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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

SEC Sets Aside NASD Findings & Sanctions as to Two Brokers

Posted on November 10, 2008
The SEC set aside NASD's findings of violation and sanctions against registered representatives James Wade Browne and Kevin Calandro. NASD had previously found that Browne and Calandro violated NASD Conduct Rules 3040 and 2110 by engaging in private securities transactions...

Aguilar on SEC Enforcement

Posted on November 09, 2008
Newly appointed SEC Commissioner Luis A. Aguilar made his first publicly available speech before the 14th Annual Securities Litigation and Regulatory Practice Seminar in Atlanta, Georgia on October 31, 2008. Among other things, he stated: While I applaud the tireless...

Cox Speaks on International Enforcement Cooperation

Posted on November 09, 2008
SEC Chairman Christopher Cox spoke on The Importance of International Enforcement Cooperation in Today's Markets at the SEC International Enforcement Institute, Washington, DC, on November 7, 2008. Among other things, he reported that: At this moment, the SEC is working...

Choi on Lead Plaintiffs

Posted on November 09, 2008
Motions for Lead Plaintiff in Securities Class Actions, by Stephen J. Choi, New York University - School of Law, was recently posted on SSRN. Here is the abstract: Using a dataset of securities class actions filed from 2003 to 2005,...

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Heminway & White On Branson

Posted on November 09, 2008
WANTED: Female Corporate Directors (A Review of Professor Douglas M. Branson's No Seat at the Table), by Joan MacLeod Heminway, University of Tennessee College of Law, and Sarah White, University of Tennessee College of Law, was recently posted on SSRN...

Corporate Finance Issues Legal Bulletin on Shareholder Proposals

Posted on November 07, 2008
The SEC's Division of Corporation Finance issued a Staff Legal Bulletin No. 14D (CF) on Shareholder Proposals. The Bulletin is part of a continuing effort to identify and provide guidance on issues that commonly arise under rule 14a-8. Specifically, this...

South Dakota Votes Down Naked Short Selling Ban

Posted on November 05, 2008
South Dakota citizens voted down a measure that would have banned all naked short selling in the state. The resolution was voted down by 56.6% of the 338,000 citizens of that state who voted in yesterday's election. InvNew, Naked short-selling...

Cox on Regulating Credit Default Swaps

Posted on November 04, 2008
Christopher Cox has an Op-Ed for the Washington Post on Reinventing a Markets Watchdog.

SEC Approves FINRA Rule Change on Expungement Procedures

Posted on November 03, 2008
The SEC approved FINRA's Proposed Rule Change Amending the Codes of Arbitration Procedure to Establish Procedures for Arbitrators to Follow When Considering Requests for Expungement Relief. Rules 12805 and 13805 set forth procedures that arbitrators must follow before granting expungement...

Two Former Putnam Fiduciary Trust Officers Settle Fraud Charges

Posted on November 03, 2008
On October 31, 2008, the United States District Court for the district of Massachusetts entered a final judgment by consent imposing permanent injunctions and other relief against two former executives of transfer agent Putnam Fiduciary Trust Company (PFTC) in a...

Former Magnum Hunter Resources Director Settles Insider Trading Charges

Posted on November 03, 2008
On October 31, 2008, the United States District Court for the Northern District of Texas entered a final judgment against Donald A. Erickson (Erickson), the former audit committee chairman and a former director of Magnum Hunter Resources, Inc. (MHR) for...

Second Circuit Addresses Subject Matter Jurisdiction in "Foreign-Cubed Action"

Posted on November 02, 2008
The Second Circuit recently re-examined subject matter jurisdiction over Rule 10b-5 actions in In re National Australia Bank Ltd (2d Cir. Oct. 23, 2008). In what the court described as a "foreign-cubed action," foreign plaintiffs sued a foreign issuer in...

Baer on Corporate Fraud

Posted on November 02, 2008
Linkage and the Deterrence of Corporate Fraud, by Miriam H. Baer, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: Corporate fraud is often presumed to be the type of crime that can be deterred. Those who...

Barnard on Investor Education

Posted on November 02, 2008
Deception, Decisions, and Investor Education, by Jayne W. Barnard, College of William and Mary - Marshall-Wythe School of Law, was recently posted on SSRN. Here is the abstract: Tens of millions of dollars are spent each year to fund educational...

Okamoto on Regulating Systemic Moral Hazard

Posted on November 02, 2008
After the Bailout: Regulating Systemic Moral Hazard, by Karl S. Okamoto, Drexel University College of Law, was recently posted on SSRN. Here is the abstract: How do we make our financial world safer? This Article offers a strategy for regulating...

Mitchell on the Stock Market

Posted on November 02, 2008
Who Needs the Stock Market? Part I: the Empirical Evidence, by Lawrence E. Mitchell, George Washington University - Law School, was recently posted on SSRN. Here is the abstract: Data on historical and current corporate finance trends drawn from a...

Okamoto on SEC 16(b)

Posted on November 02, 2008
Rereading Section 16(B) of the Securities Exchange Act, by Karl S. Okamoto, Drexel University College of Law, was recently posted on SSRN. Here is the abstract: This Article suggests a rereading of section 16(b)of the Securities Exchange Act of 1934....

Branson & Okamoto on Definition of Security

Posted on November 02, 2008
The Supreme Court's Literalism and the Definition of 'Security' in the State Courts, by Douglas M. Branson, University of Pittsburgh School of Law, and Karl S. Okamoto, Drexel University College of Law, was recently posted on SSRN. Here is the...

Bernanke on Mortgage Finance

Posted on October 31, 2008
Chairman Ben S. Bernanke, Federal Reserve Board, spoke today at the UC Berkeley/UCLA Symposium: The Mortgage Meltdown, the Economy, and Public Policy, on The Future of Mortgage Finance in the United States. His conclusion: Regardless of the organizational form, we...

Lazard Capital Markets Settles SEC Charges Involving Gifts to Fidelity

Posted on October 31, 2008
The SEC settled charges that Lazard Capital Markets LLC failed to supervise three employees who collectively spent more than $600,000 while improperly entertaining traders at Fidelity Investments in an effort to generate brokerage business. The SEC also charged the three...

SEC Settles Allegations of $30 Million Ponzi Scheme in Florida

Posted on October 30, 2008
The SEC filed a civil injunctive action in the United States District Court for the Southern District of Florida against Andres L. Pimstein, The Bottom Line of South Florida, Inc. ("Bottom Line") and Summit Trading LLC ("Summit") alleging they conducted...

SEC Amends Rules to Require Electronic Filing of Applications under Investment Company Act

Posted on October 29, 2008
The SEC adopted several amendments to its rules regarding the EDGAR system. As amended, the rules make mandatory the electronic submission on EDGAR of applications for orders under any section of the Investment Company Act of 1940 (?Investment Company Act?)...

NYAG Cuomo Seeks Information from Banks on Bonus Pools

Posted on October 29, 2008
New York Attorney General Andrew Cuomo sent letters to the nine banks receiving federal funds seeking detailed information regarding bonus pool allocations. The Boards are also asked to explain what mechanisms they have put in place to protect taxpayer funds...

FINRA Fines J.P. Turner for Failures on Commissions Policy

Posted on October 29, 2008
FINRA has imposed a $250,000 fine against J.P. Turner & Company, LLC of Atlanta, GA, for failing to have an adequate supervisory system designed to ensure that its registered representatives charged customers fair and reasonable commissions on stock trades...

Treasury's Ryan Speaks at SIFMA Meeting

Posted on October 28, 2008
Acting Under Secretary for Domestic Finance Anthony Ryan spoke on October 28 at the SIFMA Annual Meeting to provide an update on the state of the capital markets and the global economy, and on Treasury's efforts to implement the Emergency...

Bershad Sentenced to Six Months in Prison

Posted on October 27, 2008
David Bershad, a former partner in the Milberg Weiss law firm, was sentenced to six months in prison (double what the government recommended) for his role in the firm's payment of kickbacks to clients to serve as named plaintiffs in...

Canadian Mining Company and Stock Promoter Settle SEC Charges

Posted on October 27, 2008
On October 23, 2008, the SEC filed a civil complaint against M45 Mining Resources, Inc. (M45), a Quebec, Canada-based mining company, and Eden Miller, a California and Nevada-based stock promoter. According to the complaint, M45 violated the registration provisions of...

SEC Announces Mark-to-Market Accounting Panelists

Posted on October 27, 2008
The SEC announced the expected panelists for its October 29 roundtable concerning mark-to-market accounting. The panel discussions will focus on: Usefulness of mark-to-market accounting to investors and regulators. Potential market behavior effects from mark-to-market accounting...

Three Firms Settle ARS Charges with FINRA

Posted on October 26, 2008
FINRA announced that it has reached agreements in principle with City National Securities (CNS), of Beverly Hills, CA, BNY Mellon Capital Markets, LLC of New York and Harris Investor Services, Inc. of Chicago, to settle charges relating to the sale...

Cox Testifies on Lessons from Credit Crisis

Posted on October 26, 2008
Testimony Concerning the Role of Federal Regulators: Lessons from the Credit Crisis for the Future of Regulation, by Chairman Christopher Cox, Before the Committee on Oversight and Government Reform United States House of Representatives, October 23, 2008: First, I think...

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