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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

UK FSA Dear CEO Letter to Investment

Posted on January 23, 2010
UK FSA Dear CEO Letter to Investment Firms Faults Compliance with Principle on Protecting Client AssetsThe UK Financial Services Authority has sent a Dear CEO letter and report to the chief executive officers of major insurance brokers and investment firms which hold money or assets on behalf of clients, drawing their attention to the FSA?s concerns over the handling of client money and assets...

Leading German Companies Implement

Posted on January 23, 2010
Leading German Companies Implement Shareholder Advisory Vote on Management CompensationPursuant to federal legislation adopted last year, leading German companies are providing for a shareholder advisory vote on management compensation at the annual meeting of shareholders...

President Obama Proposes Legislation

Posted on January 21, 2010
President Obama Proposes Legislation Prohibiting Financial Institutions Involvement with Hedge FundsThe Obama Administration has proposed new restrictions on the size and scope of banks and other financial institutions in order to rein in excessive risk taking and to protect taxpayers...

Sarbanes-Oxley Whistleblower Entitled

Posted on January 21, 2010
Sarbanes-Oxley Whistleblower Entitled to Federal Court De Novo Review if No Timely DOL Final DecisionUnder Section 806 of Sarbanes-Oxley, a corporate whistleblower had the right to a de novo proceeding in federal district court during his appeal of an Administrative Law Judge?s opinion within the Department of Labor since the DOL had not issued a final decision within the statutory 180-day time period...

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SEC Approves PCAOB Standard on

Posted on January 19, 2010
SEC Approves PCAOB Standard on Engagement Quality ReviewThe SEC has approved PCAOB Auditing Standard No. 7, which requires an engagement quality reviewer to evaluate the significant judgments made and related conclusions reached by the audit engagement team in forming the overall conclusion on the engagement and in preparing the engagement report...

Public Policy May Compel Supreme

Posted on January 18, 2010
Public Policy May Compel Supreme Court to Review Ruling that Audit Work Papers Discoverable by IRS Since Done for SEC-Filed Financial StatementsThe US Supreme Court has been asked to review an en banc First Circuit Court of Appeals ruling that the attorney work product doctrine does not shield from an IRS summons tax accrual work papers prepared by a company?s lawyers to support the calculation of tax reserves for audited financial statements filed with the SEC...

Dr. King's Universal Appeal Will

Posted on January 18, 2010
Dr. King's Universal Appeal Will Never FadeIn our age of sometimes bitter legislative partisanship, let us pause to remember the lessons of Dr. Martin Luther King, who we honor today. Dr. King appealed to our common humanity and a shared sense of social justice...

SEC Delays Effective Date of Rule

Posted on January 18, 2010
SEC Delays Effective Date of Rule 151A on Fixed Index Annuities as It Works to Cure Analysis on DC Circuit RemandAs part of its request to the court of appeals to not vacate Securities Act Rule 151A while it is being cured on remand, the SEC agreed to a two-year stay of the rule?s effective date to run from the date of publication of a reissued or retained rule in the Federal Register...

NY Fed Study Says Derivatives Clearing

Posted on January 16, 2010
NY Fed Study Says Derivatives Clearing Houses May Themselves Pose a Systemic Risk to the Financial MarketsAs Congress moves toward the passage of legislation that would create a federal systemic risk regulator, a NY Fed study questions whether the central derivatives clearing organizations also envisioned by the legislation would themselves pose a systemic risk...

Key Senate Banking Committee Member

Posted on January 15, 2010
Key Senate Banking Committee Member Questions Treasury on Fannie and FreddieSenator Bob Corker, a key member of the Banking Committee, has asked Treasury to explain its recent decision to remove the $200 billion per enterprise cap on government-sponsored enterprises Fannie Mae and Freddie Mac, which, in effect, provides a blank check for the amount of credit that will be made available to the two mortgage giants...

House-Senate Oversight Chairs Support

Posted on January 15, 2010
House-Senate Oversight Chairs Support Obama Proposed Fee on Large Banks and Securities FirmsSenate Banking Committee Chairman Chris Dodd and House Financial Services Chair Barney Frank strongly support the Obama Administration?s proposed Financial Crisis Responsibility Fee that would require the largest and most highly leveraged Wall Street firms to pay back taxpayers for the extraordinary assistance provided so that the TARP program does not add to the deficit...

Obama Proposes Financial Crisis

Posted on January 14, 2010
Obama Proposes Financial Crisis Responsibility Fee on Wall Street Firms as House Bill Would Tax Financial TransactionsFinancial transaction taxes have been talked about recently as a way of increasing revenue from the financial sector to make it pay for its rescue...

SEC Amends Proxy Rules to Implement

Posted on January 13, 2010
SEC Amends Proxy Rules to Implement Dodd Amendment Say-on-Pay Mandate for TARP CompaniesThe SEC has amended the federal proxy rules to implement the requirement in Section 111(e)(1) of the Emergency Economic Stabilization Act (EESA) that TARP recipients provide a separate shareholder advisory vote to approve the compensation of executives...

SEC Reorganizes Enforcement Division,

Posted on January 13, 2010
SEC Reorganizes Enforcement Division, Revises Manual on CooperationThe SEC's Enforcement Division named leaders of national specialized units it has established in five priority areas dedicated to particular highly specialized and complex areas of securities law...

SEC and Congress Put Spotlight

Posted on January 13, 2010
SEC and Congress Put Spotlight on Executive Compensation ConsultantsMany companies engage compensation consultants to make recommendations on appropriate executive compensation levels, to design and implement incentive plans, and to provide information on industry and peer group pay practices...

New EU Commissioner for Internal

Posted on January 12, 2010
New EU Commissioner for Internal Market Pledges to Complete Financial Reform LegislationAt a time when European financial regulation is at the threshold of significant legislative overhaul, the new Commissioner for the Internal Market, Michel Barnier, pledged to complete the reform efforts begun by previous Commissioner Charlie McCreevy, under whose remit the most sweeping changes in financial regulation were proposed, including the regulation of hedge funds, derivatives, credit rating agencies, and systemic risk...

Kentucky Sets Forth Minimum Recommended

Posted on January 11, 2010
Kentucky Sets Forth Minimum Recommended Disclosures for Switching TransactionsMinimum recommended disclosures for "switching transactions," an investor's moving from one product to another such as from one mutual fund to another, one variable annuity to another, or from a mutual fund to a variable annuity, are set forth by the Kentucky Securities Division...

Central Bank Chief Lists Elements

Posted on January 11, 2010
Central Bank Chief Lists Elements for Early Detection of Systemic Risk for European Systemic Risk BoardAs an EU-wide systemic risk regulator is readied, the President of the European Central Bank said that the early detection of systemic risks in the financial markets will be the main task of the new European Systemic Risk Board...

Supreme Court Asked to Reviewv

Posted on January 11, 2010
Supreme Court Asked to Reviewv First Circuit Ruling that Audit Work Papers Discoverable by IRS Since Done for SEC-Mandated Financial Statements The US Supreme Court has been asked to review an en banc First Circuit Court of Appeals ruling that the attorney work product doctrine does not shield from an IRS summons tax accrual work papers prepared by a company?s lawyers to support the calculation of tax reserves for audited financial statements filed with the SEC...

UK FSA Mandates Reverse Stress

Posted on January 11, 2010
UK FSA Mandates Reverse Stress Testing in New Stress Testing RegimeThe UK Financial Services Authority has strengthened its stress testing regime by requiring firms to improve their stress testing capability, and, for the first time, introducing a reverse stress testing requirement for firms...

NASAA Reiterates Call for Strong

Posted on January 11, 2010
NASAA Reiterates Call for Strong Fiduciary StandardIn a comment letter written on January 7 to members of the Senate Banking Committee, the North American Securities Administrators Association (NASAA) joined with six other organizations in supporting a provision in the Restoring American Financial Stability Act of 2009 that would require broker-dealers who offer investment advice to be held to the fiduciary standard set forth under the Investment Advisers Act of 1940...

House and Senate Reform Bills Deal

Posted on January 10, 2010
House and Senate Reform Bills Deal With International Nature of Derivatives RegulationRecognizing the international characteristics of OTC derivatives, both the Senate and House financial reform bills contain nearly identical provisions promoting the consistent global regulation of swaps and security-based swaps...

Council of Institutional Investors

Posted on January 10, 2010
Council of Institutional Investors Urges Senate Banking Committee to Craft Strong Corporate Governance ProvisionsAs the Senate Banking Committee moves toward mark up of a financial reform bill, the Council of Institutional Investors urged the two senators working on corporate governance to produce strong provisions favoring shareholder access to the election of directors, as well as other measures such as clawbacks of executive pay...

Mississippi Issues Temporary Rules

Posted on January 08, 2010
Mississippi Issues Temporary Rules to Align with New ActTemporary rules pertaining to broker-dealers, agents, investment advisers, investment adviser representatives and federal covered investment advisers, and to federal covered securities, registration of securities and exemptions from securities registration, were issued by the Mississippi Securities Division, effective January 1, 2010, to coordinate with the new Mississippi Uniform Securities Act that took effect on January 1, 2010...

CFTC Set to Propose Energy Position

Posted on January 08, 2010
CFTC Set to Propose Energy Position Limits and House Legislation Would Expand AuthorityFollowing a series of hearings last July, the CFTC is set to propose energy position limits. The CFTC will consider issuance of a proposed rule on energy position limits and hedge exemptions on regulated futures exchanges, derivatives transaction execution facilities and electronic trading facilities...

Financial Crisis Advisory Group

Posted on January 07, 2010
Financial Crisis Advisory Group Reports to G-20 on Convergence of Accounting StandardsIn a letter to the G-20, a joint FASB-IASB expert group said that it remains critically important to produce a single set of high quality, globally converged financial reporting standards that provide consistent, unbiased, transparent and relevant information across geographical boundaries...

Legislation Ending Hedge Fund Managers

Posted on January 07, 2010
Legislation Ending Hedge Fund Managers Carried Interest Failed at Close of 2009Legislation mandating the end of capital gains treatment of carried interest earned by hedge fund and other asset managers did not pass at the end of the first session of the 111th Congress, but the issue is likely to reappear during the second session in 2010...

EU Companies Ask for Risk Hedging

Posted on January 06, 2010
EU Companies Ask for Risk Hedging Exemption in Derivatives LegislationA consortium of EU non-financial companies has asked the European Commission to carve out an end user exemption from the draft derivatives regulation to allow them to continue to use OTC derivatives to hedge risk...

American Bankers Association Opposes

Posted on January 06, 2010
American Bankers Association Opposes Consumer Financial Protection Ageny and Pre-Funded Dissolution FundWhile generally supporting reform of financial regulation, the American Bankers Association opposes the creation of a new federal Consumer Financial Protection Agency...

Court Rejects Media Defense in

Posted on January 05, 2010
Court Rejects Media Defense in Bank of America CaseU.S. District Judge Jed Rakoff of the Southern District of New York excluded expert testimony submitted by the Bank of America in its defense to civil charges brought by the SEC. (SEC v. Bank of America Corp...

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