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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

Audit Finds SEC Approval of SRO Rules Is Slow

Posted on April 01, 2008
The SEC's Office of Inspector General of the Securities and Exchange Commission conducted an audit of the SEC's process for reviewing Self-Regulatory Organization (SRO) proposed rule changes. It concluded (surprise!) that "the Commission s overall timeliness in processing proposed rule...

Cox Will Testify on Credit Crisis

Posted on April 01, 2008
Chair Christopher Cox will testify before the Senate Committee on Banking, Housing, and Urban Affairs on Thursday, April 3, 2008 on 'Turmoil in U.S. Credit Markets: Examining the Recent Actions of Federal Financial Regulators'.

NASAA Submits Comment Letter On Paulson Plan

Posted on April 01, 2008
NASAA submitted today a 12-page letter commenting on Treasury Secretary Paulson's Blueprint for Financial Regulation Reform.

NASAA Announces New Model Rule on Senior Designations

Posted on April 01, 2008
NASAA announced that its membership has approved a new model rule prohibiting the misleading use of senior and retiree designations. The model rule prohibits the misleading use of senior and retiree designations while also providing a means by which a...

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SROs Warn Against Intentionally Spreading False Rumors

Posted on April 01, 2008
An interesting warning from the SROs, presumably directed at abusive short-sellers: The Financial Industry Regulatory Authority (FINRA), NYSE Regulation, Inc., and participants of the Options Regulatory Surveillance Authority (ORSA), the self-regulatory organizations primarily responsible for surveillance of trading in the...

Blaming the Elimination of the Uptick Rule For Market Volatility

Posted on April 01, 2008
Is the elimination last July of the uptick rule that limited short sales responsible for increased stock volatility? So argue some investors, who say that short sellers have conducted bear raids and even conspired to drive down the price of...

Lehman and UBS Announce More Write-Downs and Seek to Raise Capital

Posted on April 01, 2008
Lehman, the fourth largest securities firm that Wall St. has been watching nervously as the possibly the next Bear Stearns, plans to raise $3 billion through the sale of convertible preferred shares to unnamed American institutions. NYTimes, Lehman Tries to...

FINRA Offers Guidance on ARS

Posted on March 31, 2008
FINRA today spelled out the options available to investors holding unexpectedly illiquid auction rate securities (ARS) because of recent developments in the credit market that have resulted in many ARS auctions failures: Auction Rate Securities: What Happens When Auctions Fail...

Reactions to Paulson Blueprint

Posted on March 31, 2008
Some early reactions to Secretary Paulson's Blueprint: From the SEC: "Recent events have provided further evidence, if more were needed, that financial services regulation in the United States needs to be better integrated among fewer agencies, with clearer lines of...

Treasury Secretary Paulson Releases Blueprint for Modernizing Financial Regulation

Posted on March 31, 2008
All the information about Treasury Secretary Paulson's Blueprint for a Modernized Financial Regulatory Structure, including the 218 page report itself, is available at the Treasury's website. For those who don't want to wade through the whole report, here are links...

DePaul and Commercial Law League Announce Ethics Symposium

Posted on March 31, 2008
The DePaul Business and Commercial Law Journal and the Commercial Law League of America announce the Sixth Annual Symposium, Lawyers, Law Firms, & the Legal Profession: An Ethical View of the Business of Law on May 1 from 10:30 a.m....

Trasury Secretary Paulson Announces Reorganization Plan

Posted on March 31, 2008
Treasury Secretary Paulson will hold a press conference today to announce his plan to reorganize the financial markets, which was released over the weekend. The plan, a product of the Treasury Department's group that was originally convened to reduce financial...

Johnson & Brunet on Arbitration of Shareholder Claims

Posted on March 30, 2008
Arbitration of Shareholder Claims: Why Change is Not Always a Measure of Progress, by JENNIFER J. JOHNSON , Lewis & Clark Law School, and EDWARD BRUNET, Lewis & Clark Law School, was recently posted on SSRN. Here is the abstraact:...

Schwarcz on Disclosure in Subprime Crisis

Posted on March 30, 2008
Disclosure's Failure in the Subprime Mortgage Crisis, by STEVEN L. SCHWARCZ, Duke University - School of Law , was recently posted on SSRN. Here is the abstract: This symposium article examines how disclosure, the regulatory focus of the federal securities...

Does Shareholder Voting Maximize

Posted on March 30, 2008
Does Shareholder Voting Maximize Stock Market Value? , by YAIR JASON LISTOKIN , Yale Law School , was recently posted on SSRN. Here is the abstract: This paper examines the relation between shareholder voting and stock market value from a...

Kwall & Duhl on Backdating

Posted on March 30, 2008
BACKDATING, by JEFFREY L. KWALL, Loyola University of Chicago - School of Law, and STUART DUHL, Harrison & Held, LLP, was recently posted on SSRN. Here is the abstract: Backdating is a much misunderstood and largely unexplored subject. It involves...

Insider Trading Before Accounting

Posted on March 30, 2008
Insider Trading Before Accounting Scandals, by ANUP AGRAWAL, University of Alabama - Culverhouse College of Commerce & Business Administration, and TOMMY COOPER, University of Alabama - Culverhouse College of Commerce & Business Administration, was recently posted on SSRN...

Coffee on Opt Outs

Posted on March 30, 2008
Accountability and Competition in Securities Class Actions: Why 'Exit' Works Better than 'Voice,' by JOHN C. COFFEE Jr., Columbia Law School, was recently posted on SSRN. Here is the abstract: The consensus view has long been that the class action...

SEC Grants Rule 14e-5 Exemption to Loews

Posted on March 28, 2008
The SEC granted a request for a no-action position from Loews Corporation ("Loews"), to permit Loews to make open market purchases of its shares in connection with Loews' announced intention to dispose of its ownership interest of its wholly owned...

JP Morgan Settles SEC Proceeding Relating to Activities as Trustee to National Century Financial Enterprises

Posted on March 28, 2008
The SEC settled administrative proceedings against JPMorgan Chase & Co relating to its activities as an asset-backed indenture trustee for certain special-purpose subsidiary programs (programs) of National Century Financial Enterprises, Inc. (NCFE), formerly a Dublin, Ohio healthcare financing company, during...

Nominations to SEC Expected

Posted on March 28, 2008
It is reported that the Bush administration will announce two nominations for the SEC, Luis Aguilar, an Atlanta lawyer, and Elisse Walter, a senior vice president at FINRA. These two names have been mentioned many times in the past few...

Xerox Settles Accounting Fraud Charges

Posted on March 28, 2008
Xerox announced a $670 million settlement of a shareholders' suit filed in 2000 charging it with inflating earnings. The company will also place $125 million in reserves for potential liability for three other pending suits. KPMG will pay $80 million...

SEC Charges Three in Ponzi Scheme

Posted on March 27, 2008
The SEC filed a complaint in the United States District Court for the Northern District of Texas against Gary L. McDuff, Gary L. Lancaster, and Robert T. Reese, for their roles in the fraudulent and unregistered offer and sale of...

Paulson Backs Greater Fed Oversight over Securities Industry

Posted on March 27, 2008
Treasury Secretary Paulson said that the Fed should have greater oversight over securities firms since it is now lending money to them. He becomes the first top administration official to endorse the idea since the Fed stepped in to bail...

Bankruptcy Report on New Century Criticizes KPMG

Posted on March 27, 2008
A report by the bankruptcy court examiner into the collapse of New Century Financial, one of the largest subprime lenders before its bankruptcy, criticizes its auditor KPMG for enabling certain "significant improper and imprudent practices." It also says that the...

Clear Channel Buyers Sue Banks

Posted on March 27, 2008
Bain Capital and THL Partners, the equity firms who contracted to buy Clear Channel Communications, filed suit against the six banks that backed out of financing the sale. The plaintiffs claim that the banks, from early on, intended to back...

Hollinger Settles SEC Fraud Charges

Posted on March 26, 2008
The SEC settled its federal district court action against Hollinger Inc., a Canadian corporation and the controlling shareholder of Sun-Times Media Group, Inc., formerly known as Hollinger International, Inc., pending in the United States District Court for the Northern District...

Senate Finance Committee Looks Into JPM-Bear Merger

Posted on March 26, 2008
The Senate Finance Committee Chairman Max Baucus and Sen. Charles Grassley, the panel's ranking member, said they're requesting information about the Fed's role in the JP Morgan Bear Stearns merger -- "exact details of the sale agreement, how and by....

Motorola Plans to Spin Off Cellphone Business

Posted on March 26, 2008
Motorola plans to spin off its unprofitable cellphone business to its shareholders, a move urged by Carl Icahn, who owns about 6% of the stock and is seeking to elect his nominees to the board. Last week the company offered...

Citigroup Settles Enron Creditors' Claims

Posted on March 26, 2008
Enron Creditors Recovery Corp. and Citigroup agreed to a $1.66 billion settlement of claims relating to the bank's role in the collapse of Enron. Citigroup is the last of eleven banks to settle creditors' claims, the others having settled for...

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