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SEC Names Recidivist, Claimed Country Music Fund Raiser, In Fraud Order

The Commission directed the institution of an administrative proceeding charging recidivist Stanley Jonathan Fortenberry, an unregistered fund adviser, with fraud in connection with the operation of a fund supposedly tied to...more

Eleventh Circuit Holds that Dodd-Frank Amendments to the Commodity Exchange Act Expand Enforcement Authority of CFTC

The US Court of Appeals for the Eleventh Circuit recently decided in a case of first impression that Amendments to the Commodity Exchange Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act expand the...more

Federal Government Steps Up Monitoring of Distressed Municipalities

Multiple news outlets have reported that the U.S. Treasury Department has created an Office of State and Local Finance tasked with monitoring the distressed local government sector of the municipal finance market. Kent...more

OSHA Releases Interim Dodd-Frank Whistleblower Regulations

OSHA recently released the interim final text of regulations implementing the whistleblower protection provision (Section 1057) in Dodd-Frank. The interim final regulations establish the timing and processes for handling...more

SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure...

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding...more

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

Did the IRS Just Help or Hurt the Bitcoin Economy?  [Video]

Apr. 1, 2014 -- Houman Shadab, Associate Professor at New York Law School, talks with Lee Pacchia about recent developments in the bitcoin economy....more

Second Circuit Upholds SEC’s Authority to Obtain Disgorgement from Non-Trading Insider Profits Earned by Portfolio Fund from...

In SEC v. Contorinis, 2014 U.S. App. LEXIS 2927 (2d Cir. Feb. 18, 2014), the United States Court of Appeals for the Second Circuit upheld the authority of the Securities and Exchange Commission (“SEC”) to obtain...more

Florida Regulator to Overhaul Securities and Investment Adviser Regulations

Pamela P. Epting, Director of the Division of Securities in the Florida Office of Financial Regulation, has announced a major reorganization and revision of the Division’s administrative rules and invited suggestions for...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

Brother Can You Spare $8.9 Billion? Making Sense of SEC Civil Money Penalties

If you or your company has ever been involved in a long SEC enforcement investigation, you’ve probably gone through the five stages of grief?denial that you did anything wrong, anger that the enforcement lawyers are pursuing...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

U.S. Administrative Law Judge Suspends Chinese Affiliates of “Big Four” Accounting Firms

In a surprising turn in the long-running and widely reported dispute between the Securities and Exchange Commission (“SEC”) and the Chinese affiliates of the “Big Four” accounting firms, on January 22, 2014, a U.S....more

"SEC Judge Issues Initial Decision Regarding Chinese Affiliates of the Big Four Accounting Firms"

On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more

Agencies Appear to Signal Retreat on CDO TruPS Issue

In the wake of the American Bankers Association’s lawsuit challenging the Volcker Rule’s treatment of collateralized debt obligations (CDOs) backed by trust preferred securities (TruPS), the Office of the Comptroller of the...more

Controversy over the Volcker Rule and Trust-Preferred CDOs

The banking industry’s recent challenge to the newly promulgated Volcker Rule focuses on collateralized debt obligations backed by trust-preferred securities (TruPS CDOs). Even though TruPS CDOs do not represent the kind of...more

CFTC Faces Court Challenge to Cross-Border Guidance

The Securities Industry and Financial Markets Association (“SIFMA”), International Swaps and Derivatives Association (“ISDA”), and Institute of International Bankers (“IIB”) filed a suit against the CFTC in the U.S. District...more

CLO Risk Retention: Late-Season Predictions

For college football fans, the regular season is drawing to an end, which means it is time for the pundits to start breaking out the bowl game predictions. Of course the experts never get it fully correct (who could have...more

SEC Adopts Final Rules for Municipal Advisors

The SEC issued final rules requiring the registration of municipal advisors in SEC Release No. 34-70462 (the “Release”). The rules implement Section 975 of the Dodd-Frank Act, which amended Section 15B of the Securities...more

SEC Releases Final Rule on Registration of Municipal Advisors

The U.S. Securities and Exchange Commission issued its final rule regarding registration and oversight of municipal advisors pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. Release 34-70462...more

Form 10s as Alternatives to Traditional IPOs – Interview with Bill Hicks, Member, Mintz Levin [Video]

Attorney Bill Hicks, Member of Mintz Levin's Corporate & Securities Practices, discusses the advantages of going public via a Form 10....more

Amendments to Financial Responsibility Rules for Broker-Dealers Impact Net Capital

On July 31, 2013, the Securities and Exchange Commission (SEC) announced amendments to Financial Responsibility Rules for Broker-Dealers (Release No. 34-70072; File No. S7-08-07). The rule amendments become effective October...more

Investing In Georgia: Economic Development Newsletter - August 2013

Welcome to King & Spalding's economic development news bulletin, Investing in Georgia. In this edition, you will find: - A Client Alert regarding recent SEC enforcement actions againsta School District - A new...more

Copy of the 21st Century Glass-Steagall Act of 2013

Full text copy of the 21st Century Glass-Steagall Act of 2013, introduced in the US Senate on July 11, 2013 by Senators Elizabeth Warren (D-MA), John McCain (R-AZ), Maria Cantwell (D-WA), and Angus King (I-ME). From Senator...more

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