The SEC partially prevailed in a proceeding brought
against the Securities Investor Protection Corporation or SIPC. The Court
agreed with the Commission that the appropriate manner in which to seek an
order compelling SIPC to file an application for a protective decree is by a
Office of Compliance Inspections and Examinations ("OCIE") mission is to
protect investors through its nationwide examination and inspection program. Examiners
in Washington DC and in the SEC's 11 regional offices conduct examinations of
the nation's registered entities...
As part of the SEC's new National
Exam Program Overview , OCIE highlights six areas of focus for Investment
"[T]he Program has identified specific strategic areas on
which to focus when examining firms.... In FY2012, focus areas include the
following priorities, among others...
Economic analysis in rule making has become a critical
issue for the SEC. The D.C. Circuit has rejected two Commission rules in recent
years, expressing concern about the level of analysis. The Office of the
Inspector General issued a report earlier this year which considers cost
Jesse Eisinger posted a very good piece on the SEC and
ratings agencies today ( SEC
keeps the Ratings Game Rigged ). He writes about the Egan-Jones case,
"This is your S.E.C., folks. It courageously assails tiny firms, and at
the pace of a three-toed sloth. And when it goes after its prey, it's...
A federal judge has denied an attempt by the Securities and Exchange Commission ("SEC") to force an industry-funded nonprofit to institute a claims process for the victims of R. Allen Stanford's $7 billion Ponzi scheme. United States District Judge Robert Wilkins issued an order today finding...
by Andras P. Teleki
This EIA focuses on the SEC
version of the Red Flag Rules. The SEC version of the Red Flag Rules will be
known as Regulation S-ID and would be added after Regulations S-P and S-AM when
On March 6, 2012, the SEC and
CFTC jointly proposed rules (the "Proposal"...
"Unbeknownst to its investors, ZeekRewards is, in reality, a massive Ponzi and pyramid scheme. "
The Securities and Exchange Commission ("SEC") announced late Friday that it had filed suit against ZeekRewards, alleging it operated a $600 million Ponzi scheme that had gained...
The SEC's published agenda for its August 22, 2012 open meeting includes, as item 3, the following:
Item 3: The Commission will consider rules to eliminate the prohibition against general solicitation and general advertising in securities offerings conducted pursuant to Rule 506 of Regulation...
With unusual speed, the SEC released its proposed rules on ending the ban on general solicitation and advertising in Regulation D Rule 506 offerings to accredited investors yesterday, the same day as the SEC hearing on the subject. I have scoured pretty much all of it and thought I would jot down some...
Two Brazilian public pension funds and a Colombian institutional investor paid about $36 million in excessive mark ups in the latest fraudulent scheme uncovered by the SEC. Fabrizio Neves and Jose Luna, both registered representatives at now defunct Florida broker LatAm Investments, Inc. were the culprits...
When corporations selectively disseminate material non-public information to one group prior to making it publically available is a violation of Regulation FD, the selective disclosure unfairly disadvantages the investing public. When a corporate executive furnishes his or her friends with the material...
Mary L Schapiro, one of the longest serving SEC Chairman,
announced her resignation, effective December 14, 2012. Ms. Schapiro's action
has been long rumored. The White House immediately appointed Commissioner
Elisse Walter as Chairman, a position she can hold over the next year until the
Commentators have speculated since the appointment of
Mary Jo White as SEC Chair that there would be a new emphasis on enforcement.
Ms. White's remarks during her Senate confirmation hearings about unrelenting
enforcement bolstered that view. Yet her recent remarks suggest perhaps another
New SEC Chair Mary Jo White many well be facing an early
test of her leadership. The battle ground could be money market reform. The
stakes are high - the SEC could find itself becoming less than relevant in a
critical corner of the markets.
Treasury Secretary Jacob Lew testified regarding the...
Another survey presents significant questions regarding the state of ethics on Wall Street and, in particular, the financial services industry. A significant number of those who responded to a new survey stated that the rules might have to be broken to be successful, that their company may have engaged...
The SEC Speaks conference has traditionally been a forum in which the agency reviewed significant recent undertakings and indicated its future direction. This year was no different. Four of the five Commissioners addressed conference participants, discussing recent significant undertakings and sketching...
SEC Commissioner Daniel Gallagher provided something of a score card for activities over the past five years he has served on the agency prior to his impending departure. To the surprise of few he panned the Dodd-Frank and the FSOC while giving the staff divisions mixed reviews. “Dodd-Frank at...