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Post Frequency: 38.1/day

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

SEC Proposes Rule for Increased Fairness and Efficiency in Options Market

Posted on April 15, 2010
The SEC posted on its website proposed amendments to Rule 610 under the Securities Exchange Act of 1934 relating to access to quotations in listed options as well as fees for such access. The proposed rule would prohibit an exchange...

SEC Proposes a Large Trader Reporting System

Posted on April 15, 2010
The SEC posted on its website the proposed new rules to establish a large trader reporting system. The proposal is intended to assist the Commission in identifying and obtaining certain baseline trading information about traders that conduct a substantial amount...

Financial Reform Anytime Soon?

Posted on April 14, 2010
The New York Times has a handy comparison of the House and Senate Banking Committee versions of financial reform legislation. It does not appear that the While House session today with Congressional leaders produced any bipartisan momentum for reform...

Senate Agriculture Committee Considers Ban on Banks' Trading Financial Derivatives

Posted on April 14, 2010
Wall Street is nervously following the Senate Agriculture Committee's proposals to regulate financial derivatives. The Chair, Blanche Lincoln, is considering banning banks from trading financial derivatives, a proposal that goes beyond what the Obama Administration proposed...

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Bernanke Testifies on Economic Outlook

Posted on April 14, 2010
Fed Chairman Ben S. Bernanke testified on the Economic Outlook today before the Joint Economic Committee, U.S. Congress, Washington, D.C.

SEC Proposes A Large Trader Reporting System

Posted on April 14, 2010
The SEC today voted to issue a proposal to establish a large trader reporting system, and separately proposed to put in place two investor protection measures in options markets that currently exist in stock markets. In her opening statement, Chair...

SEC Files Brief in Cuban Insider Trading Case

Posted on April 13, 2010
The SEC has posted at its website its recently filed reply brief in SEC v. Cuban, its appeal to the Fifth Circuit of the district court's opinion that Cuban did not violate Rule 10b-5 when he sold his Mamma.com stock...

PWC Releases 2009 Securities Litigation Study

Posted on April 13, 2010
PriceWaterhouseCoopers released its 2009 Securities Litigation StudyDownload PWC2009ClassActionStudy recently. It finds a drop in the total number of federal filings (155 filings in 2009, compared to 210 in 2008) as well as a drop in financial-crisis-related filings (51 financial-crisis-related filings...

District Court Denies Schwab Summary Judgment in Fund Class Action Involving Mortgage-Backed Securities

Posted on April 13, 2010
In re Charles Schwab Corp. Securities Litigation (No. C 08-01510 WHA, Apr. 8, 2010)Download Schwab.040810 provides an entertaining read and a rare victory for plaintiffs in defeating defendants' motion for summary judgment. Mutual fund holders alleged that the fund represented...

SEC Announces Policy of Unscheduled Adviser Visits

Posted on April 13, 2010
An SEC compliance official recently announced that OCIE is indefinitely suspending its regularly-scheduled examinations of investment advisers and instead is conducting unannounced inspections based on tips of wrong-doing. Obviously in response to the Madoff scandal, the new policy leads industry...

PCAOB Takes on Auditor's Role in Detecting Fraud

Posted on April 13, 2010
The investing public generally thinks that the accounting profession performs an important gate-keeping role in detecting and deterring fraud. Yet accountants insist that's not their job. The PCAOB (at least so long as it continues in existence, until the Supreme...

Agenda for SEC's April 14 Meeting

Posted on April 13, 2010
At the April 14 SEC Open Meeting, the Commission will consider the following: Item 1: Large Trader Reporting System The Commission will consider whether to propose a large trader reporting requirement, pursuant to Section 13(h) of the Securities Exchange Act...

FINRA Fines Firm for Failing to Protect Confidential Customer Information

Posted on April 12, 2010
FINRA announced that it has fined D.A. Davidson & Co., of Great Falls, MT, $375,000 for its failure to protect confidential customer information by allowing an international crime group to improperly access and hack the confidential information of approximately 192,000...

How Good is the SEC's Compliance Program?

Posted on April 11, 2010
The SEC recently announced the appointment of its first Chief Compliance Officer, to streamline and centralize oversight responsibility for agency employees' securities transactions and financial disclosure reporting. However, Suzanne Barlyn notes that the new compliance officer does not have the...

FINRA Warns About Misleading Disclosure in Bond Funds

Posted on April 11, 2010
FINRA reportedly has sent letters to broker-dealer affiliates of bond funds that it is getting tough on the use of weighted-average bond ratings that have not been assessed by credit rating agencies and called the practice misleading. The notices may...

Did Morgan Keegan Hide the Smoking Gun?

Posted on April 11, 2010
Attorneys representing Morgan Keegan customers in arbitrations claim that the firm did not turn over in discovery relevant internal documents in which Morgan Keegan employees questioned the level of risk in bond funds that lost most of their value in...

Sjostrom on Underwriting Compensation Regulation

Posted on April 11, 2010
The Untold Story of Underwriting Compensation Regulation, by William K. Sjostrom Jr., University of Arizona - James E. Rogers College of Law, was recently posted on SSRN. Here is the abstract: The Article examines the regulation of underwriting compensation by...

Dam on International Perspectives on the Subprime Crisis

Posted on April 11, 2010
The Subprime Crisis and Financial Regulation: International and Comparative Perspectives, by Kenneth W. Dam, University of Chicago - Law School; Brookings Institution, was recently posted on SSRN. Here is the abstract: Most economic and legal discussion of the subprime mortgage...

Tuch on Multiple Gatekeepers

Posted on April 11, 2010
Multiple Gatekeepers, by Andrew Tuch, Harvard University - Harvard Law School ; University of Sydney - Faculty of Law, was recently posted on SSRN. Here is the abstract: In the context of business transactions, gatekeepers are lawyers, investment bankers, accountants...

Hill on The Subprime Crisis

Posted on April 11, 2010
Who Were the Villains in the Subprime Crisis, and Why it Matters, by Claire A. Hill, University of Minnesota, Twin Cities - School of Law, was recently posted on SSRN. Here is the abstract: This essay argues for the necessity...

Hill on Credit Rating Agencies

Posted on April 11, 2010
Why Did Rating Agencies Do Such a Bad Job Rating Subprime Securities?, by Claire A. Hill, University of Minnesota, Twin Cities - School of Law, was recently posted on SSRN. Here is the abstract: Why did rating agencies do such...

Baxter on Universal Banks

Posted on April 11, 2010
How Big Became Bad: America's Underage Fling with Universal Banks, by Lawrence G. Baxter, Duke Law School, was recently posted on SSRN. Here is the abstract: In little more than a decade gigantic new financial institutions have emerged in America....

Barth et alia on Comparability of Accounting Standards

Posted on April 11, 2010
Are International Accounting Standards-Based and US GAAP-Based Accounting Amounts Comparable?, by Mary E. Barth, Stanford Graduate School of Business; Wayne R. Landsman, University of North Carolina at Chapel Hill - Accounting Area;Mark H. Lang, University of North Carolina at Chapel...

Buxbaum on Global Business Networks

Posted on April 11, 2010
National Jurisdiction and Global Business Networks, by Hannah L. Buxbaum, Indiana University School of Law-Bloomington, was recently posted on SSRN. Here is the abstract: This is an edited version of a lecture on the use of local litigation as an...

Bartlett on Derivative Disclosures

Posted on April 11, 2010
Inefficiencies in the Information Thicket: A Case Study of Derivative Disclosures During the Financial Crisis, by Robert P. Bartlett III, University of California, Berkeley - School of Law; University of Georgia Law School; University of California, Berkeley - Berkeley Center...

Campbell on Repealing NSMIA

Posted on April 11, 2010
Dear Senator Dodd: Don't Repeal NSMIA: It Will Hurt Small Businesses and the Economy, by Rutheford B. Campbell Jr., University of Kentucky - College of Law, was recently posted on SSRN. Here is the abstract: As presently proposed, Section 926...

Regulatory Reform By Memorial Day?

Posted on April 11, 2010
The Wall St. Journal reports that the White House has called a meeting of Congressional leaders for Wednesday to discuss the financial reform legislation, hoping to push through legislation by Memorial Day. The House version of the bill passed the...

Massachusetts Charges Merrill with Violating Rule 144A in Sales of ARS

Posted on April 09, 2010
The Massachusetts securities regulators charged Merrill Lynch with improperly selling unregistered auction rate securities to two cooperative banks that did not qualify as "Qualified Institutional Buyers" under SEC Rule 144A. The complaint alleges that the firm did not follow its...

The D.C. Circuit's Anti-Regulation Attitude

Posted on April 09, 2010
Steven Pearlstein, of The Washington Post, has an excellent column today on the D.C. Circuit's anti-regulation attitude as reflected in its frequent vacating of agency rules on questionable grounds. Regulatory failure? Blame the D.C. Circuit. Other recent examples include Fin...

Prince and Rubin Testify at Financial Crisis Inquiry Commission Hearing

Posted on April 08, 2010
Today Charles Prince, former Citigroup CEO, and Robert Rubin, former chair of the executive committee, testified before the Financial Crisis Inquiry Commission. According to the account in the New York Times, they took contrasting strategies in their testimony...

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