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

Crisis was "Avoidable" Disaster, Inquiry Commission Concludes

Posted on January 25, 2011
The Financial Crisis Inquiry Commission will release its report on the causes of the financial and economic crisis on January 27, 2011. The Commission reviewed millions of pages of documents, interviewed more than 700 witnesses, and held 19 days of...

Treasury Announces Auction for Warrants of Citigroup Stock

Posted on January 25, 2011
The U.S. Department of the Treasury announced yesterday that it commenced a secondary public offering of 255,033,142 warrants to purchase the common stock of Citigroup Inc. (the ?Company?) (the ?A Warrants?) and a secondary public offering of 210,084,034 warrants to...

SEC Adopts Final Rules on Say-on-Pay

Posted on January 25, 2011
The SEC today adopted rules concerning shareholder approval of executive compensation and "golden parachute" compensation arrangements as required under the Dodd-Frank Act. The SEC's new rules specify that say-on-pay votes must occur at least once every three years beginning with...

SEC Settles with Merrill Over Misusing Customer Order Information for Proprietary Trading

Posted on January 25, 2011
The SEC today charged Merrill Lynch, Pierce, Fenner & Smith Incorporated with misusing customer order information to place proprietary trades for the firm and for charging customers undisclosed trading fees. To settle the SEC's charges, Merrill has agreed to pay...

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SEC Proposes Private Fund Systemic Risk Reporting Rule

Posted on January 25, 2011
The SEC today proposed a rule to require advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council (FSOC) in monitoring risk to the U.S. financial system. The proposal creates a...

SEC Proposes Amendment to "Accredited Investor" Definition

Posted on January 25, 2011
The SEC today voted to propose amendments to its rules to conform the definition of "accredited investor" to the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed amendments would exclude the value of an individual's...

SEC & Former Innospec CEO Settle FCPA Charges

Posted on January 24, 2011
The SEC settled charges that Paul W. Jennings, a former chief executive officer at Innospec, Inc., violated the Foreign Corrupt Practices Act (FCPA) by approving bribes to government officials to obtain and retain business. The SEC alleged that Jennings learned...

NASAA Statement on SEC Study on Investment Adviser Oversight

Posted on January 24, 2011
NASAA Statement on SEC Study on Investment Adviser Oversight ?We urge Congress to continue its commitment to investors by maintaining the strong system of governmental oversight of investment advisers and ensuring that the SEC has the resources it needs to...

NASAA Statement on SEC Staff Study on Fiduciary Duty

Posted on January 24, 2011
NASAA Statement on SEC Study on the Obligations of Brokers, Dealers and Investment Advisers ?The SEC staff recommendation to apply a fiduciary duty to broker-dealers who provide personalized investment advice about securities to retail customers will have a significant positive...

Midwest Corporate Law Scholars Meeting -- June 15 at OSU

Posted on January 24, 2011
Midwest Corporate Law Scholars Meeting June 15, 2010 The Ohio State University Michael E. Moritz College of Law The Midwest Corporate Law Scholars Conference (MCLSC) meeting will be Wednesday, June 15th, at The Ohio State University Michael E. Moritz College...

Initial Reactions to SEC Staff's Study on Fiduciary Duty for Advisers and Brokers

Posted on January 24, 2011
For a survey of first opinions on the SEC Staff's Study on Investment Advisers and Broker-Dealers from some key players in the investment adviser and broker-dealer industries, see InvNews, Battle lines drawn after SEC backs fiduciary standard. The title of...

SIFMA on SEC Staff's Fiduciary Duty Study

Posted on January 24, 2011
Here's SIFMA's statement on the SEC Staff's Study on Investment Advisers and Broker Dealers. Bottom line -- it pretty much got what it wanted. ?SIFMA applauds the SEC in conducting this study on the effectiveness of existing standards of care...

SEC Probes Goldman's Relationship with Former Massachusetts Treasurer

Posted on January 24, 2011
More bad press for Goldman Sachs -- the Wall St. Journal reports that the SEC is looking into the relationship between Massachusetts former treasurer Timothy Cahill and Goldman Sachs. Last month the firm fired Neil Morrison, a Boston municipal-finance banker,...

SEC's Agenda for Jan. 25 Open Meeting

Posted on January 24, 2011
SEC -- Open Meeting Agenda January 25, 2011 Item 1: Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commity Trading Advisors on Form PF Office: Division of Investment Management Item 2: Net Worth Standard for...

SEC Staff Study Recommends Uniform Fiduciary Standard for Investment Advisers and Broker-Dealers

Posted on January 22, 2011
Today the SEC released the Study on Investment Advisers and Broker-Dealers required by Section 913 of the Dodd-Frank Act. As virtually everyone expected, the Study recommends adoption of a uniform fiduciary standard for investment advisers and broker-dealers who provided individualized...

SIGTARP: Citi Bailout Increased Moral Hazard

Posted on January 21, 2011
The Special Inspector General for the TARP Program released, on Jan. 13, 2011, a Report on Extraordinary Financial Assistance Provided to Citigroup, Inc. (Download SIGTARP.ExtraordinaryAsstnceCitigroup). While it generally gives high marks to the government's efforts in bailing out Citigroup, it...

SEC Adopts Final Rules Requiring Issuer Review of ABSs

Posted on January 20, 2011
The SEC adopted new requirements in order to implement Section 945 of the Dodd-Frank Act. The new rule requires any issuer registering the offer and sale of an asset-backed security (?ABS?) to perform a review of the assets underlying the...

SEC Staff Releases Study on Investment Adviser Exams; Walter Expresses Support for SRO Option

Posted on January 20, 2011
Section 914 of the Dodd-Frank Act mandates that the SEC conduct a study to review and analyze the need for enhanced examination and enforcement resources for investment advisers. The statute requires the examination of: (1) the number and frequency of...

SEC ADOPTS DISCLOSURE FOR ASSET-BACKED SECURITIES

Posted on January 20, 2011
The SEC today adopted new rules related to representations and warranties in asset-backed securities offerings. The final rules require securitizers of asset-backed securities to disclose fulfilled and unfulfilled repurchase requests. They also require nationally recognized statistical rating organizations to include...

SEC Charges New York Investment Firms with Fraud

Posted on January 20, 2011
The SEC today 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. The SEC alleges that the operation?s investment adviser...

SEC Releases Study on Enhancing Investment Adviser Exams

Posted on January 20, 2011
The SEC released its report(Download 914studyfinal) on investment adviser examinations required by Dodd-Frank section 914 late yesterday, after I had blogged about its delay. I will report on the SEC's findings later today.

SEC Releases Agenda for Next Open Meeting

Posted on January 19, 2011
SEC Open Meeting - January 25, 2011 The subject matter of the Open Meeting will be: The Commission will consider whether to adopt rules to implement Section 951 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires...

SEC, DOJ Charge Off ShoreCompany with Life Settlement Bonding Fraud

Posted on January 19, 2011
The SEC charged Provident Capital Indemnity Ltd. (PCI), its president, and its purported outside auditor with conducting a massive life settlement bonding fraud. According to the SEC, PCI is an offshore company located in Costa Rica that provides financial guarantee...

SEC Delays in Delivering Required Reports under Dodd-Frank

Posted on January 19, 2011
Two SEC studies, required by Dodd-Frank to be delivered 180 days after the statute's enactment, are now overdue. (MLK day was the actual date; because of the holiday, they were expected Tuesday.) One is the study on harmonizing the regulation...

Chiesi Pleads Guilty in Galleon Insider Trading Case

Posted on January 19, 2011
Danielle Chiesi, a former consultant to hedge fund New Castle Funds and a key figure in the insider trading case involving Galleon Group founder Raj Rajaratnam, pleaded guilty today to three counts of conspiracy. She admitted receiving tips about a...

Dodd-Frank Releases Risk Retention Study on Securitization Market

Posted on January 18, 2011
The Dodd-Frank Act requires the Chairman of the Financial Stability Oversight Council (FSOC) to issue a study on the Dodd-Frank Act?s risk retention requirements within 180 days of enactment. This risk retention study was delivered to Congress on January 18,...

FSOC Approves Volcker Rule and Concentration Limit Studies

Posted on January 18, 2011
The Financial Stability Oversight Council (FSOC) convened its third meeting today at the U.S. Department of the Treasury and approved a study and recommendations regarding the Volcker Rule; a study and recommendations regarding the concentration limit for large financial firms;...

GAO Issues Report on Role of Governmental Accounting Standards in Muni Markets

Posted on January 18, 2011
The GAO issued a report on Dodd-Frank Wall Street Reform Act: Role of the Governmental Accounting Standards Board in the Municipal Securities Markets and Its Past Funding. Here is the summary: Stakeholders viewed GAAP-basis financial statements as highly useful for...

GAO Releases Study on Financial Planners

Posted on January 18, 2011
The GAO is another federal agency that has responsibilities under Dodd-Frank to prepare studies on various consumer and financial issues. It recently released its report on financial planners, Regulatory Coverage Generally Exists for Financial Planners, but Consumer Protection Issues Remain...

Jill Gross's Take on Gretchen Morgenson's Take on Securities Arbitration

Posted on January 18, 2011
Jill Gross has an interesting blog at the Indisputably blog site critiquing Gretchen Morgenson's column in Sunday's New York Times, in which Morgenson details the efforts of a brokerage firm to complicate an arbitration proceeding by bringing a judicial action...

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