Securities

Recent Posts

The Chairman Outlines a Timetable for Dodd-Frank Rules
Posted on 12 Oct 2010 by Thomas O. Gorman

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a sprawling piece of legislation. It is also very much a work in progress, requiring hundreds of new rules to be written and dozens of studies. The burden imposed on the SEC is considerable... Read More

It’s Time to Bring a New Transparency to Enforcement
Posted on 16 Aug 2010 by Thomas O. Gorman

A key goal of Dodd-Frank is to increase transparency. The market crisis centered, in part, on trading in derivative markets with little regulation and virtually no transparency. For this reason, a key focus of the legislation is transparency. This... Read More

Defining “Financial Institution” Under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act
Posted on 12 Oct 2010 by Eversheds Sutherland LLP

by Robert J. Pile, Jennifer D. Lambert, and Heather J. Howdeshell Third-party service providers to financial institutions have often taken the position that they are not "financial institutions" for purposes of federal law and thus are typically... Read More

Dodd – Frank: Credit Rating Agencies, Part II
Posted on 25 Aug 2010 by Thomas O. Gorman

Dodd-Frank focuses on the structure of credit rating agencies, requiring revisions and imposing other requirements in an effort to resolve the conflicts of interest and other difficulties many believe were at the center of the market crisis. The article... Read More

Dodd-Frank Impact on Credit Rating Agencies
Posted on 24 Aug 2010 by Thomas O. Gorman

Credit rating agencies, and in particular, nationally recognized statistical rating organizations ("NRSRO"), have been thought by many to be at the center of much of what went on with the market crisis, particularly in the area of structured... Read More

SEC Targets Use of Side Pockets by Hedge Funds
Posted on 28 Oct 2010 by Clint A. Keller

The Securities and Exchange Commission's Asset Management Unit has been investigating whether hedge fund managers have overvalued assets in "side pockets" and then charged investors higher fees based on those inflated values. A side pocket... Read More

Dodd–Frank: Hedge Funds
Posted on 31 Aug 2010 by Thomas O. Gorman

Hedge funds were a key subject of debate during the passage of Dodd-Frank. While the funds were not tied to the causes of the market crisis, they do represent large pools of assets which can impact the market. Regulators frequently note that they have... Read More

Dodd-Frank: New Authority for SEC Enforcement
Posted on 20 Jul 2010 by Thomas O. Gorman

As SEC Enforcement savors its settlement in Goldman and continues to retool into a new and more aggressive program, Congress is giving it new tools. The Dodd-Frank Wall Street Reform and Consumer Protection Act has a number of provisions which enhance... Read More

Dodd-Franks, The SEC and Executive Compensation
Posted on 3 Aug 2010 by Thomas O. Gorman

Prior articles have reviewed the provisions of Dodd-Frank which focus on SEC Enforcement ( here ) and rule making ( here ). Other provisions of the Act impact the Commission's authority regarding executive compensation. In part, these are discussed... Read More

The First Attack on the Accredited Investor Standard
Posted on 3 Aug 2010 by Doug Cornelius

Many of the provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act merely provide for future regulatory framework. That it is in part true for the changing definition of "accredited investor" under the Securities Act... Read More

The View from the Board in the Wake of Dodd-Frank
Posted on 2 Nov 2010 by Thomas O. Gorman

Dodd-Frank has been described as the most comprehensive overhaul of the financial regulatory system since the great depression. Since it was crafted to address the most significant market crisis since the one which spawned the Federal Securities Laws... Read More

Dodd-Frank Wall Street Reform Act Includes Immediate Change to Securities Act of 1933 "Accredited Investor" Definition for Natural Persons
Posted on 2 Aug 2010 by K & L Gates LLP

by Kristy T. Harlan and Vincent J. Pisano On July 21, President Obama signed the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). A change to the definition of "accredited investor" under the Securities Act of 1933... Read More

The Dodd-Frank Whistleblower Provisions: Some Other Things to Worry About
Posted on 3 Nov 2010 by Kevin M. LaCroix

Among the many innovations introduced in the massive Dodd-Frank Wall Street Reform and Consumer Protection Act enacted this past July are the new whistleblower provisions, designed to encourage employees and others to report securities law violations... Read More

The SEC’s Busy Rule-Making Agenda for Implementation of Dodd-Frank
Posted on 22 Sep 2010 by Doug Cornelius

In many instances, the Dodd-Frank Wall Street Reform and Consumer Protection Act merely set a framework for financial reform and left much of the heavy lifting to the financial regulatory agencies. The SEC published their agenda for the implementation... Read More