The focus this week was on the proposed SEC budget as new SEC Chair Mary Jo White told a House subcommittee that the agency needs about a 26% increase. Part of the additional funding is to hire almost 700 new staff members.
SEC enforcement, in conjunction with the Manhattan U. S. Attorney's Office, brought a kickback action involving payments to an official of an Argentinian bank by employees of a New York brokerage firm. The Commission also brought its first action against a City based on statements not contained in the financing papers. In conjunction with that proceeding the agency also issued a Section 21(a) report cautioning city officials regarding their statements and noting that appropriate procedures should be in place to guard against material misstatements and omissions that could impact bond investors.
Finally, FINRA filed three settled actions centered on a failure to adequately implement anti-money laundering procedures.
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For more commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.
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