Corporate and Financial Weekly Digest - November 11, 2011


In this issue;

- House Approves Bills Providing Crowdfunding and Solicitation Exemptions

- SEC Approves New Exchange Rules to Toughen Listing Standards for Reverse Merger Companies

- Court Addresses Appropriate Procedure for Lead Plaintiff Appointment

- DOL Finalizes Investment Advice Guidance for 401(k) Type Plans

- Change in Virtual Data Room Used by the FDIC When Marketing Failing Financial Institutions

- Consumer Financial Protection Bureau To Identify and Eliminate Unnecessary and Burdensome Regulations

- FinCEN Issues FAQs Related to Prepaid Access Rule

- FSA Fines Private Investor $9.6 million for Market Abuse

An excerpt from FSA Fines Private Investor $9.6 million for Market Abuse;

On November 9, the UK Financial Services Authority (FSA) announced that it had fined Rameshkumar Goenka (Goenka), a Dubai based private investor, $9,621,240 for manipulating the closing price of Reliance Industries (Reliance) securities on the London Stock Exchange (LSE).

The $9,621,240 fine is the largest ever imposed by the FSA on an individual for market abuse. It comprises a penalty of $6,517,600 and a restitution element of $3,103,640. The FSA has stated that the restitution element will be used to reimburse the counterparty which overpaid Goenka that sum as a result of his market abuse.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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