The SEC has released its proposed changes to Form ADV to
better deal with private fund registration and the exempt, but reporting
required of venture capital funds: Release
The Securities and Exchange Commission is proposing new
The battle over advisory Say on Pay votes at public
companies, which will be in full force this spring, is coming down to
frequency, rather than what's in the plans themselves. In the last week alone,
the topic has been hotly debated in a Governance...
Altering compliance records prior to their production for
an examination and inadequate procedures to control the flow of nonpublic
information became the predicate for sanctions against a broker dealer, an
investment adviser and the chief compliance...
With failure, comes learning. As a compliance officer, disciplinary actions against other compliance officers can
be a road map showing me what not to do. Recently, the SEC charged affiliated
firms and their former chief compliance officer with failing...
In the first securities class action jury verdict to
arise out the credit crisis, on Thursday November 18, 2010, the jury in the
BankAtlantic securities lawsuit in federal court in Miami returned a
verdict in the plaintiffs' favor, finding seven...
The executive search firm Spencer Stuart recently
released its annual study of the state of corporate governance among the
S&P 500 ( H/T BusinessWeek/Bloomberg ). The 2010 Spencer Stuart study includes information on a host of
What are the methods to assess the risks of your Supply
Chain vendors? Other than perhaps financial due diligence, such as through Dun
& Bradstreet or quality control through your QHSE group, the Supply Chain
probably does not command your Compliance...
In June 2010, the SEC approved a new
strategic plan for its fiscal years 2010 - FY 2015 . The plan set out the
agency's mission, vision, values, and strategic goals. It also had a detailed
list the outcomes the SEC wanted to achieve and the performance...
"We are in a new era of FCPA enforcement" Assistant AG Lanny Breuer declared in remarks at a conference
on Tuesday . The Department of Justice is stepping up FCPA enforcement,
which is good for business, despite the contention of some critics...
GTSI Corp. v. Eyak Technology, LLC,
C.A. No. 5815-VCL (Del. Ch. Nov. 15, 2010), read opinion here.
The limited issue presented in this Delaware Court of
Chancery opinion is a perennial corporate litigation conundrum that has been...
The Commission filed its amicus curiae brief in Matrixx
Initiatives, Inc. v. Siracusano , No. 09-1156 (S.Ct.), one of two securities
cases the Supreme Court will hear this term. Matrixx centers on the
proper test of materiality at the pleading stage...
On Friday, The Securities and Exchange Commission will be
considering rules that should be of interest to private investment fund
It looks like we may have the first look at how the SEC
will define a venture capital fund and who will fit...
What is in a name? The terms agent, reseller and
distributor are sometimes used interchangeably in the business world. However
in the legal world they usually have distinct definitions. An agent can be
generally defined as is a person who is authorized...
For reasons I am sure they find good and sufficient,
Chinese companies have been seeking listings on the U.S. securities exchanges.
The Chinese companies (or at least some of them) have also been discovering an
added side-effect of a U.S. listing ...
B. Busacca, III , Exchange Act Rel. 63312, November 12, 2010
FINRA found Busacca failed to supervise back office operations at the clearing
firm he was president of. FINRA also found he permitted the firm to employ an
I recently attended a
conference on Directors'
Duties and Shareholder Litigation in Wake of the Financial Crisis at Leeds
Discussion focused mainly on s172 and the new statutory derivative claim, but
there was also interesting...
On July 21, 2010, President Obama signed into law,
effective July 22, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the "Dodd-Frank Act," "Dodd-Frank," or the "Act"), H.R. 4173. Sections
Financial reform and the implementing Dodd-Frank continue
to be key topics for market regulators. The SEC, CFTC and others are busy
writing rules to implement the Act. Many on Capital Hill are studying ways to
limits or repeal portions of the landmark...
While the big takeaway from the inaugural Korn/Ferry
Market Cap 100 report on Board Leadership is that few public companies among
the large capitalization public companies have non-executive chairs, it doesn't
mean there isn't a trend towards...
The European Parliament has approved the Directive on
Alternative Investment Fund Managers. European countries will now be setting up
a framework for regulating hedge funds and private equity funds. The AIRM Directive passed with 513 votes to 92 with...
Steven Altman, Esq. ,
Exchange Act Rel. 63306, November 10, 2010
Time since appeal filed - 1 year 9 months 8 days
Time since last brief filed - 9 months 22 days
Altman represented a prospective witness in a SEC investigation and
In a November 9, 2010 order ( here ) in the Citigroup subprime-related securities suit,
Southern District of New York Judge Sidney Stein
dismissed a host of allegations and a number of individual defendants. However,
Judge Stein denied the motion...
In November, 2009 the Organization for Economic and Co-operation and Development (OECD)
announced a new recommendation at the OECD's celebration of "International
Anti-Corruption Day" and the Tenth Anniversary of the " Entry into...
The SEC filed an amended complaint, adding Jon Latorella
and James Fields as defendants to an action alleging a financial fraud and
stock manipulation involving two companies they control. SEC v. LocatePlus
Holdings Company , Case No. 1:10-cv-11751...
Arps, Slate, Meagher & Flom LLP & Affiliates has authored a 200-page
analysis of the Dodd-Frank Act, which will offered as a LexisNexis Emerging Issues
Analysis in the near future. Following is the firm's overview of their