Commissioner Gallagher recently filed this opinion dissenting in part with respect to In the Matter of John W. Lawton. The matter arose out of the alleged misconduct of respondent John W. Lawton, who purportedly committed...more
In August 2013 the SEC whistleblower claims review staff issued a preliminary determination and recommended a whistleblower claim be denied. Although the record demonstrated that the claimant provided original information to...more
In April 2014, the United States Court of Appeals for the District of Columbia held the SEC’s conflict minerals rule and statute embodied in Dodd-Frank violate the First Amendment to the extent the statute and rule require...more
SEC Commissioner Kara M. Stein recently gave remarks on the status of required Dodd-Frank rulemakings. The pay ratio, claw back, conflict minerals and resources extraction rules didn’t really seem all that important to her...more
A report issued by the organization Enough Project indicates market changes spurred by the Dodd-Frank Act’s provisions on conflict minerals have helped to significantly reduce the involvement of armed groups in eastern...more
The CFTC has a whistleblower award program that is separate from, but somewhat similar to, the SEC’s whistleblower award program. Both are mandated by the Dodd-Frank Act.
The CFTC has announced that the agency will...more
We have reviewed prior SEC guidance on the municipal advisor rules, from a view point of structuring a business to avoid a municipal advisory role. The SEC has now issued additional FAQs, including on the engineering...more
In Yang v. Navigators Group, Inc. (S.D.N.Y. 2014), the court held the Dodd-Frank anti-retaliation statute does not clearly and unambiguously limit whistleblower protection to individuals who report violations to the SEC where...more
When Commissioners Daniel M. Gallagher and Michael S. Piwowar released this Joint Statement on the Conflict Minerals Decision on April 28, 2014, I wondered where it would go. ...more
The Federal Deposit Insurance Corporation, or FDIC, has adopted a final rule to implement section 210(r) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under that section, individuals or entities that have,...more
In the end, it’s pretty simple. The court held the conflicts minerals rule and statute embodied in Dodd-Frank violate the First Amendment to the extent the statute and rule require regulated entities to report to the...more
Six agencies have issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies, or AMCs. An AMC is an entity that serves as an intermediary between...more
The SEC Office of Municipal Securities has issued interpretive guidance to address questions from market participants regarding the implementation of new final SEC rules requiring municipal advisors to register with the...more
The SEC has adopted amendments to eliminate references in certain of its rules and forms to credit ratings by nationally recognized statistical rating organizations, or NRSROs.
The changes were required by the...more
On December 18, 2013, the SEC published its proposal to modify Regulation A. The SEC is proposing to expand Regulation A into two tiers: Tier 1, for offerings of up to $5 million; and Tier 2, for offerings of up to $50...more
The Dodd-Frank Act requires or authorizes various federal agencies to issue hundreds of rules to implement reforms intended to strengthen the financial services industry. As amended by Public Law No. 112-10, the act also...more
The so-called Volker Rule, as required to be implemented by the Dodd-Frank Act, generally prohibits any banking entity from engaging in proprietary trading. The final rule has been adopted by the Office of the Comptroller of...more
Whistleblowers covered by one of 22 statutes (including Sarbanes-Oxley and Dodd-Frank) administered by the U.S. Department of Labor’s Occupational Safety and Health Administration will now be able to file complaints online. ...more
The staff of the Office of Credit Ratings of the SEC has submitted a study under Section 939C of the Dodd-Frank Wall Street Reform and Consumer Protection Act to the Committee on Banking, Housing, and Urban Affairs of the...more
Congress is working to reconcile differing versions of legislation to implement an Obama Administration deal with Mexico to develop oil and gas resources in the Gulf of Mexico. Three Democratic lawmakers recently wrote...more
In Pruett v BlueLinx Holdings, Inc., decided by the United States District Court for the Northern District of Georgia (1:13-cv-02607), the court held that a whistleblower suing under Dodd-Frank’s non-retaliation provisions...more
The Financial Stability Oversight Council, or FSOC, decided to study the activities of asset management firms to better inform its analysis of whether—and how—to consider such firms for enhanced prudential standards and...more
It began with announcements like this from AngelList. For just $99 plus $25 per investment, wefunder will let you create a create a “beautiful profile” and send updates to followers, and provide free investment contracts,...more
The SEC has proposed rules related to pay ratio disclosures required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It works like this...
Norm Champ, the SEC’s Director of the Division of Investment Management, recently gave a speech addressing the SEC’s priorities regarding hedge fund managers.