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

Industry Initiatives to Increase Transparency in European Securitisation Markets Released

Posted on July 02, 2008
Nine European and global trade associations, including SIFMA, released Ten Industry Initiatives to Increase Transparency in the European Securitisation Markets in response to the European Council of Finance Ministers? (ECOFIN) call, in its October 2007 Roadmap, to ?enhance transparency for...

Paulson Calls for Expanded Role for Fed Reserve

Posted on July 02, 2008
Treasury Secretary Paulson, in a speech in London, refined his vision for a modern U.S. financial regulatory structure, first outlined in the Treasury Dept's Blueprint released in March. Noting that the Bear Stearns collapse illustrated the outdated nature of the...

New York Court Throws Out Remaining Claims Against Grasso

Posted on July 01, 2008
It looks like former NYSE CEO Richard Grasso gets to keep all his money. A week after the New York Court of Appeals threw out four claims against him, the state's intermediate appellate court threw out the remaining two. It...

Court Enters Fraud Judgment Against Investment Adviser

Posted on July 01, 2008
The federal district court in the Southern District of New York entered a final judgment against defendant Francis J. Saldutti ("Saldutti"), permanently enjoining Saldutti from violating the antifraud provisions of the federal securities laws and requiring him to pay more...

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SEC Files Backdating Charges Against Microtune and its former CEO and CFO/GC

Posted on July 01, 2008
The SEC filed civil fraud charges relating to backdating stock options against Microtune, Inc. and two former senior officers?former Chairman and Chief Executive Officer Douglas J. Bartek and former Chief Financial Officer and General Counsel Nancy Richardson...

SEC Releases Text of Proposed Changes to SEC Rules Relating to Credit Ratings

Posted on July 01, 2008
The SEC published for public comment proposed rule changes that are intended to make the limits and purposes of credit ratings clear to investors and to ensure that the role assigned to ratings in SEC rules is consistent with the...

9th Circuit Decides Misappropriation Case in Favor of SEC

Posted on July 01, 2008
In an important case on the scope of the misappropriation theory of inside trading under Rule 10b-5, the 9th Circuit held that a director of a corporation could be held liable when he purchased shares in another corporation because of...

No Venture IPOS in Second Quarter

Posted on July 01, 2008
There were no venture-based companies making IPOs in the second quarter, for the first time in 30 years, according to a report by the National Venture Capital Associates and Thomson Reuters. The reasons -- nervous investors and lack of available...

Auction Rate Securities Cases Lead to Uptick in Arbitration Filings

Posted on June 30, 2008
The number of new arbitration filings at FINRA are up somewhat over 2007, after dramatic decreases since the peak of 2003, and the increase in customer disputes has been largely attributed to auction rate securities (ARS) cases, where customers allege...

Davidoff on The Failure of Private Equity

Posted on June 29, 2008
The Failure of Private Equity, by STEVEN M. DAVIDOFF, University of Connecticut School of Law; Ohio State University - Michael E. Moritz College of Law, was recently posted on SSRN. Here is the abstract: Throughout the Fall 2007 and into...

Fed Releases Minutes of Bear Rescue

Posted on June 27, 2008
The Fed released the minutes of its March 14 and March 16 meetings, in which it approved the rescue of Bear Stearns, which show that the members felt that its actions were necessary to prevent further instability in the markets.

Senate Confirms New SEC Commissioners

Posted on June 27, 2008
Apparently the Senate confirmed the nominations of Troy Paredes, Luis Aguilar and Elisse Walter to the SEC today, since Chairman Cox referred to three new Commissioners, although it seems odd that he didn't name them: "The President and the Senate...

SEC Proposed Amendments to Rule 15a-6 (Foreign Broker-Dealers)

Posted on June 27, 2008
The SEC has posted to its website the text of its proposed amendments to Rule 15a-6, which provides conditional exemptions from broker-dealer registration for foreign entities engaged in certain activities involving certain U.S. investors. The purpose of the amendments, according...

FINRA's Messages on Weathering Tough Times

Posted on June 27, 2008
FINRA appears to be taking a broader view of its investor protection and education roles and has recently taken to giving investors advice/warnings about weathering tough financial times. In a recent Investor Alert, for example, FINRA warns about the dangers...

Seventh Circuit Affirms Conviction of Conrad Black

Posted on June 27, 2008
The U.S. Court of Appeals for the Seventh Circuit affirmed the convictions of Conrad Black and other senior executives of Hollinger International for mail and wire fraud. In an opinion authored by Judge Posner, the court rejected all of the...

SEC Approves One-Year Extension of Auditor Attestation for Non-Accelerated Filers

Posted on June 26, 2008
On June 26 the SEC approved a one year extension of temporary rule and form amendments that postpone the date by which companies that are non-accelerated filers must begin to comply with the auditor attestation report on internal control over...

SEC Proposes Standards for Determining When Equity-Indexed Annuities are Securities

Posted on June 26, 2008
The SEC released the text of its proposed rule that would set forth the standards for determining whether equity-indexed annuities (EIAs) are securities or insurance products. As the SEC describes in the release, the proposed rule would prospectively define certain...

Massachusetts Files Complaint Against UBS for Marketing of Auction Rate Securities

Posted on June 26, 2008
The Massachusetts Securities Division has filed a complaint against UBS Securities LLC and UBS Financial Services, alleging violations of the Massachusetts Uniform Securities in connection with the sale of auction rate securities (ARS) to retail customers...

New York's Highest Court Dismisses 4 Claims against Grasso

Posted on June 25, 2008
The battle between the New York State Attorney General and Richard A. Grasso, the former CEO of the NYSE, over his outsize compensation continues, and Grasso achieved a significant victory today, as the New York Court of Appeals threw out...

SEC Proposes Overhaul of Rule 15a-6

Posted on June 25, 2008
At its open meeting the SEC also considered a recommendation from the Division of Trading and Markets to amend Rule 15a-6 under the Exchange Act. Rule 15a-6 provides a framework under which U.S. investors can obtain services from foreign broker-dealers...

SEC Proposes Changes to Streamline Review of SRO Rules

Posted on June 25, 2008
The SEC has been subject to much deserved criticism over its slow review process of SRO rule-making. Today at its open meeting the SEC took up a proposal from its Division of Markets and Trading to streamline the process. According...

SEC Proposes Rule on Equity-Indexed Annuities

Posted on June 25, 2008
For several years regulators, in particular NASAA, have raised the alarm about abusive sales practices used in the marketing of equity-indexed annuities to investors, particularly senior citizens, for whom this product may be unsuitable. EIAs are a complex hybrid of...

Commission Considers Proposal to Reduce Reliance on Credit Ratings

Posted on June 25, 2008
At the SEC's June 25, 2008 open meeting, the Commission took up a proposal to increase investor protection by reducing reliance on credit ratings. According to Chairman Cox's opening statement: The recommendations we consider today are designed to ensure that...

SEC Obtains Temporary Relief Against Alleged Ponzi Scheme

Posted on June 25, 2008
The federal district court for the Western District of New York granted the SEC's motion for preliminary injunction and other relief against defendants Watermark Financial Services Group, Inc. ("Watermark Financial"), Watermark M-One Holdings, Inc. ("Watermark Holdings"), M-One Financial Services, LLC...

SEC Announces Fair Fund Distribution to Spear & Jackson Investors

Posted on June 25, 2008
The SEC announced a Fair Fund distribution totaling more than $5.6 million to 534 investors who were victims of a fraudulent pump-and-dump scheme involving the stock of tool maker Spear & Jackson, Inc. The SEC stated that the Fair Fund...

FINRA Dispute Resolution Expands Discovery Pilot Program

Posted on June 25, 2008
FINRA Dispute Resolution expanded its voluntary discovery arbitrator pilot, which it first launched in its Southeast and Western Regional hearing locations in 2005, to address concerns about discovery in arbitration. FINRA has also added non-public arbitrators to the pilot for...

Realpoint's Registration as NRSRO Approved

Posted on June 24, 2008
The SEC issued orders today granting the registration of Realpoint LLC as a nationally recognized statistical rating organization under the Credit Rating Agency Reform Act of 2006 and simultaneously granting a temporary exemption of Realpoint LLC from the Conflict of...

SEC Announces Disclosure Study

Posted on June 24, 2008
SEC Chairman Christopher Cox announced a wide-ranging internal inquiry, called the "21st Century Disclosure Initiative," to examine fundamental questions about the way the SEC acquires information from public companies, mutual funds, brokers, and other regulated entities and the way it...

Scottrade Settles SEC Charges On Best Execution

Posted on June 24, 2008
The SEC charged St. Louis-based broker-dealer Scottrade, Inc., for fraudulent misrepresentations it made to customers relating to the firm's execution of their Nasdaq pre-open orders, which are placed after the day's market close to be executed at the next market...

NYSE Sells Real-Time Market Data to Google & CNBC

Posted on June 24, 2008
The New York Stock Exchange (NYSE) introduced NYSE Realtime Stock Prices, a new data product that enables Internet and media organizations to buy real-time, last-trade market data from the NYSE for a flat fee and provide it broadly and free...

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