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In Congress this week, a bipartisan bill was introduced to roll back part of the Dodd-Frank legislation related to swaps. It would expanded the swaps trading permitted by federally insured banks. Two high profile enforcement insider trading actions were also in the news. In one the court rejected a motion for summary judgment by defendant Mark Cuban and directed the case to trial in June. In the second Samuel Wyly requested that the Court dismiss the case based on the Supreme Court's recent decision in Gabelli [an enhanced version of this opinion is available to lexis.com subscribers] which concerns the commencement of the statute of limitation for the imposition of a financial penalty.
The Commission issued an investor alert regarding custody of investor securities. The agency also revisited an issue considered earlier, issuing a release requesting information on the standards that should govern brokers and investment advisers when giving advice.
The SEC filed four enforcement actions this week. One named a lawyer as a defendant for filing false Rule 144 opinions while a second focused on the author of a market report who did not disclose that he was being paid to tout certain stocks. Another action involved misrepresentation by the operator of two hedge funds while the fourth centered on a manipulation in which the defendant paid a confidential informant to participate in his scam which was taped by the FBI.
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For more commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.
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