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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

Oral Argument Set for Supreme Court

Posted on September 30, 2009
Oral Argument Set for Supreme Court Case Challenging PCAOB's ConstitutionalityThe US Supreme Court has set December 7, 2009 as the date for oral argument in the action challenging the constitutionality of the PCAOB. At the same time, the Court extended to October 13, 2009 the deadline for the government?s merits brief in the action...

IMF Praises Obama Administration

Posted on September 30, 2009
IMF Praises Obama Administration Proposal to Restart US Securitization MarketsRestarting the US private securitization markets is critical to limiting the fallout from the credit crisis, says the IMF in a report on financial stability. But, in restarting securitization, regulation must strike the right balance between allowing financial intermediaries to benefit from securitization and protecting the financial system from the instability that may arise if the origination and monitoring of securitized assets is not based on sound principles...

NYSE Proposes Significant Changes

Posted on September 30, 2009
NYSE Proposes Significant Changes to Its Corporate Governance Listing StandardsIn a filing with the SEC, the NYSE has proposed significant changes to its corporate governance listing standards, in part to conform the standards to the requirements of Item 407 of Regulation S-K, which consolidates director independence and related corporate governance disclosure requirements under a single item...

SEC Amicus Says Attribution of

Posted on September 29, 2009
SEC Amicus Says Attribution of False or Misleading Statement Not Sole Way of ``Making'' Statement under Central Bank ParadigmIn an amicus brief filed in the Second Circuit Court of Appeals, the SEC said that attribution of a false or misleading statement to a person is only one means by which that person can create the statement and thus be a primary violator under the Central Bank rubric...

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Securities Industry Concerned About

Posted on September 29, 2009
Securities Industry Concerned About Consumer Financial Protection Draft, Supports Draft Creating Federal Fiduciary Standard for Brokers and AdvisersThe securities industry fears that draft legislation creating a Consumer Financial Protection Agency with broad new powers could inadvertently encroach on the jurisdiction of the SEC and CFTC...

Senior Senate Democrat Sponsors

Posted on September 28, 2009
Senior Senate Democrat Sponsors Legislation Regulating OTC DerivativesDraft legislation establishing a comprehensive regulatory framework for derivatives has been introduced by Jack Reed, Chair of the Senate Securities Subcommittee. The Comprehensive Derivatives Regulation Act, S...

EU Central Banker Details Key Elements

Posted on September 28, 2009
EU Central Banker Details Key Elements for Successful Systemic Risk RegulationWith the US moving towards the creation of a systemic risk regulator, be it the Fed or a Council of Regulators, and the EU creating a Systemic Risk Board, a member of the executive board of the European Central Bank detailed the elements of successful systemic risk regulation...

G-20 Calls for Broad Financial

Posted on September 27, 2009
G-20 Calls for Broad Financial Regulatory Reform; Exec Comp Overhaul and Regulation of OTC DerivativesIn the final communiqu� from their Pittsburgh summit, the G-20 leaders called for the sweeping reform of global financial regulation, including strengthening prudential oversight, improving risk management, enhancing transparency, promoting market integrity, establishing supervisory colleges, and reinforcing international cooperation...

Global Audit Firms Oppose Requiring

Posted on September 25, 2009
Global Audit Firms Oppose Requiring Engagement Partner to Sign Audit ReportGlobal audit firms believe that requiring an engagement partner to sign the audit report would not enhance either transparency or accountability; and may even damage the carefully constructed corporate governance structure that gives a key role to audit committees...

Frank Circulates Draft Legislation

Posted on September 25, 2009
Frank Circulates Draft Legislation on Consumer Financial ProtectionHouse Financial Services Chair Barney Frank is circulating draft legislation establishing a new independent federal consumer financial protection agency with power to prohibit unfair and deceptive practices in connection with a consumer financial transaction for a product or service and to mandate disclosure to consumers of the costs, benefits, and risks associated with any financial product or service...

Levitt, Volcker Stress Need for

Posted on September 24, 2009
Levitt, Volcker Stress Need for Resolution Authority for Large Financial Institutions; Basel Urges Cross-Border FrameworkWith the US contemplating legislation establishing the orderly resolution of cross-border financial institutions, and the issue of global coordination of national resolution regimes looming, former SEC Chair Arthur Levitt and former Fed Chair Paul Volcker told Congress that the creation of such a resolution authority is the key to eliminating the moral hazard of too big to fail...

Global Exchanges Ask G-20 to Address

Posted on September 24, 2009
Global Exchanges Ask G-20 to Address Dark Pools and Absence of Level Playing FieldThe world?s major financial exchanges have asked the G-20 to examine two interconnected problems that could compromise the ability to extend exchange best practices to OTC markets as part of regulatory reform...

Maine Adopts Electronic Form D

Posted on September 23, 2009
Maine Adopts Electronic Form D Requirements and Caution for Third Party Brokers at BanksElectronic Form D Requirements. Issuers intending to make a Rule 506 offering of federal covered securities in Maine under Section 18(b)(4)(D) of the Securities Act of 1933 must file with the Maine Securities Division a hard copy of the SEC-filed electronic Form D, following the SEC's adoption of electronic filing of Form D on March 16, 2009...

SEC Chair Outlines Efforts Promoting

Posted on September 23, 2009
SEC Chair Outlines Efforts Promoting Sound Corporate Governance in Line with Global PrinciplesNoting that poor corporate governance contributed to the current financial crisis, SEC Chair Mary Schapiro detailed steps the Commission is taking to enhance transparency and accountability in the governance of public companies...

IASB Assures Obama and G-20 on

Posted on September 22, 2009
IASB Assures Obama and G-20 on Fair Value Accounting ReformsAhead of the G-20 Pittsburgh summit, the oversight body of the IASB has assured the G-20 that the reform of the international standard for fair value accounting in proceeding along the lines of principles outlined by the Basel Committee...

IOSCO Issues Risk Liquidity and

Posted on September 21, 2009
IOSCO Issues Risk Liquidity and Due Diligence Standards for Funds of Hedge FundsWith the US and EU readying legislation to regulate hedge funds, IOSCO has set forth regulatory standards for funds of hedge funds, focusing primarily on liquidity risk and due diligence...

FSA Official Seeks Revision of

Posted on September 21, 2009
FSA Official Seeks Revision of Draft Directive on Hedge Fund RegulationA senior official of UK Financial Services Authority urged the European Commission to recast the proposed Directive on Alternative Investment Fund Management to recognize of the global nature of the hedge fund industry and not impose unjustifiable geographical restrictions on firms' business models that would significantly restrict investor choice...

Law and Business Professors, Including

Posted on September 20, 2009
Law and Business Professors, Including former SEC Officials, Urge Supreme Court to Clarify Gartenberg Ruling on Advisory FeesIn a case challenging the 1982 Gartenberg ruling involving the fiduciary duty imposed on mutual fund advisers under Section 36(b) of the Investment Company, law and finance professors have urged the Supreme Court to clarify the Gartenberg factors in recognition of the significant changes that have occurred in the mutual fund industry...

Hong Kong Investment Banker Found

Posted on September 18, 2009
Hong Kong Investment Banker Found Guilty of Insider Dealing as SFC Assert Its PowersAs part of its ongoing vigorous initiative to combat insider dealing, the Hong Kong Securities and Futures Commission successfully concluded an enforcement against an investment banker for insider dealing during an acquisition deal...

Former Fed Chair Volcker Says Banks

Posted on September 17, 2009
Former Fed Chair Volcker Says Banks Should Be Prohibited from Sponsoring Hedge FundsBanking organizations should be prohibited from sponsoring and capitalizing hedge funds or private equity funds, said former Fed Chair Paul Volcker, and there should be strict regulation, with strong capital and collateral requirements, on proprietary securities and derivatives trading...

German Legislation Increases Liability

Posted on September 17, 2009
German Legislation Increases Liability of Supervisory Board for Inappropriate Management Remuneration; Mandates Say on PayThe German Federal Parliament, the Bundestag, has adopted legislation increasing the liability of a company?s supervisory board for management remuneration and mandating a shareholder advisory vote on management remuneration...

House Passes Securities Technical

Posted on September 16, 2009
House Passes Securities Technical Corrections LegislationBy a voice vote, the House has passed legislation making technical corrections to the federal securities laws and conforming amendments related to the repeal of the Public Utility Holding Company Act...

Banking Industry Says Proposed

Posted on September 15, 2009
Banking Industry Says Proposed Changes to Fair Value Accounting Would Contravene G-20 Goals by Disrupting Convergence and Increasing ProcyclicalityAhead of the G-20 meeting, a letter to the Treasury and the Fed from the banking industry emphasized that the fair value accounting changes proposed by the IASB and FASB would increase procyclicality, disrupt the global convergence of accounting standards, and undermine the banking business model...

Federal Court Disapproves Proposed

Posted on September 14, 2009
Federal Court Disapproves Proposed Settlement of SEC Enforcement Action Against Bank of AmericaA federal judge has disapproved the proposed consent settlement of an SEC enforcement action against Bank of America upon finding that the settlement was neither fair, nor reasonable, nor adequate...

G-20 Finance Ministers Endorse

Posted on September 14, 2009
G-20 Finance Ministers Endorse Single Set of Global Accounting Standards Based on Basel PrinciplesIn preparation for the upcoming G-20 summit in Pittsburgh, the G-20 Finance Ministers have issued a communiqu� calling for a convergence towards a single set of high-quality, global, independent accounting standards on financial instruments, loan-loss provisioning, off-balance sheet exposures and the impairment and valuation of financial assets...

Fed as Systemic Risk Regulator

Posted on September 13, 2009
Fed as Systemic Risk Regulator Haunts US Regulatory Reform Effort; While EU Opts for Council of Regulators with Central Bank in Key RoleThere is a fierce debate raging at the center of the effort to pass financial regulatory reform in the US, while the EU has already crossed that Rubicon...

Comment Period Closes on PCAOB

Posted on September 13, 2009
Comment Period Closes on PCAOB Concept of Engagement Partner Signing Company Audit StatementCommenters responding to the PCAOB?s concept release on engagement partners signing the public company audit report generally favored partner sign-off. The comment period closed on September 11, 2009...

House Passes Legislation Requiring

Posted on September 11, 2009
House Passes Legislation Requiring Annual SEC, PCAOB, and FASB TestimonyBy a voice vote, the House passed bi-partisan legislation requiring the Chairs of the PCAOB, the SEC, and the FASB to testify annually before Congress on accounting and auditing issues, beginning this year...

Madoff Feeder Fund Settles Mass.

Posted on September 11, 2009
Madoff Feeder Fund Settles Mass. Action; Charged with Misleading Investors on Due DiligenceA major feeder fund to the Madoff firm has settled an enforcement action by the Massachusetts securities regulator charging it with a failure to conduct due diligence and misrepresenting toinvestors that it had conducted rigorous due diligence on its executing broker and sub-adviser Bernard Madoff Investment Securities...

House Set to Pass Legislation Requiring

Posted on September 09, 2009
House Set to Pass Legislation Requiring SEC, PCAOB, and FASB Annual TestimonyThe House is expected to pass this week bi-partisan legislation requiring the Chairs of the PCAOB, the SEC, and the FASB to testify annually before Congress on accounting and auditing issues, beginning this year...

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