Finance & Banking Education Securities

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FINRA Proposes New TRACE Data Set

The Financial Industry Regulatory Authority (FINRA) announced last week that it is seeking comment on a proposal to create a new academic Trade Reporting and Compliance Engine (TRACE) data set. While academic researchers...more

Keeping Marblegate in Perspective: Implications for Debt Restructurings, Indenture Amendments and New Bond Issues

Involuntary debt restructurings that have the effect of impairing a bondholder’s right to receive payment may violate the Trust Indenture Act. This was recently held in the Marblegate/Education Management Corp. bondholder...more

SEC Sues For-profit College Over Alleged Loan Fraud

A major for-profit education corporation is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) because of allegedly fraudulent activity by the company’s chief executive officer and chief financial...more

SEC Files Fraud Action Centered on Student Loans

Student loans, and the debt burdening many students at graduation, is an important political topic. It is not generally a subject for the Securities and Exchange Commission. Nevertheless, at the center of is most recent...more

Rating Agency Developments

On April 23, Fitch released its updated criteria for rating operational risk of U.S. servicers of RMBS and small balance commercial securities. On April 23, Fitch released its updated criteria for rating operational risk of...more

Deadlines Applicable to Colleges and Universities Approaching for Participation in SEC’s Continuing Disclosure Cooperation...

On March 10, 2014, the Securities and Exchange Commission (“SEC”) announced a voluntary self-reporting program for issuers and underwriters of municipal bonds for reporting of inaccurate statements made in offering documents...more

SEC Announces First Settled Proceeding Against Municipal Issuer under MCDC Initiative

The SEC announced July 8 its first settled administrative proceeding against a municipal issuer under its Municipal Continuing Disclosure Cooperation (“MCDC”) Initiative. In its Order, the SEC charged Kings Canyon Joint...more

SEC Resolves First Case Under New Municipalities Continuing Disclosure Cooperation Initiative

On July 8, 2014, the SEC announced that it had settled charges that a school district in California misled bond investors about its failure to comply with its continuing disclosure obligations under Rule 15c2-12 of the...more

SEC’s First Action Under the Municipalities Continuing Disclosure Cooperation Initiative

The SEC settled its first action under the Municipalities Continuing Disclosure Cooperation Initiative, launched on March 10, 2014. Under the Initiative the Enforcement Division agreed to recommend settlement on favorable,...more

Are Misstatements In A Form 10-K Actionable By The California Attorney General?

Last week, the California Attorney General Kamala D. Harris announced that she had filed a complaint for civil penalties, permanent injunction and other equitable relief against Corinthian Colleges and three of its school...more

In a First, SEC Charges Indiana School District and Municipal Bond Underwriter with Fraud

The Securities and Exchange Commission (SEC) on July 29, 2013 charged a school district in Indiana and its municipal bond underwriter with falsely stating to bond investors that the school district had been properly providing...more

West Clark Community Schools Cease and Desist Order— SEC Enforcement of Rule 15c2-12

On July 29, 2013, the SEC entered a pair of Cease and Desist Orders against West Clark Community Schools (the “School District”) and Citi Securities, the underwriter of certain municipal bonds issued by the School District...more

SEC Fraud Charges Against School District Demonstrate Increased Focus on Disclosure Compliance by Municipal Issuers

On July 29, 2013, the Securities and Exchange Commission announced that it had charged an Indiana school district and its underwriter with securities fraud for falsely stating in a 2007 offering document that the issuer was...more

Banking & Financial Services E-Note - March 28, 2013

In This Issue: - Global Banking Group Calls for Several Rates to Replace Libor - U.S. Applies Money-Laundering Rules to "Virtual Currencies" - SEC Says Big Banks Don't Have to Hold Shareholder Break-Up Votes -...more

Bill on Bankruptcy: Delaware to Continue Dominating Bankruptcy  [Video]

Feb. 6 (Bloomberg) -- The dominance of Delaware and New York bankruptcy courts is secure for another two years, for reasons Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle explain on their...more

How far would you go for success

White Collar Crime; Jerome Kerviel; Graduate recruitment; Risk Management; Nick Leeson; Risk management is built around greed. White collar criminals are uncovered due to excessive greed, or incompetence in the pursuit of...more

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