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SEC Annual Report: Thousands of Tips, One Award & Minimal Transparency

In its Annual Report on the Dodd-Frank Whistleblower Program (Report), the SEC has revealed that it has received 3,001 tips during its 2012 fiscal year (the first year of this program), and it paid out its first award to a...more

SEC Releases Whistleblower Program’s 2012 Annual Report

On November 15, 2012, the Securities and Exchange Commission (“SEC” or the “Commission”) released its Annual Report on the Dodd-Frank Whistleblower Program (the “Report”). The Report – which was prepared by the Commission’s...more

Shoot First and Ask Questions Later: Financial Regulators’ Use of Their Emergency Enforcement Powers

Originally published in the November/December 2012 issue of the Financial Fraud Law Report. In the era of “real-time enforcement,” financial regulators repeatedly preach the importance of bringing an alleged malfeasor...more

SEC Releases First Full-Year Report on the Dodd-Frank Whistleblower Program: No Speedy Recoveries for Whistleblowers

On November 15, 2012, the Securities and Exchange Commission released its Fiscal Year 2012 Annual Report on the Dodd-Frank Whistleblower Program (the “Report”), the first full-year report issued since the enactment of...more

SEC Releases First Full-Year Report on the Dodd-Frank Whistleblower Program: No Speedy Recoveries for Whistleblowers

On November 15, 2012, the Securities and Exchange Commission released its Fiscal Year 2012 Annual Report on the Dodd-Frank Whistleblower Program (the “Report”), the first full-year report issued since the enactment of...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

Motions to Dismiss FHFA’s Claims in Two Actions Granted in Part and Denied in Part

In two separate orders, Judge Cote of the Southern District of New York granted in part and denied in part motions to dismiss claims brought by the FHFA arising out of Fannie Mae’s and Freddie Mac’s alleged purchase of (1)...more

SEC Rejects Request to Stay New Extractive Industry Transparency Rule

On November 8, the Securities and Exchange Commission (“SEC”) rejected a request by industry groups to stay new regulations requiring disclosure of payments to governments relating to oil, gas, and mining projects. The...more

SEC Rejects Stay of Resource Extraction Rules

On November 8, 2012, the SEC rejected a motion to stay the resource extraction rules pending outcome of litigation challenging the validity of the rules....more

Alternative Trading System Agrees to Pay $800K for Failure to Protect Confidential Information

Earlier this month, the Securities and Exchange Commission (“SEC”) instituted public administrative and cease and desist proceedings against eBX, LLC (“eBX”), a broker-dealer registered with the SEC. eBX operates LeveL ATS,...more

SEC’s Conflict Minerals Rule Challenged

On October 19, 2012, the National Association of Manufacturers and the U.S. Chamber of Commerce petitioned the D.C. Circuit Court of Appeals to request that the SEC’s scheme of disclosure related to so-called “conflict...more

Court Vacates New CFTC Position Limit Regulations

In a widely reported decision, on September 28, 2012 the federal District Court for the District of Columbia vacated the Commodity Futures Trading Commission’s (“CFTC”) regulations imposing position limits on speculative...more

ISDA and SIFMA Win Summary Judgment on Challenge to CFTC Position Limits Rule

The United States District Court for the District of Columbia granted summary judgment for plaintiffs International Swaps and Derivatives Association (ISDA) and Securities Industry and Financial Markets Association (SIFMA),...more

Judicial Developments: CFTC Position Limits Rule Struck Down by the Courts

On September 29, 2012, the US District Court for the District of Columbia struck down the position limits rule promulgated by the Commodity Futures Trading Commission ("CFTC") that would have gone into effect October 12,...more

District Court Rejects CFTC Rule on Position Limits, for Now

On September 28, 2012, in the case of International Swaps and Derivatives Association v. U.S. Commodity Futures Trading Commission, the District Court for the District of Columbia (the "Court") ruled that the Commodity...more

Finding Ambiguity – The Future Of Mandatory Rule Making Under The Dodd-Frank Act

When Congress says that an agency “shall” adopt a rule, is there any room for discretion on the part of the agency? That was the question for U.S. District Court Judge Robert L. Wilkins in International Swaps & Derivatives...more

Court Vacates CFTC Position Limits Rules

Last Friday, September 28th, the U.S. Federal District Court in Washington, D.C. (“Court”) struck down the commodity speculative position limit rulemaking that the U.S. Commodity Futures Trading Commission (“CFTC”) had...more

Court Vacates CFTC’s Position Limits Rule

The CFTC’s final rule on position limits with respect to derivative contracts in 28 different physical commodities has been vacated and remanded back to the agency. Spot month limits under the rule had been set to go into...more

A Bad Bill Becomes Law When There Is More Interest In Enacting A Fix Than Fixing the Problem

In 2002, the Legislature enacted AB 55 creating the victims of corporate fraud fund. Since the fund was created, it has collected about $15 million and nearly 800 claims have been submitted. In a devastating article...more

How to Leverage SEC Whistleblower Rules: Seven Steps to Incentivizing Internal Reporting

The SEC whistleblower program, implemented under Section 922 of the Dodd-Frank Act, is primarily intended to reward individuals who act early to expose violations and who provide significant evidence that helps the SEC bring...more

Richman v. Goldman Sachs Group – Disclosure of Wells Notices

When a public company is notified by the SEC that the SEC has initiated an investigation of potential securities law violations by the company, the company must confront challenging disclosure issues. Should the commencement...more

Lessons Learned for the SEC from the False Claims Act and Whistleblowers

If you want to see how the SEC’s whistleblower program may look in a few years, all you need to do is take a look at the False Claims Act and the role that whistleblowers play in the enforcement of the...more

Petitioning the Securities and Exchange Commission

The Securities and Exchange Commission makes available on its website information on how members of the public may request that the Commission issue, amend or repeal a rule of general application. Not too many people take...more

Upper Tribunal Upholds FSA Decision to Ban and Fine Former UBS Advisers

The Upper Tribunal (Tax and Chancery Chamber) has upheld an FSA decision to ban and fine two former UBS advisers in relation to an unauthorised trading scheme. The FSA were directed to fine Sachin Karpe £1.25 million and...more

ICI and Chamber of Commerce Challenge CFTC Amendment to Rule 4.5

On April 17, the Investment Company Institute and the U.S. Chamber of Commerce filed a complaint challenging the Commodity Futures Trading Commission’s recent changes to its Rule 4.5, which governs registration of registered...more

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