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Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We learned about Navient and its allegedly trouble-filled student-loan servicing practices yesterday. Turns out the issues are not only long-standing, but they bear similarities to the mortgage-lending issues that were at...more

Carrots, Corruption & Compliance

In part one of a two-part interview, Frank Brown, Value Chain and Anti-Corruption Program Team Leader at the Center for International Private Enterprise (CIPE), addresses a CIPE paper “Anti-Corruption Compliance, A Guide for...more

SEC Brings First Action under Dodd-Frank Municipal Advisor Antifraud Rules

Two California-based municipal advisory firms and their executives have agreed to settle SEC charges that they used deceptive practices when soliciting the business of five California school districts....more

Tough Exams for Investments in the Education Sector

by Latham & Watkins LLP on

The growth of private spending on education presents an opportunity for private equity. While public spending on education in the OECD as a proportion of gross domestic product decreased slightly between 2003 and 2012, the...more

FCPA Compliance and Ethics Report-Episode 215-Bill Waite on the Compliance Horizon Report

by Thomas Fox on

In this episode I visit with Bill Waite, CEO of the Risk Advisory Group on their recent Compliance Horizon Report...more

FINRA Proposes New TRACE Data Set

by Burr & Forman on

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

by Shearman & Sterling LLP on

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 Commissioner Wonders Whether Harvard Violated Securities Laws

SEC Commissioner Daniel M. Gallagher and Joseph A. Grundfest, Stanford Law School, Rock Center for Corporate Governance, have just published a paper titled “Did Harvard Violate Federal Securities Law? The Campaign Against...more

SEC Announces First Settled Proceeding Against Municipal Issuer under MCDC Initiative

by Burr & Forman on

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’s First Action Under the Municipalities Continuing Disclosure Cooperation Initiative

by Dorsey & Whitney LLP on

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

Common Issues Related to the Sale of Gifted Stock

by Saul Ewing LLP on

One of the more challenging aspects of managing a development office at a college or university is managing the sale of a gift of company stock. While there is no set criteria for determining when to accept such a gift, or...more

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

by Holland & Knight LLP on

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

by King & Spalding on

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

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

by Burr & Forman on

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

Weglarz v. JP Morgan Chase Bank, N.A., and National Collegiate Trust

Complaint--Class Action

by Christine Kingston on

National Collegiate Student Loan Trust is being sued on a class action basis for its improper, fraudulent use of the LIBOR index on its promissory note private student loans. This is just another defense of contract when...more

Cleaning Up Past Offerings to Investors

Many offerings to investors require that forms be filed with one or more securities agencies within 15 days of the first sale. Still, even if the forms were not filed on time, it’s often possible to file them even though...more

The Academics Are Just Plain Wrong: The Trust Is Not a Contract

by Charles E. Rounds, Jr. on

Since the 1960s, the trust has been under attack on two fronts in the American law school. First, the traditional Trusts course has been down-graded to elective status, a misguided curricular “reform” that Charles E. Rounds,...more

It's Only a Matter of Degree--Companies Find Trouble in Publicizing the Educational Backgrounds of Officers

by Allen Matkins on

Many companies disclose the educational achievements of their directors, officers and key employees. These disclosures can be found on company websites, in company press releases and in filings made with the Securities and...more

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