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

Bernanke's Testimony Before Senate Banking Committee

Posted on September 23, 2008
From Chairman Ben S. Bernanke's Testimony on U.S. financial markets, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, September 23, 2008; At this juncture, in light of the fast-moving developments in financial markets, it is essential to...

Cox Testifies on Need for Regulation before Senate Banking Committee

Posted on September 23, 2008
Chairman Cox testified this morning on Turmoil in U.S. Credit Markets: Recent Actions Regarding Government Sponsored Entities, Investment Banks and Other Financial Institutions, before the Committee on Banking, Housing, and Urban Affairs, United States Senate...

SEC Adopts Revisions to Cross-Border Tender Offer Rules

Posted on September 22, 2008
Almost nine years after the adoption of the original cross-border exemptions in 1999, the SEC adopted changes to expand and enhance the utility of these exemptions for business combination transactions and rights offerings and to encourage offerors and issuers to...

SEC Charges Former Broker with Senior Fraud

Posted on September 22, 2008
The SEC charged a former broker in South Florida who allegedly defrauded senior citizens and other customers through a variety of abusive sales practices, garnering him more than $700,000 in commissions and fees while causing more than $2.7 million in...

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Cox on Financial Markets Reform

Posted on September 22, 2008
From Protecting Senior Investors in Today?s Markets, by Chairman Christopher Cox, at the Senior Summit in Washington, D.C., September 22, 2008: Last March, the merger of Bear Stearns and J.P. Morgan highlighted the inherent problems with the lack of any...

Regulators Release Report on Best Practices for Senior Investors

Posted on September 22, 2008
As part of the SEC's third annual Seniors Summit, the staff of the SEC, along with FINRA and NASAA, released a joint report outlining practices that financial services firms can use to strengthen their policies and procedures for serving older...

G-7 Finance Ministers Statement on U.S. Actions

Posted on September 22, 2008
From the Statement by G-7 Finance Ministers and Central Bank Governors on Global Financial Market Turmoil: We strongly welcome the extraordinary actions taken by the United States to enhance the stability of financial markets and address credit concerns, especially through...

SEC Amends Emergency Order Requiring Reporting of Short Sales

Posted on September 22, 2008
The SEC approved amendments to its emergency order of September 18 (Release No. 58591) requiring that certain institutional money managers report their new short sales of certain publicly traded securities. In addition to making technical amendments, the revised order also...

SEC Issues Technical Amendments to Short-Selling Ban

Posted on September 22, 2008
The SEC approved technical amendments to its emergency order banning short-selling in financial stocks issued last week. According to the SEC, the technical amendments were made to ensure the continued smooth operation of orderly markets and to coordinate to the...

Bankruptcy Court Approves Sales of Lehman Broker Dealer to Barclays

Posted on September 22, 2008
Questions raised about Lehman's transfer of assets among its businesses in the days before its bankruptcy filing did not interfere with swift action by the bankruptcy court to approve the sale of substantially all of the assets of Lehman Brothers,...

Goldman & Morgan Stanley Become Bank Holding Companies

Posted on September 22, 2008
The Federal Reserve Board on Sunday approved, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies. According to the Fed's statement: To provide increased liquidity support to these firms...

Treasury Statement on Money Market Funds Guaranty

Posted on September 22, 2008
Treasury Provides Further Clarity For Guaranty Program for Money Market Funds: The U.S. Treasury Department is continuing to develop the specific details surrounding the temporary guaranty program for money market funds that was announced on September 19, 2008...

Treasury Proposes to Buy Up To $700 Billion in Troubled Assets

Posted on September 21, 2008
Here is the Fact Sheet on the Proposed Treasury Authority to Purchase Troubled Assets: The Treasury Department has submitted legislation to the Congress requesting authority to purchase troubled assets from financial institutions in order to promote market stability, and help...

Birdthistle on ETFs

Posted on September 21, 2008
The Fortunes and Foibles of Exchange-Traded Funds: A Positive Market Response to the Problems of Mutual Funds, by William A. Birdthistle, Chicago-Kent College of Law, was recently posted on SSRN. Here is the abstract: One of the most dynamic and...

Gordon on Say on Pay

Posted on September 21, 2008
'Say on Pay': Cautionary Notes on the UK Experience and the Case for Muddling Through, by Jeffrey N. Gordon, Columbia Law School; European Corporate Governance Institute (ECGI), was recently posted on SSRN. Here is the abstract: Shareholder and public dissatisfaction...

Dombalagian on Investment Banks & Systemic Risk

Posted on September 21, 2008
'Too Interconnected to Fail?': Investment Banks and Systemic Risk, by Onnig H. Dombalagian, Tulane Law School, was recently posted on SSRN. Here is the abstract: I argue that the most efficient way to regulate investment banks for financial responsibility is...

SEC Expands Manipulation Investigation

Posted on September 20, 2008
The SEC announced a sweeping expansion of its ongoing investigation into possible market manipulation in the securities of certain financial institutions. Hedge fund managers, broker-dealers, and institutional investors with significant trading activity in financial issuers or positions in credit default...

FINRA Files Rule Change to Raise Amount in Controversy for Single Arbitrator

Posted on September 19, 2008
FINRAis filing with the SEC a proposed rule change to amend NASD Rule 12401 of the Code of Arbitration Procedure for Customer Disputes (?Customer Code?) and NASD Rule 13401 of the Code of Arbitration Procedure for Industry Disputes (?Industry Code?)....

SEC Staff Recommends Modification to Short-Sales Prohibition

Posted on September 19, 2008
The Securities and Exchange Commission's Division of Trading and Markets today issued the following statement: "The Commission staff is recommending to the Commission a modification to its order prohibiting short selling in securities of specified financial firms...

Paulson Announces Comprehensive Approach to Market Crisis

Posted on September 19, 2008
Treasury Secretary Paulson made a statement today on Comprehensive Approach to Market Developments, in which he stated: The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy...

SEC Halts Short-Selling in 799 Financial Stocks

Posted on September 19, 2008
The SEC, acting in concert with the U.K. Financial Services Authority, today took temporary emergency action to prohibit short selling in financial companies to protect the integrity and quality of the securities market and strengthen investor confidence...

Five More Firms Agree to Buy Back ARS

Posted on September 18, 2008
FINRA announced that it has reached agreements in principle with SunTrust Investment Services, Inc. and SunTrust Robinson Humphrey, Inc., both of Atlanta, GA, Comerica Securities, Inc. of Detroit, MI, First Southwest Company of Dallas, TX, and WaMu Investments, Inc...

FINRA, NASAA and SIFMA Present Testimony on ARS

Posted on September 18, 2008
FINRA, SIFMA and NASAA presented testimony on auction rate securities at the House Financial Services Committee hearing on Sept. 18.

Defendants in UBS and Morgan Stanley Insider Trading Ring Settle Charges

Posted on September 18, 2008
On September 12, 2008, the federal district court for the Southern District of New York entered final judgments against seven defendants ? Robert D. Babcock, Mark E. Lenowitz, David A. Glass, Jasper Capital LLC, Randi E. Collotta, Christopher K. Collotta...

SEC Directors Testify On the Hill

Posted on September 18, 2008
It's hard to believe that they had time for it, what with the financial markets in chaos, but two SEC Directors testified today before separate Congressional committee hearings: Testimony Concerning Transparency in Accounting, Proposed Changes to Accounting for Off-Balance Sheet...

More on Short-Selling

Posted on September 18, 2008
The SEC's Division of Markets and Trading, along with FINRA and NYSER, issued ?Tips? for Broker-Dealers on Avoiding Failures to Deliver Securities and reminded them of their responsibilities to maintain adequate surveillances and written supervisory procedures to detect manipulative short...

Short-Sellers, John McCain and Chair Cox

Posted on September 18, 2008
Everyone's blaming the short sellers. Yesterday the SEC announced emergency rules to curb short-selling abuses, and today the Wall St. Journal reports that New York Attorney General Andrew Cuomo has undertaken an investigation into short selling of the stock of...

FINRA Posts FAQs on Arbitration Pilot Program

Posted on September 18, 2008
FINRA has posted at its website FAQs about its voluntary, two-year pilot program that will allow investors who have filed arbitration claims against certain brokerage firms to select three public arbitrators instead of the otherwise mandated inclusion of one industry...

SEC Obtains Injunction Against Hedge Fund Manager

Posted on September 17, 2008
A federal district court in Massachusetts entered a Final Judgment by consent on September 16, 2008 against defendant Evan K. Andersen in connection with a civil injunctive action filed in April 2007 by the SEC against Andersen, his business partner,...

SEC Charges Individuals with Insider Trading in Georgia-Pacific Stock

Posted on September 17, 2008
The SEC filed a Complaint in the United States District Court for the Northern District of Illinois against James D. Zeglis (?Zeglis?) and Gautum Gupta (?Gupta?), Lance D. McKee (?McKee?) and Jim W. Dixon (?Dixon?) alleging insider trading in the...

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