Administrative Agency Securities Business Torts

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Fund Principal Partially Resolves Administrative Charges

A principal of an investment adviser partially settled a previously filed administrative proceeding which centers on claims that he and another Respondent improperly advised their clients to invest in off-shore funds without...more

‘Big Short’ Case Tests the Reach of the SEC’s Administrative Forum

On March 21, Wing Chau – a subprime CDO manager who featured prominently in Michael Lewis’s best-selling book “The Big Short” – sued the SEC, claiming that the SEC violated his constitutional rights by choosing to bring its...more

Insider Trading Investigations: What To Watch for in 2014

Christopher Clark is a partner at Latham & Watkins where he represents public companies, alternative investment entities such as hedge funds, and individuals in both criminal and civil investigations involving state and...more

SEC Settles with Portfolio Manager of Private Equity Fund of Funds Over Undisclosed Valuation Practice That Inflated Fund...

The SEC settled public administrative proceedings against a portfolio manager (the “Portfolio Manager”) over misrepresentations he made or caused to be made to prospective and existing investors in the private equity fund of...more

"The CFTC’s Fraud-Based Manipulation Authority Raises Questions"

In October 2013, the Commodity Futures Trading Commission used enforcement powers it gained under the Dodd-Frank Act in an order finding that a major financial institution recklessly employed manipulative devices in trading...more

Supreme Court of Canada Clarifies the Limitation Period for Secondary Proceedings in Securities Enforcement Context

The Supreme Court of Canada has recently provided clarity on the limitation period applicable to “secondary proceedings” in the securities enforcement context. Subject to a few exceptions, these proceedings, brought in the...more

SEC Fraud Charges against Harrisburg, Pa., Have Implications for Secondary Market Disclosures

The Securities and Exchange Commission (SEC) recently charged the City of Harrisburg, Pennsylvania (the City), with misleading investors about its financial health in the annual State of the City Address, as well as in its...more

Corporate and Financial Weekly Digest - January 4, 2013

In this issue: - CII Submits Rule 10b5-1 Rulemaking Petition to the SEC - ISS Publishes Updated FAQs for its Proxy Voting Policies - CFTC Issues Final Order on Cross-Border Swaps - CFTC Issues No-Action...more

CFTC Announces Second Spoofing Action Against Commodity Traders

The Commodity Futures Trading Commission (CFTC) recently announced its second enforcement action against a commodity trader for engaging in the manipulative scheme called “spoofing.” U.S. Commodity Futures Trading Commission...more

SEC Accuses Fund Directors of Breaching Their Valuation Duties

In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive...more

Insider Dealing

On December 13, the FSA published a press release announcing that Thomas Ammann, a former investment banker and FSA Approved Person at Mizuho International plc, had been sentenced to 2 years and 8 months imprisonment for two...more

Orrick's Financial Industry Week in Review - December 3, 2012

In This Issue: - Financial Industry Developments · CFTC Final Rule on Clearing of Credit Default Swaps and Interest Rate Swaps · Fed, Treasury Proposed Amendments to Bank Secrecy Act Definitions...more

Securities Litigation Alert: 'Tis the Season: Proxy Statements and Litigation Challenges to Compensation Disclosures

Over the past several months, plaintiffs' lawyers have stepped up attacks on executive compensation disclosures in proxy statements. Although to date most of these attacks have been unsuccessful, the number of case filings is...more

Federal District Court Dismisses Virginia State Law Claims in FHFA RMBS Suit

On November 19, the U.S. District Court for the Southern District of New York held that the FHFA’s state-law claims against a financial institution with regard to the offering of certain residential mortgage-backed securities...more

SEC’s Asset Management Unit Focuses on Compliance Failures, Vol. 1

The SEC Enforcement Division’s Asset Management Unit has brought some substantial cases over the last year, including a number arising out of its Aberrational Performance Inquiry. Another focus for the unit has been...more

SEC Reports Results of 2012 Enforcement and Whistleblower Programs

On November 14, the SEC reported the results of its enforcement program for the fiscal year ending September 30, 2012. During the year, the SEC filed 734 enforcement actions, which included an increasing number of actions...more

The Government's War Against Financial Industry Crimes Continues with a Record-Breaking Insider Trading Case, But It's Still Too...

The Department of Justice and Securities Exchange Commission loudly have trumpeted victories achieved in their renewed battle against insider trading and Wall Street malfeasance, repeatedly warning that there are more cases...more

FSA Fines Manager for Systemic Suitability Failings

On November 14, the UK Financial Services Authority (FSA) announced that it had fined Savoy Investment Management Limited (Savoy) £412,000 (approximately $653,000) for failing to take reasonable care to ensure the suitability...more

Plaintiffs’ Firms Gaining Steam in New Wave of Say-On-Pay Shareholder Suits?

Over two years ago, Congress enacted Section 951 of the Dodd-Frank Act, which requires public companies to conduct an advisory shareholder vote on the company’s executive compensation plan – the so-called “say-on-pay vote.”...more

First Year Anniversary of the Dodd-Frank Whistleblower Program: Not Much More than Paper

The Securities Exchange Commission’s Annual Report on the Dodd-Frank Whistleblower Program for Fiscal Year 2012 (the “Report”), released yesterday, reveals a number of things. The SEC has received a lot of tips, complaints,...more

Gabelli v. SEC,

Brief Of The CATO Institute As Amicus Curiae In Support Of Petitioners

Statutes of limitations exist for good reason: Over time, evidence can be corrupted or disappear, memories fade, and companies dispose of records. Moreover, people want to get on with their lives and not have legal battles...more

Amendment to Japanese Investment Management Regulations in Response to AIJ Incident

On October 12, 2012, in response to the recent AIJ scandal, the Financial Services Agency of Japan (the “Japanese FSA”) published a draft amendment to certain rules (“Draft Rules”) intended to revamp the regulation and...more

SEC Suffers Defeat in Trial Against “Break the Buck” Executives

A federal court jury in Manhattan returned verdicts on Monday, November 12, largely exonerating the two most senior Reserve Management Company executives in a Securities and Exchange Commission enforcement action accusing...more

Structured Thoughts -- Volume 3, Issue 13 -- November 13, 2012

In This Issue: EU Regulation on Short Selling: Impact on U.S. Issuers of Structured Notes - On November 1, 2012, the regulation (the “Regulation”) of the European Parliament and Council of the European Union on...more

FSA Issues Fines Totalling £250,000 for Transaction Reporting Failures

The FSA has fined two firms a total of £250,000 for failing to provide accurate and timely transaction reports to the FSA in respect of reportable transactions carried out....more

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