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Securities Law Prof Blog

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Post Frequency: 38.1/day

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

FINRA Funds Four Law School Clinics to Help Investors

Posted on January 28, 2010
The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation today announced $1 million in grants to launch four law school clinics that will provide legal help to underserved investors involved in securities disputes. These start-up grants will help fill the...

Geithner Testifies Before House on AIG Bailout

Posted on January 27, 2010
Here is Treasury Secretary Geithner's Written Testimony before the House Committee on Oversight and Government Reform today.

Weinstein Calls for Reform of Financial Services Industry in Sentencing Broker

Posted on January 27, 2010
While Judge Rakoff is a close second, Judge Jack Weinstein remains the most refreshingly blunt, "tell it like he sees it" trial judge in the Second Circuit. The Jan. 22, 2010 sentencing statement(Download Butler3) in U.S. v. Butler illustrates this.....

SEC Approves Interpretive Guidance on Climate Change Disclosures

Posted on January 27, 2010
The SEC today voted to provide public companies with interpretive guidance on existing SEC disclosure requirements as they apply to business or legal developments relating to the issue of climate change. The interpretive release approved today provides guidance on certain...

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SEC Adopts New Rules for Money Market Funds

Posted on January 27, 2010
At its open meeting today the SEC adopted new rules designed to strengthen the regulatory requirements governing money market funds. These changes result from the financial crisis and the weaknesses revealed by the Reserve Primary Fund's "breaking the buck" in...

University of Cincinnati March 5 Symposium on Globalization

Posted on January 26, 2010
The Globalization of Securities Regulation: Competition or Coordination? is the topic of the 23rd Annual Symposium of the Corporate Law Center at the University of Cincinnati College of Law, which will be held on March 5, 2010. Confirmed speakers include:...

Massachusetts Securities Division Alleges Ameriprise Subsidiary Failed to Disclose Risks in Private Placements

Posted on January 26, 2010
The Massachusetts Securities Division brought an administrative action against Securities America, Inc., a subsidiary of Ameriprise Financial, alleging that from 2003-2008 the broker-dealer, acting as placement agent for Reg D offerings on behalf of Medical Capital Holdings Inc...

SEC Proposes Amendments to Rule 10b-18

Posted on January 26, 2010
The SEC proposes amendments to Rule 10b-18 under the Securities Exchange Act of 1934, which provides issuers with a ?safe harbor? from liability for manipulation when they repurchase their common stock in the market in accordance with the Rule?s manner,...

SEC Agenda for Jan. 27 Open Meeting

Posted on January 26, 2010
SEC Open Meeting Agenda, January 27, 2010 Item 1: Money Market Fund Reform Office: Division of Investment Management The Commission will consider a recommendation to adopt new rules, rule amendments, and a new form under the Investment Company Act of...

SEC Brings Stop Order Proceeding Against Tsukuda-America

Posted on January 26, 2010
On Jan. 26, 2010 the SEC instituted a rare "stop-order" proceeding under Securities Act section 8(d) to stop sales of securities of Tsukuda-America Inc. pursuant to a Form S-1 registration statement declared effective April 14, 2009. According to the complaint,...

SEC Settles Two Cases Alleging Illegal Short Selling in Advance of Secondary Offerings

Posted on January 26, 2010
The SEC separately charged two California investment advisory firms for engaging in improper short selling of securities in advance of their participation in a company's secondary offering. These mark the first cases filed under the SEC's amended Rule 105 of...

Defendant in SEC Action Goes to Jail for Failing to Surrender Bon Jovi Tickets

Posted on January 25, 2010
A federal judge today ordered Minneapolis-area resident Trevor G. Cook jailed for failing to surrender more than $35 million in assets as a result of the Securities and Exchange Commission's fraud charges and asset freeze against him. The SEC filed...

FINRA Issues Guidance on Blogs and Social Networking

Posted on January 25, 2010
FINRA issued Regulatory Notice 10-06, Guidance on Blogs and Social Networking Web Sites. Here is the executive summary: Americans are increasingly using social media Web sites, such as blogs and social networking sites, for business and personal communications...

McDonnell on Shareholder Proxy Access

Posted on January 24, 2010
Setting Optimal Rules for Shareholder Proxy Access, by Brett McDonnell, University of Minnesota Law School, was recently posted on SSRN. Here is the abstract: Recent developments in Delaware concerning shareholder bylaws and the SEC proposal concerning shareholder proxy access have...

SEC Files Brief in Cuban Appeal

Posted on January 24, 2010
The SEC filed its brief to the Fifth Circuit appealing the district court's dismissal of its insider trading charges against Mark Cuban. The SEC argues that The district court, in dismissing the Commission?s complaint alleging insider trading violations, erroneously failed...

SEC States its Views on Safe Harbor for Forward-Looking Statements

Posted on January 24, 2010
The SEC filed an amicus brief at the invitation of the Second Circuit in Slayton v. American Express Co., setting forth its views on certain issues relating to the safe harbor for forward-looking statements in PSLRA. The litigation involves certain...

Assurant Settles SEC Charges of improper Reinsurance Accounting

Posted on January 24, 2010
On January 21, 2010, the SEC and Assurant, Inc., settled charges that the company violated corporate reporting, books and records and internal controls provisions of the Securities Exchange Act of 1934 ("Exchange Act"). Under the terms of the settlement, Assurant...

Customers' Arbitration Claims Up 43% in 2009

Posted on January 22, 2010
FINRA reports 7137 arbitration claims were filed in 2009, up 43% from 2008. Not surprisingly, the most common complaints against brokers were breach of fiduciary duty, misrepresentations, negligence, breach of contract, failure to supervise, omissions and unsuitability.

President Proposes Additional Banking Reforms

Posted on January 21, 2010
President Obama announced two additional proposals for reforming the nation's banks. The first, which he named the Volcker Rule after its proponent, Paul Volcker (who stood behind the President at the press briefing), would prohibit banks from owning, investing, or...

Brooklyn Law Symposium on The Law and Morality of Punishing Collective Entities

Posted on January 21, 2010
On February 5, Brooklyn Law School is holding a fascinating symposium entitled Sharing the Blame: The Law and Morality of Punishing Collective Entities. Panels will include psychologists (Tom Tyler, among others), theorists and philosophers (Meir Dan Cohen), and corporate and...

SEC Posts Text of Proposed Rule on Risk Management Controls for Broker-Dealers with Market Access

Posted on January 20, 2010
The SEC posted on its website the text of its previously announced proposed rule Rule 15c3-5 under the Securities Exchange Act of 1934 (?Exchange Act?) that would require brokers or dealers with access to trading directly on an exchange or...

SEC Settles Insider Trading Charges Against Former Mutual Fund Insider

Posted on January 20, 2010
The SEC settled insider trading charges against Charles J. Marquardt, a former Senior Vice President and Chief Administrative Officer for operations of Boston-based Evergreen Investment Management Company, LLC ("Evergreen"). The SEC charged Marquardt with insider trading in the shares of...

Agenda for SEC Jan. 27 Open Meeting

Posted on January 20, 2010
The SEC's next Open Meeting is scheduled for January 27, 2010. The subject matter of the Open Meeting will be: Item 1: The Commission will consider a recommendation to adopt new rules, rule amendments, and a new form under the...

SEC and General Re Settle Accounting Fraud Allegations at AIG and Prudential Finance

Posted on January 20, 2010
The SEC and General Re Corporation settled fraud charges relating to General Re's alleged involvement in separate schemes by American International Group and Prudential Financial, Inc. to manipulate and falsify their reported financial results. According to the SEC's complaint, a...

POGO Blogs on Loops in Derivatives Legislation

Posted on January 19, 2010
The Project on Government Oversight blog has a great post today exploring the initial testimony of the Financial Crisis Inquiry Commission and specifically the loopholes in the proposed regulation of derivatives. Unfortunately, the FCIC's report is not due until year-end,...

USD Law School Establishes its Center for Corporate and Securities Law

Posted on January 19, 2010
The University of San Diego School of Law announces the establishment of its Center for Corporate and Securities Law under the directorship of Professor Frank Partnoy. The Center describes its mission as helping to "enrich scholarly and popular debate on...

SEC Charges BofA with Failure to Disclose Merrill's Losses

Posted on January 19, 2010
Here is the complaint the SEC filed against the Bank of America, charging that the company failed to disclose Merrill Lynch's fourth quarter losses in its proxy solicitation seeking approval for the merger. You will recall the Judge Rakoff refused...

D.C. Circuit Vacates Restitution Order in NASD Disciplinary Proceeding for Lack of Causation

Posted on January 19, 2010
The D.C. Circuit's opinion in Siegel v. SEC (No. 08-1379, Jan. 12, 2010) contains at least two lessons. First, the D.C. Circuit continues its longstanding practice of stridently criticizing the agency's decisionmaking. Second, causation principles, which have been used so...

Barzuza on State Antitakeover Law

Posted on January 17, 2010
The State of State Antitakeover Law, by Michal Barzuza, University of Virginia - School of Law, was recently posted on SSRN. Here is the abstract: This Article is the first to examine systematically state antitakeover law outside Delaware. It conducts...

Bebchuk & Fried on Paying for Long-Term Performance

Posted on January 17, 2010
Paying for Long-Term Performance, by Lucian A. Bebchuk, Harvard University - Harvard Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI), and Jesse M. Fried, Harvard Law School, was recently posted on SSRN...

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