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Post Frequency: 38.1/day

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

Steve Jobs Will Take a Medical Leave

Posted on January 17, 2011
Apple's Steve Jobs announced that he is taking a medical leave of absence. A survivor of pancreatic cancer, he received a liver transplanat in 2009. WSJ, Apple CEO Jobs to Take Medical Leave NYTimes, Apple Says Steve Jobs Will Take...

Goldman Closes Facebook Investment to U.S. Clients

Posted on January 17, 2011
Goldman Sachs announced that its U.S. clients will not have the opportunity to invest in the Facebook private placement because the deal had attracted so much attention from the press and scrutiny from the SEC. In a statement Goldman stated...

Baker on OTC Derivatives

Posted on January 16, 2011
Regulating the Invisible: The Case of Over-the-Counter Derivatives, by Colleen Baker, Notre Dame Law School, was recently posted on SSRN. Here is the abstract: In this Article, I focus on the regulation of the over-the-counter (OTC) derivative markets...

SEC Adopts New Rules of Practice for Disapproving SRO Proposed Rule Changes

Posted on January 15, 2011
The SEC adopted rules setting forth the procedural requirements of proceedings to determine whether a proposed rule change filed by a SRO should be disapproved. These rules are required by Section 916 of the Dodd-Frank Act. The new Rules of...

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SEC Proposes Rule on Acknowledgement & Verification of SBSs

Posted on January 15, 2011
The SEC is proposing a rule governing the way in which certain security-based swap transactions are acknowledged and verified by the parties who enter into them. Under the proposed rule, security-based swap dealers and major security-based swap participants, collectively known...

SEC Considers ABS Regulation this Week

Posted on January 15, 2011
The SEC's next Open Meeting is January 20, 2011. The subject matter of the Open Meeting will be: The Commission will consider whether to adopt new rules to implement Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection...

Profile of New York's New Attorney General

Posted on January 15, 2011
What can the financial industry expect from Eric Schneiderman, the new AG of New York? Unlike his predecessors Eliot Spitzer and Andrew Cuomo, he is unlikely to focus on financial reform; his agenda is likely to be civil rights and...

SEC Charges Penny Stock Promoter with Pump and Dump Fraud

Posted on January 14, 2011
The SEC charged Christopher Wheeler, an upstate New York-based penny stock promoter, and his affiliated website with fraud for failing to disclose that he was paid by certain issuers to promote their stock while simultaneously liquidating millions of his own...

SEC and Canadian Attorney Settle Insider Trading Charges

Posted on January 13, 2011
On Jaunuary 11, 2011, the U.S. District Court for the Southern District of New York entered a settled Final Judgment as to Canadian attorney Phillip Macdonald. The SEC charged that Macdonald engaged in insider trading in the securities of certain...

Website Company Settles SEC Charges It Failed to Disclose Perks to Former CEO

Posted on January 13, 2011
The SEC settled charges that NIC Inc., a company that manages government websites, and four current or former company executives failed to disclose to investors more than $1.18 million in perks paid to the former CEO over a six-year period....

SEC Charges Former Chairman of Home Diagnostics with Illegal Tipping

Posted on January 13, 2011
The SEC charged George H. Holley, the co-founder and former Chairman of the Board at Home Diagnostics Inc., with illegally tipping friends and business associates with inside information about an impending acquisition of the company. The SEC alleges that Holley...

SIFMA Supports Comparable Regulatory Oversight of Brokers, Investment Advisers

Posted on January 13, 2011
SIFMA submitted a comment letter (Download 2011-SIFMA-commentletter-DFsection914study[1]) to the SEC urging that the SEC recommend to Congress a regulatory structure that would provide comparable oversight and examination of both brokers and investment advisers when providing personalized investment advice to retail...

FINRA Files Amendment to Proposed Rule Change Giving Customers Option of All-Public Arbitration Panel

Posted on January 12, 2011
FINRA recently filed with the SEC an amendment to its proposed rule change to allow customers the option of selecting an arbitration panel consisting entirely of public arbitrators. Comments filed in response to date have been overwhelmingly in support of...

FINRA and Charles Schwab Settle Charges Related to Marketing of YieldPlus Fund

Posted on January 11, 2011
FINRA announced that it has ordered Charles Schwab & Company, Inc., to pay $18 million into a Fair Fund to be established by the Securities and Exchange Commission (SEC) to repay investors in YieldPlus, an ultra short-term bond fund managed...

Charles Schwab Entities Settle SEC Charges Relating to YieldPlus Fund for $118 Million

Posted on January 11, 2011
The SEC charged Charles Schwab Investment Management (CSIM) and Charles Schwab & Co., Inc. (CS&Co.) with making misleading statements regarding the Schwab YieldPlus Fund and failing to establish, maintain and enforce policies and procedures to prevent the misuse of material,...

FCPAProfessor Reviews SEC Enforcement Actions

Posted on January 11, 2011
Mike Koehler has an interesting and informative year-end perspective on SEC enforcement actions involving the Foreign Corrupt Practices Act at his website; see SEC Enforcement of the FCPA - 2010 Year in Review.

U.S. Supreme Court Hears Oral Argument in Matrixx Initiatives v. Siracusano

Posted on January 11, 2011
On January 10 the U.S. Supreme Court heard oral argument ( Download MatrixxOralArgument09-1156) in Matrixx Initiatives, Inc. v. Siracusano, 585 F.3d 1167 (9th Cir. 2009), where investors brought a class action against a pharmaceutical company and three of its executives,...

Supreme Court Accepts Cert to Address Loss Causation Standard

Posted on January 10, 2011
Since the U.S. Supreme Court's opinion in Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005), the lower federal courts have wrestled with the issue of loss causation, particularly as what it requires at the class-certification stage. The Fifth Circuit...

SEC Reports on Credit Rating Agencies

Posted on January 10, 2011
The SEC released its annual report on credit rating agencies required under Section 6 of the Credit Rating Agency Reform Act of 2006, which requires the Commission to submit an annual report that ? Identifies applicants for registration as nationally...

Advisers and Brokers Await SEC's Study on Standards of Care

Posted on January 10, 2011
The SEC's report (required under Dodd-Frank section 913) on the effectiveness of existing standards of care for investment advisers and broker-dealers is due January 21. The consensus is that the SEC will propose a uniform standard of care, but no...

SEC Expands Insider Trading Allegations Relating to Galleon

Posted on January 10, 2011
Today the SEC filed a civil injunctive action in the United States District Court for the Southern District of New York alleging that Robert Feinblatt ? a co-founder and principal of New York-based hedge fund investment adviser Trivium Capital Management...

Macey on Money Market Funds

Posted on January 09, 2011
Reducing Systemic Risk: The Role of Money Market Mutual Funds as Substitutes for Federally Insured Bank Deposits, by Jonathan R. Macey, Yale Law School, was recently posted on SSRN. Here is the abstract: In the wake of the events of...

Wilkerson on Relief Defendants in Investment Fraud Receiverships

Posted on January 09, 2011
Investors and Employees as Relief Defendants in Investment Fraud Receiverships: Promoting Efficiency by Following the Plain Meaning of 'Legitimate Claim or Ownership Interest', by Jared Aaron Wilkerson, William & Mary Law School, was recently posted on SSRN...

Blau & Tew on Short Sales and Class Actions

Posted on January 09, 2011
Short Sales, Class-Action Lawsuits, and Potential Information Leakages, by Benjamin M. Blau, Utah State University - Huntsman School of Business, and Philip L. Tew, Arkansas State University, was recently posted on SSRN. Here is the abstract: Recent allegations of abusive...

SEC Reportedly Investigating Calpers

Posted on January 07, 2011
The New York Times reports that the SEC is investigating whether Calpers, the California public pension fund that advocates for corporate governance reforms, violated federal securities laws by making false and misleading disclosures about the riskiness of its investment portfolio...

Educating Financial Literacy

Posted on January 07, 2011
Should high schools or colleges require students to take a financial literacy course? There are numerous studies documenting the lack of financial savvy of U.S. citizens, but few programs that offer more than window-dressing to deal with an intractible problem...

SEC Charges North Carolina Adviser with Defrauding Hedge Fund Investors

Posted on January 07, 2011
The SEC charged SJK Investment Management LLC, a Greensboro, N.C.-based investment adviser firm, and its owner Staney Kowalewski with defrauding investors in two hedge funds by secretly diverting millions of dollars to themselves through various self-dealing transactions...

SEC Charges Two Former Portfolio Managers with Defrauding Muncipal Bond Fund

Posted on January 07, 2011
The SEC today charged two former portfolio managers with defrauding a mutual fund that invests primarily in municipal bonds issued by the State of Utah and its county and local authorities. According to the SEC, Kimball L. Young of Salt...

Bernanke Testifies on Economic Outlook Before Senate Budget Committee

Posted on January 07, 2011
Federal Reserve Board Chairman Ben S. Bernanke testified on The Economic Outlook and Monetary and Fiscal Policy before the Committee on the Budget, U.S. Senate, on January 7, 2011.

President's Chief of Staff Has Strong Ties to U.S. Chamber of Commerce

Posted on January 06, 2011
ProPublica reports that President Obama's new Chief of Staff, Bill Daley, is a JP MorganChase executive with strong ties to the U.S. Chamber of Commerce. From 2005-07 he co-chaired the Chamber's Commission on the Regulation of Capital Markets in the....

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