider trading around the public announcement of Dell Inc.'s tender offer for Perot Systems earlier this week. The SEC alleges that Saleh made increasingly large purchases of Perot Systems call...

House Oversight Hearing on Credit Rating Agencies Postponed

Posted on September 24, 2009
The Chairman of the House Oversight Committee postponed a scheduled hearing on the credit rating agencies, saying he wanted to give Moody's time to respond to charges by a former employee that the agency continues to inflate ratings. The Wall...

SEC Alleges Pump and Dump Scheme Involving ConnectAJet. com Stock

Posted on September 24, 2009
The SEC announced today that on September 18, 2009, it sued several individuals and entities, including ConnectAJet.com, Inc., its president and chief executive officer, Martin Cantu, Cantu's father Martin M. Cantu, registered representative Stephen Fayette, and stock promoter Timothy Page...

Former American Commercial Lines CFO Settles Reg FD Charges

Posted on September 24, 2009
The SEC settled charges against Christopher A. Black (Black), the former chief financial officer of American Commercial Lines, Inc. (ACL), a Delaware marine transportation and manufacturing company. The SEC alleged that Black, while acting in his capacity as the company's...

SEC Staff Advice on Dealing with SEC Comment Letters

Posted on September 23, 2009
An SEC official gave some advice on how to respond to a comment letter from the agency on the financial statements. First thing to do is to pick up the phone and call the agency -- he says they welcome...

Geithner on Financial Regulatory Reform

Posted on September 23, 2009
Treasury Secretary Timothy F. Geithner, Written Testimony before the House Financial Services Committee, on Financial Regulatory Reform (Sept. 23, 2009): At a minimum, reform must achieve these critical objectives: It must provide substantial new protections for consumers and investors...

SEC Continues Temporary Rule Requiring MM Funds to Report Information to SEC

Posted on September 22, 2009
The SEC, on September 18, adopted temporary Rule 30b1-6T under the Investment Company Act of 1940 to require money market funds to report portfolio holdings and valuation information to the Commission under certain circumstances. The new rule continues substantially similar...

FINRA Fines Underwriters for Miscommunications to Customers in Vonage IPO

Posted on September 22, 2009
FINRA fined Citigroup Global Markets, UBS Securities and Deutsche Bank Securities a total of $425,000 ? and ordered the firms to make payments to customers that could total $420,000 ? in connection with the firms' failure to adequately supervise communications...

Professor Gordon Suggests Retail and Institutional Investors Should be Treated Differently in MMFunds

Posted on September 22, 2009
Professor Jeffrey Gordon (Columbia) has filed a Comment Letter (Download Gordon SEC MMF Corr Comment Letter 091509) with the SEC in response to its proposal to reform money market funds. The SEC sought comment on proposed reforms that, among other...

Schapiro's Testimony on OTC Derivatives

Posted on September 22, 2009
Testimony Concerning the Over-the-Counter Derivatives Markets Act of 2009, by SEC Chairman Mary L. Schapiro, Before the House Committee on Agriculture, September 22, 2009

SEC May Expand Charges Against BofA

Posted on September 22, 2009
The SEC says that it will expand its investigation into alleged wrongdoing at Bank of America and may seek to bring additional charges. WPost, SEC Gets Tougher With Bank of America.

GAO: AIG's Ability to Repay the Government Unclear at this Time

Posted on September 21, 2009
The GAO released a report TROUBLED ASSET RELIEF PROGRAM Status of Government Assistance Provided to AIG. From the summary: While federal assistance has helped stabilize AIG?s financial condition, GAO-developed indicators suggest that AIG?s ability to restructure its business and repay...

Seton Hall Symposium on The Global Economic Crisis

Posted on September 21, 2009
The Seton Hall Law Review is sponsoring a Symposium entitled "Securities Regulation and the Global Economic Crisis: What Does the Future Hold?", which will take place on Friday, October 30, 2009, at Seton Hall University School of Law in Newark,...

BofA Pays $425 Million to End Government Guarantee

Posted on September 21, 2009
Bank of America Corporation announced that it has reached an agreement with the U.S. Government to terminate its term sheet with respect to the guarantee of up to $118 billion in assets by the U.S. Government. The term sheet was...

SEC & Regions Bank Settle Offering Fraud Allegations

Posted on September 21, 2009
The SEC charged Alabama-based Regions Bank for its role in an offering fraud that victimized thousands of investors predominantly in Latin America. The SEC alleges that Regions Bank and its predecessor were a key selling point in the investment scheme...

Heyman on Investigating Corporate Malfeasance

Posted on September 20, 2009
Bottom-Up: An Alternative Approach for Investigating Corporate Malfeasance, by Susan Schwab Heyman, Benjamin N. Cardozo School of Law/Yeshiva University, was recently posted on SSRN. Here is the abstract: At least since the Enron scandal, the government has focused intensive efforts...

Baer on Corporate Compliance

Posted on September 20, 2009
Governing Corporate Compliance, by Miriam H. Baer, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: In light of the financial meltdown of 2008, it is reasonable to question whether the prior decade?s emphasis on corporate compliance...

Hazen on Regulating OTC Derivatives

Posted on September 20, 2009
Filling a Regulatory Gap: It is Time to Regulate Over-the-Counter Derivatives, by Thomas Lee Hazen, University of North Carolina at Chapel Hill - School of Law, was recently posted on SSRN. Here is the abstract: The recent credit crisis has...

SEC Proposes to Eliminate Flash Orders -- Official Release

Posted on September 18, 2009
The SEC has posted on its website the release proposing the amendment that would eliminate from Rule 602 of Reg NMS the exception for flash orders. Here is the introduction to the release: The Securities and Exchange Commission (?Commission?) is...

SEC Proposes Ban on Flash Orders

Posted on September 18, 2009
The SEC unanimously proposed a rule amendment that would prohibit the practice of flashing marketable orders. A flash order enables a person who has not publicly displayed a quote to see orders less than a second before the public is...

SEC Takes Further Action to Regulate Credit Rating Agencies

Posted on September 18, 2009
The SEC voted unanimously to take several rulemaking actions to bolster oversight of credit ratings agencies by enhancing disclosure and improving the quality of credit ratings, including: Adopted rules to provide greater information concerning ratings histories - and to enable...

New York AG Announces 4 Private Equity Firms Agree to End Pay-to-Play Practices

Posted on September 17, 2009
New York Attorney General Cuomo announced that four leading private equity firms, HM Capital Partners I (?HM Capital?), Levine Leichtman Capital Partners (?Levine Leichtman?), Access Capital Partners (?Access?), and Falconhead Capital (?Falconhead?) have adopted Cuomo?s Public Pension Fund Reform Code...

New York AG Subpoenas BofA Directors

Posted on September 17, 2009
The latest news today on the BofA-Merrill merger investigations is that the New York AG has issued subpoenas to 5 current or former directors of Bank of America, seeking to learn what they knew about Merrill's financial condition and the...

SEC Extends Temporary Exemption for Eligible Credit Default Swaps

Posted on September 16, 2009
The SEC adopted an interim final temporary rules-- extension that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for certain credit default swaps in order to facilitate...

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