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Prosecuting Individuals for Financial Crimes - Some Questionable Recent Ideas

The government must be very sensitive about all the criticism it has been getting, from Congress, some judges and others, for not prosecuting more individuals for financial crimes. Perhaps in response, senior government...more

Court Sets Aside SEC’s First Muni “Control-Person” Settlement

Earlier this month, the SEC used a “control-person” charge in a settled action against an elected municipal official in connection with municipal bond offering. Enforcement touted that “first” on the Monday after: “An...more

Ohio District Court Limits American Pipe Tolling Doctrine

The District Court for the Southern District of Ohio recently limited the American Pipe tolling doctrine in a fraud suit arising out of the sale of residential mortgage-backed securities (“RMBS”). Plaintiffs’ 2011 Ohio...more

First Department Affirms Dismissal of Ambac’s Contract Claims Against EMC

On October 16, the Appellate Division, First Department of the Supreme Court of New York affirmed the dismissal of Ambac Assurance Corporation’s breach of contract claims against EMC Mortgage arising out of an RMBS...more

There’s No Place Like Home: The Constitutionality of the SEC’s In-House Courts

Until recently, it was extremely rare for the SEC to bring enforcement actions against unregulated entities or persons in its administrative court rather than in federal court. However, as a result of the Dodd-Frank Act (and...more

Investment Adviser Challenges Constitutionality of SEC Administrative Proceedings

A registered investment adviser and its principal recently sued the Securities and Exchange Commission for declaratory and injunctive relief to stave off an imminent administrative enforcement action, alleging that the tenure...more

Corporate and Financial Weekly Digest - Volume IX, Issue 41

In this issue: - ISS Releases 2015 Draft Voting Policy Changes for Comment - SEC Investor Advisory Committee Releases Recommendations on Changes to Accredited Investor Definition - FINRA Proposes to...more

Oxfam America Takes A Stand, But Does It Have Standing?

Recently, I wrote about Oxfam America’s new lawsuit against the Securities and Exchange Commission for failing to adopt a final rule implementing Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. ...more

"State Parties File Legal Challenge Against SEC Rule 206(4)-5"

On August 7, 2014, the New York and Tennessee state Republican parties brought suit against the Securities and Exchange Commission (the SEC), challenging Rule 206(4)-5 (the rule). Specifically, the complaint seeks an...more

SEC Gives Itself the Home Court Advantage in an Accounting Fraud / Internal Controls Action Against a Corporate CEO

An otherwise mundane SEC announcement on July 30, 2014 of an enforcement action charging a public company CEO and CFO with accounting fraud and internal controls violations is significant because the SEC is proceeding against...more

ACE Files Complaint Re-Asserting Repurchase Claims Dismissed by the First Department

On June 18, trustee HSBC filed suit on behalf of ACE Securities Corp. Home Equity Loan Trust Series 2006-SL2 against DB Structured Products, Inc., a Deutsche Bank Subsidiary, in New York state court. The complaint attempts to...more

Fourth Circuit Holds Supreme Court’s Janus Ruling Not Applicable in Criminal Cases

The Fourth Circuit Court of Appeals this week rejected the bid of a securities lawyer to vacate his guilty plea on the ground that the conduct to which he pled guilty was no longer criminal under the U.S. Supreme Court’s...more

BVI Business Company Records – What, Where and Why

A BVI Business Company (BC) has a separate legal personality from its members and over the course of its life the activities which it undertakes are recorded in documents that were created or entered into on its behalf. The...more

SEC Issues Statement on Conflict Minerals Rule

On April 30, 2014, the U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance issued a statement on Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the conflict minerals...more

Banking & Financial Services E-Note

In This Issue: - Appeals Court Says Dodd-Frank Clause Violates 1st Amendment - Basel Committee Eases Derivatives Rule for Banks - CFPB Revises International Money Transfer Rule - AG Seeks More Enforcement...more

Congressional Leaders Tell Mary Jo White To Implement Conflict Minerals Rules Now

In a letter to the SEC Chair, Mary Jo White, Senator Edward J. Markey and a group of other Member of Congress urged the financial oversight agency to implement the rule requiring due diligence and reporting requirements on...more

Corporate and Financial Weekly Digest - Volume IX, Issue 16

In this issue: - US Court of Appeals for the District of Columbia Circuit Partially Invalidates Conflict Minerals Rule - FINRA Proposes Rule 2081 to Prohibit “Bargained-For” Expungements - SEC Issues FAQs...more

Reining In Overbroad Criminal Subpoenas – Is Some Relief In Sight?

In the wake of the national financial crisis, both the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) publicly committed themselves to enhanced enforcement of federal financial laws...more

Legal Highlights in Puerto Rico’s “Draft POS” for Upcoming General Obligation Bond Issue

Although Puerto Rico’s much-discussed sub-investment grade general obligation bond issue is not yet being marketed via an official preliminary official statement, it appears that a draft POS has been making the rounds. The...more

7 Tips For Handling A FINRA Investigation Of A Financial Advisor

Facing an examination or investigation by the Financial Industry and Regulatory Authority (FINRA) can be a stressful and intimidating experience for even the most seasoned financial advisor. Understanding the oversight role...more

Conflict Minerals Update: D.C. Circuit Hears Oral Arguments

In the Dodd-Frank Act of 2010, Congress required the Securities and Exchange Commission (SEC) to adopt a rule requiring transparency and disclosure regarding the use of “conflict minerals” sourced from the Democratic Republic...more

Financial Reform Group Files Suit Challenging Largest DOJ RMBS Settlement

On February 10, Better Markets, a public interest non-profit organization, announced the filing of a lawsuit in the U.S. District Court for the District of Columbia challenging a November 2012 settlement obtained by the DOJ...more

Judges Sharply Question SEC On Conflict Minerals Rule

Shortly after the Securities and Exchange Commission (“SEC”) adopted its conflict minerals disclosure rule in August 2012, a coalition of business interests filed suit to challenge the SEC’s rule as unduly burdensome. That...more

Second Circuit Says Injured Investors Lack Standing to Challenge Release of Fair Funds to US Treasury

The US Court of Appeals for the Second Circuit recently held that injured investors, who had already recovered some of their losses due to certain specialist firms’ “manipulative tactics,” lacked standing to challenge the...more

Corporate and Financial Weekly Digest - November 15, 2013

In this issue: - SEC Division of Corporation Finance Issues 11 New C&DIs - Register for Our 2014 Proxy Season Update Webinar - CFTC Issues Cross-Border Transactions Advisory - CFTC Issues Guidance...more

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