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Post Frequency: 38.1/day

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

SEC Censures TD Ameritrade for Sales of Reserve Yield Plus Fund Shares

Posted on February 03, 2011
The SEC charged TD Ameritrade Inc. for failing to reasonably supervise its registered representatives, some of whom misled customers when selling shares of the Reserve Yield Plus Fund, a mutual fund that "broke the buck" in September 2008. According to...

SEC Charges AXA Rosenberg Entities for Concealing Error in Quantitative Investment Model

Posted on February 03, 2011
The SEC charged three AXA Rosenberg entities with securities fraud for concealing a significant error in the computer code of the quantitative investment model that they use to manage client assets. The error caused $217 million in investor losses. AXA...

SEC Charges Expert Network Consultants with Insider Trading

Posted on February 03, 2011
The SEC today charged six expert network consultants and employees with insider trading for illegally tipping hedge funds and other investors to generate nearly $6 million in illicit gains. The charges stem from the SEC's ongoing investigation into the activities...

Chimay Pleads Guilty to Defrauding Investors

Posted on February 02, 2011
Guy Albert de Chimay, a former money manager who claimed to manage $200 million for royal relatives in Europe pleaded guilty today in New York state court for fraud and larceny. The SEC also has charged hin with using investor...

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Treasury Announces the Bank TARP Program Nearing Profitability

Posted on February 02, 2011
Treasury announced that Fifth Third Bancorp of Cincinnati, Ohio has fully repaid its $3.4 billion in outstanding Troubled Asset Relief Program (TARP) funds. With this transaction, total repayments and other income from programs within TARP to provide direct financial support...

SEC's Feb. 9 Open Meeting Will Consider Credit Ratings References

Posted on February 02, 2011
At its next Open Meeting, on February 9, 2011, the SEC will consider: whether to propose amendments to rules and forms under the Securities Act of 1933 and Schedule 14A under the Securities Exchange Act of 1934, to replace references...

SEC Proposes Rules on Security-Based Swap Execution Facilities

Posted on February 02, 2011
The SEC today voted unanimously to propose rules defining security-based swap execution facilities (SEFs) and establishing their registration requirements, as well as their duties and core principles. Dodd-Frank authorized the SEC to implement a regulatory framework for security-based swaps, which...

SEC Charges Operators of $33 Million International Microcap Stock Scheme with Fraud

Posted on February 01, 2011
The SEC brought fraud charges against the operators of a $33 million international microcap stock scheme involving the stocks of eight small U.S. companies headquartered in the People's Republic of China, Canada, and Israel. The SEC charged three companies and...

Ketchum Says Fiduciary Standard for Dealers no earlier than mid-2012

Posted on February 01, 2011
FINRA CEO Richard Ketchum predicted that registered representatives would operate under a fiducary standard no earlier than the second half of 2012, because of the need for an implementation process at the SEC. In addition, if FINRA is designated as....

SEC Approves FINRA Rule Allowing Customers the Option of All-Public Panel

Posted on February 01, 2011
The SEC approved FINRA's proposed rule change to provide customers in all FINRA arbitrations the option of having an all public panel. Historically, in cases with three arbitrators, the panels have been comprised of two public arbitrators and one arbitrator...

SEC Investigates Harrisburg PA Muni-Bond Disclosures

Posted on January 31, 2011
The SEC is investigating whether Harrisburg PA officials provided investors with enough information about the financial condition of the city. According to a spokesperson for the city, the inquiry began last November. The SEC has recently stepped up its role...

Hedge Funds Seek Guidance on Expert Networks

Posted on January 31, 2011
Managed Funds Association, a Washington lobbying group, said it has requested guidelines from the SEC on the use of "expert networks." Some of its members have expressed concern about the lack of clarity surrounding their use. WSJ, Hedge Funds Seek...

SEC Charges Three New York Investment Firms with Misusing Clients' Funds

Posted on January 31, 2011
On January 20, 2011, the SEC charged three affiliated New York-based investment firms and four former senior officers with fraud, misuse of client assets, and other securities laws violations involving their $66 million advisory business. According to the SEC, the...

SEC and Maxwell Technologies Settle FCPA Charges

Posted on January 31, 2011
The SEC and energy-related products manufacturer Maxwell Technologies Inc. settled charges that Maxwell violated the Foreign Corrupt Practices Act (FCPA) by repeatedly paying bribes to government officials in China to obtain business from several Chinese state-owned entities...

SEC Releases Money Market Fund Portfolio and "Shadow NAV" Information to the Public

Posted on January 31, 2011
The SEC announced that investors can now access detailed information that money market funds file with the Commission ? including information about a fund's investments and the market-based price of its portfolio known as its "shadow NAV" (net asset value)...

Schwarcz on Ex Ante Versus Ex Post Approaches to Financial Regulation

Posted on January 29, 2011
Keynote & Chapman Dialogue Address: Ex Ante Versus Ex Post Approaches to Financial Regulation, by Steven L. Schwarcz, Duke University - School of Law, was recently posted on SSRN. Here is the abstract: Ideal financial regulation would work ex ante,...

Klock on Private Enforcement Against Aiders & Abettors

Posted on January 29, 2011
Improving the Culture of Ethical Behavior in the Financial Sector: Time to Expressly Provide for Private Enforcement Against Aiders and Abettors of Securities Fraud, by Mark Klock, George Washington School of Business, was recently posted on SSRN. Here is the...

Omarova on Financial Self-Regulation

Posted on January 29, 2011
Wall Street as Community of Fate: Toward Financial Industry Self-Regulation, by Saule T. Omarova, University of North Carolina at Chapel Hill School of Law, was recently posted on SSRN. Here is the abstract: In the wake of the worst financial...

Davidoff et alia on Fiduciary Duties in Investment Banking

Posted on January 29, 2011
Computerization and the ABACUS: Reputation, Trust, and Fiduciary Duties in Investment Banking, by Steven M. Davidoff, University of Connecticut School of Law; Alan D. Morrison, University of Oxford - Said Business School; University of Oxford - Merton College; and William...

Rodrigues on Separation of Ownership from Ownership

Posted on January 29, 2011
Corporate Governance in an Age of Separation of Ownership from Ownership, by Usha Rodrigues, University of Georgia Law School, was recently posted on SSRN. Here is the abstract: The shareholder empowerment provisions enacted as part of the recent bailout legislation...

Bartov et alia on Market Consequences of Late SEC Filings

Posted on January 29, 2011
Capital Market Consequences of Filing Late 10-Qs and 10-Ks, by Eli Bartov, New York University; Mark L. DeFond, University of Southern California - Leventhal School of Accounting; and Yaniv Konchitchki, University of Southern California - Leventhal School of Accounting and...

Kedia & Rajgopal on SEC's Enforcement Preferences

Posted on January 29, 2011
Do the SEC?s Enforcement Preferences Affect Corporate Misconduct?, by Simi Kedia, Rutgers University, Newark, School of Business-Newark, Department of Finance & Economics, and Shivaram Rajgopal, Emory University - Goizueta Business School, was recently posted on SSRN...

SEC Charges Former Galleon Trader with Insider Trading

Posted on January 28, 2011
The SEC today announced insider trading charges against Michael Cardillo, a former trader at the hedge fund investment adviser Galleon Management, LP, for trading ahead of September 2007 announced acquisition of 3Com Corp., and November 2007 announced acquisition of Axcan...

SEC Charges Former Galleon Portfolio Manager with Insider Trading

Posted on January 28, 2011
On January 26, 2011, the SEC filed a civil injunctive action in the United States District Court for the Southern District of New York alleging that Adam Smith ? a former portfolio manager of the Galleon Emerging Technology funds (f/k/a...

SEC Charges Connecticut Investment Adviser with Stealing Millions From Investors

Posted on January 28, 2011
The SEC today obtained a court order freezing the assets of a Stamford, Conn.-based investment adviser and its principal, Francisco Illarramendi, charging that they misappropriated at least $53 million in investor funds and used the money for self-dealing transactions...

SEC Charges Attorney Altered Documents in SEC's Examination of Client

Posted on January 28, 2011
The SEC today instituted administrative proceedings against a California-based attorney for engaging in improper professional conduct during an SEC examination. The SEC?s Office of the General Counsel alleges that David M. Tamman ? in the course of an SEC examination...

Financial Crisis Inquiry Commission Releases Report

Posted on January 27, 2011
The Financial Crisis Inquiry Commission delivered the results of its investigation into the causes of the financial and economic crisis. The Commission concluded that the crisis was avoidable and was caused by: ? Widespread failures in financial regulation, including the...

SEC & CFTC Propose Rules on Reporting by Advisers to Private Funds

Posted on January 27, 2011
The SEC has posted on its website Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF, joint proposed rules with the Commodity Futures Trading Commission.

SEC Adopts Final Rules on Say on Pay and Golden Parachutes

Posted on January 26, 2011
Here is a link to the final rules on Say on Pay and Golden Parachutes that the SEC, by a 3-2 vote, approved yesterday.

SEC Releases Staff Study on Improved Investor Access to Information about Brokers and Advisers

Posted on January 26, 2011
The SEC released its third staff study this week required by Dodd-Frank, the Study and Recommendations on Improved Investor Access to Registration Information About Investment Advisers and Broker-Dealers. Section 919B directs the SEC to complete a study, including recommendations, of...

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