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 the authority of SEC Enforcement. These
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, takes effect immediately and may impact issuers...
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. The
other part is that the definition changed once...
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 by Chairman Schapiro in her remarks
at the Center...
On this edition, Jonathan Eisenberg, General Counsel of UBS Wealth Management Americas, Colleen Mahoney of Skadden Arps and Professor Meyer "Mike" Eisenberg, Visiting Professor of Law at Willamette University College of Law, discuss the Dodd-Frank Act's impact on the SEC's enforcement...
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. There are 95 sections requiring
by Robert J. Pile, Jennifer D. Lambert, and Heather J.
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 not subject to regulation in the
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 is a type of account that hedge funds use to...
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, many may find that more than
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 legislation, particularly in view of
The SEC imposed strict limitations on the ability of
investment advisers to make political contributions when their clients include
government bodies when it issued Rule 206(4)-5 .
They don't want government investment decisions decided campaign contributions.
This limitation also applies to...
The focus of SEC enforcement in the coming months is a
function of its constricted and later expanded authority. Last year that
authority contracted in the wake of the Supreme Court's decision in Morrison
v. National Australia Bank Ltd. , 130 S.Ct. 2869(2010). Later congress
Too big to fail has been a favorite theme on Capital Hill
since the market crisis began. Throughout the debates which produced the most
comprehensive financial reform bill since the 1930s, now known as Dodd-Frank, a
key point of concern was preventing a reoccurrence of the kind of situation
While it may not be on the level of the historic protests
in the Middle East or the budget battle playing out in Wisconsin, the funding
"war" being waged against the Securities and Exchange Commission (SEC) and
Commodity Futures Trading Commission (CFTC) in the Republican-controlled House...
In the week ending with "April Fools Day," the Commission
continued to issue proposed regulations to implement the Dodd-Frank Wall Street
and Consumer Protection Act. SEC Enforcement focused on investment fund fraud
actions, filing or resolving seven cases. The Commission also brought a...
During an open meeting on June 22, 2011, the Securities and Exchange Commission (the "SEC") approved the adoption of new rules under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), as mandated by Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection...
Two entrepreneurs wanted to create a business that centered on valuing private start-up companies. They experimented with models that began with a variation of “fantasy sports,” changed to a contest and became a game. It ended with one which involved securities based swaps sold in violation...