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

Massachusetts Securities Division Charges Banc of America Investment Services with Misrepresenting Risks of Fannie/Freddie Bonds

Posted on June 21, 2010
The Massachusetts Securities Division recently filed an administrative complaint against Banc of America Investment Services, charging it with misrepresentations in the sale of Fannie Mae/Freddie Mac Bonds. According to the complaint, the investor at the center of the allegations was...

Joint SEC-CFTC Committee Meets Tomorrow on May 6 Market Events

Posted on June 21, 2010
The Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues today announced the agenda for its public meeting to be held on June 22, 2010. The Committee is conducting a review of the unusual market events that occurred on May 6,...

SEC Charges Investment Adviser With Fraudulent Management of CDOs Tied to Mortgage-Backed Securities

Posted on June 21, 2010
The SEC today charged a New York-based investment adviser, Thomas Priore, and three of his affiliated firms with fraudulently managing investment products tied to the mortgage markets as they came under pressure in 2007. The SEC alleges that Priore and...

Financial Reform Conferees Adopts Dodd's Gustafson Fix

Posted on June 21, 2010
Last week, during the conference committee negotiations on the financial reform legislation, Senator Dodd introduced an amendment that he describes as a "Gustafson fix." It would, in his words, address the effects of a 1995 Supreme Court ruling, in the...

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Millon on Enlightened Shareholder Value

Posted on June 20, 2010
Enlightened Shareholder Value, Social Responsibility, and the Redefinition of Corporate Purpose Without Law, by David Millon, Washington and Lee University - School of Law, was recently posted on SSRN. Here is the abstract: Enlightened shareholder value (ESV) is the idea...

Ribstein on the Constitutionality of the Delaware Anti-Takeover Statute

Posted on June 20, 2010
Preemption as Micromanagement, by Larry E. Ribstein, University of Illinois College of Law, was recently posted on SSRN. Here is the abstract: Guhan Subramanian, Steven Herscovici & Brian Barbetta, Is Delaware?s Antitakeover Statute Unconstitutional? Evidence from 1988-2008 , 65 BUS...

FINRA and Australian Regulator Enter Cooperation Agreement

Posted on June 18, 2010
The Australian Securities and Investments Commission (ASIC) and FINRA entered into a Memorandum of Understanding (MOU) today to promote and support greater cooperation between the two regulators. The MOU establishes a framework for mutual assistance and the exchange of information...

Present at the Creation: The History of the SEC's Revolving Door Policy

Posted on June 17, 2010
Yesterday I blogged about Senator Chuck Grassley's concern over the SEC's "revolving door" policy and expressed some personal skepticism that it's the SEC's problem. Today Dan Ernst (Georgetown) has posted on the Legal History Blog an exchange of correspondence between...

No Agreement on Fiduciary Duty Standard in Reform Legislation

Posted on June 17, 2010
Investment News reports that the Conference Committee has reached an impasse on the fiduciary duty standard, with the House digging in and insisting on its provision, which would implement a fiduciary duty for broker-dealers, and the Senate sticking to its...

SEC SETTLES INSIDER TRADING CASE WITH QUALCOMM'S FORMER DIRECTOR OF STRATEGIC MARKETING

Posted on June 17, 2010
On June 16, 2010, the United States District Court for the Southern District of California entered a final judgment against Andres Leyva, a former Director of Strategic Marketing Analysis at San Diego-based Qualcomm Incorporated. As alleged in the SEC's complaint,...

SEC Announces Rules for Erroneous Trades

Posted on June 17, 2010
The SEC today announced that the national securities exchanges and FINRA are filing proposed rules to clarify the process for breaking erroneous trades. The rules would make it clearer when, and at what prices, trades would be broken. The proposed...

SEC Publishes Proposed Rule on Target Date Funds

Posted on June 17, 2010
The SEC published today its proposed rules on INVESTMENT COMPANY ADVERTISING: TARGET DATE RETIREMENT FUND NAMES AND MARKETING. Here is the summary: The Securities and Exchange Commission is proposing amendments to rule 482 under the Securities Act of 1933 and...

CEO of Major Mortgage Lender Charged with Misappropriation, TARP Fraud

Posted on June 16, 2010
A grand jury indicted Lee Bentley Farkas, CEO of Taylor Bean & Whitaker Mortgage Corp., which was one of the largest independent home-loan providers, on 16 counts of bank, securities and wire fraud. The allegations involve the misappropriation of over...

More on the SEC's Fort Worth Office and Stanford Fraud

Posted on June 16, 2010
You may recall that the SEC's Inspector General recently released a report on the problems in the Fort Worth office of the SEC involving the Stanford ponzi scheme. The POGO (Project on Government Oversight) blog has an extensive update on...

How Do Credit Rating Agencies Escape Regulation?

Posted on June 16, 2010
We have known since the collapse of Enron and Worldcom about the flaws of the credit rating system, where the issuers pay the raters for their services. Sarbanes-Oxley called on the SEC to study the problem, it did so, and...

Senator Grassley Asks SEC's Inspector General to Look into "Revolving Door"

Posted on June 16, 2010
Senator Chuck Grassley, the ranking minority member of the Senate Finance Committee, asked the SEC's Inspector General to review the recent departure of a top official in the Division of Trading and Markets to take a job with a high-frequency...

SEC Approves Amendments to Clarify Target Date Retirement Funds

Posted on June 16, 2010
The SEC today voted unanimously to propose rule amendments to help clarify the meaning of a date in a target date fund?s name and enhance the information provided to investors in these funds as they invest for retirement. Target date...

Joint CFTC-SEC Advisory Committee Schedules Meeting

Posted on June 15, 2010
The Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues will hold an Open Meeting on Tuesday, June 22, 2010. The agenda for the meeting includes: (i) committee organizational matters; (ii) testimony by representatives from various exchanges and firms regarding the...

NASAA Urges Congress to Adopt Fiduciary Duty Standard for Broker-Dealers

Posted on June 15, 2010
NASAA continues its campaign to convince Congress to adopt the House version of the financial reform legislation that calls for the SEC to adopt a fiduciary duty for broker-dealers providing personal advice to retail investors, instead of the Senate version...

FINRA Assumes Regulatory Functions for NYSE Euronext's Equities and Options Markets

Posted on June 15, 2010
NYSE Euronext and FINRA announced that they have completed the previously announced agreement under which FINRA will assume responsibility for performing the market surveillance and enforcement functions currently conducted by NYSE Regulation. The agreement is effective immediately...

Conference Committee Debates Investor Protection/Executive Compensation Issues Tomorrow

Posted on June 15, 2010
In case you've been wondering what's happening with financial regulatory reform, here is the latest from Barney Frank's office: Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be....

SIFMA Releases Systemic Risk Information Study

Posted on June 14, 2010
The Securities Industry and Financial Markets Association (SIFMA) today released the results of a study intended to assist regulators and policymakers in preparing for expanded systemic risk oversight and enhance their ability to respond to potential future systemic risk events...

Supreme Court Accepts Cert to Decide Standard of Pleading Materiality in Securities Fraud Class Action

Posted on June 14, 2010
The Supreme Court today granted certiorari to hear a securities fraud class action, Matrixx Initiatives, Inc. v. Siracusano, next term. The question presented is: Can a plaintiff state a claim under Section 10(b) of the Securities Exchange Act and Securities...

Former Mayer Brown Partner Settles SEC Aiding & Abetting Charges

Posted on June 14, 2010
The SEC announced that on June 11, 2010, a settled final judgment was entered by the U.S. District Court for the Southern District of New York against Joseph P. Collins, a former partner with the law firm Mayer Brown LLP,...

SEC Signs MOU with Quebec and Ontario Regulators

Posted on June 14, 2010
The SEC, Quebec Autorit� des march�s financiers (AMF) and Ontario Securities Commission (OSC) today announced a comprehensive arrangement to facilitate their supervision of regulated entities that operate across the U.S.-Canadian border. The memorandum of understanding (MOU) is intended to provide...

STATS not Illegal under Rhode Island Insurance Law, Judge Rules

Posted on June 13, 2010
A variation on the viatical settlement scam has turned up: A recent federal district court recently considered the legality of stranger-initiated annuity transactions, or STATs and held that they were not illegal under relevant state insurance law that require that...

SEC Charges Money Manger with Alleged Ties to Belgian Royal Family with Fraud

Posted on June 13, 2010
The SEC announced Friday that it filed an emergency civil enforcement action to halt a fraudulent bridge loan scheme orchestrated by New York-based Chimay Capital Management, Inc. (Chimay Capital) and its chairman, Guy Albert de Chimay. The Commission's action also...

First Annual Midwest Corporate Scholars Conference at Cincinnati June 22

Posted on June 10, 2010
Steven Davidoff (Connecticut/OSU), Eric Chaffee (Dayton) and Barbara Black (Cincinnati) have organized what we are rather ambitiously calling the First Annual Midwest Corporate Scholars Conference, to be held at the University of Cincinnati College of Law on June 22...

SEC Approves Stock-by-Stock Circuit Breaker Rules

Posted on June 10, 2010
The SEC said it would act fast, and it did: today it approved rules that will require the exchanges and FINRA to pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period....

Jones on Hacking and Insider Trading

Posted on June 09, 2010
Outsider Hacking and Insider Trading Under Section 10(b) of the Securities Exchange Act: The Impact of the Second Circuit's Decision in SEC v. Dorozhko, by James A. Jones II, University of Washington - School of Law, was recently posted on...

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