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The SEC continued implementing Dodd-Frank this week. New rules were issued regarding hedge fund registration and exemptions.
SEC enforcement resolved two significant market crisis cases this week. In one the agency filed a settled action against J.P. Morgan Securities regarding the sale of interests in a synthetic CDO. In a related case against an individual at the CDO portfolio manager which is being litigated. In the other it resolved a proceeding involving Morgan Keegan centered on the pricing of fund shares linked to the subprime market as the market crisis evolved. The Commission also resolved three of its Galleon related insider trading cases and filed an action against the former CEO of Taylor Bean who was sentenced to prison in a related criminal case.
The first expert networking insider trading case to go to trial ended when a jury returned a verdict of guilty. This is the third high profile insider trading case in Manhattan to end with a conviction this year.
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For more cutting edge commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.
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