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Financial Services Weekly News Roundup - October 2014

Editor’s Note: Spotlight on the Federal Reserve and CSBS 2014 Community Banking Report. On September 24 the Federal Reserve and the Conference of State Bank Supervisors (CSBS) announced the release of their report,...more

The Financial Report - Volume 3, No. 19 • October 2014 (Global)

News from the Americas - Securities enforcement by state regulators. The US North American Securities Administrators Association published its annual enforcement survey. It noted a significant increase in the amount of...more

This Week In Securities Litigation

As the government fiscal year drew to a close, the SEC continued what appears to be an emerging trend of filing insider trading actions as administrative proceedings rather than civil injunctive actions in Federal Court. The...more

Insider Trading Restrictions – Recent Decision by the Bureau de décision et de révision

On September 19, 2014, the Bureau de décision et de révision (BDR) granted a request by the Autorité des marchés financiers (AMF) for an administrative penalty of $9,000 against Jacques Gauthier (Gauthier), who was President...more

The SEC In the Office Fails To Deter Insider Trader

The theory of “broken windows,” the enforcement approach being pursued by the SEC, is that prosecuting all violations large and small creates deterrence. That comes from a kind of omnipresence, or a cop on the beat impact. In...more

This Week In Securities Litigation

The Second Circuit upheld SEC Rule 10b-5-2 which defines certain types of relationships as the predicate for insider trading. In reaching its conclusion the Court rejected an argument that an insider trading claim must be...more

Third Circuit Rejects Claim that Fiduciary Duty Required For Insider Trading

Insider trading cases frequently turn on the nature of the relationship between the trader and the person who is the source of information. The breach of that relationship of trust and confidence can supply the statutory...more

FINRA Sanctions a Broker for Violating Japanese Insider Trading Law

On July 2, 2014, FINRA announced that it barred a former equity trader from the securities industry based on its finding that he violated Japanese insider trading law by trading in the securities of a Japanese company listed...more

What Are the Regulators Thinking?

Recently the New England Chapter of the National Association of Corporate Directors presented a distinguished panel of current and former securities regulators discussing enforcement and governance issues facing boards of...more

SEC ramping up their defences against misconduct

In a recent interview with the director of the Securities and Exchange Commission’s enforcement division, Andrew Ceresney, he noted that the biggest challenge they face is seckeeping up with the “increased complexity of […]...more

This Week In Securities Litigation (Week ending May 30, 2014)

In a holiday shortened week, the SEC filed actions based on the malfeasance at a transfer agent, financial fraud, insider trading and investment fund fraud. The action involving the transfer agent stems from an inspection and...more

Cooperation Pays in Insider Trading Enforcement and Sentencing

In This Issue: - Overview - Insider Trading Law - Insider Trading Penalties - Cooperating with the Government - Cooperating with the Department of Justice - Cooperating with the Securities and Exchange...more

This Week In Securities Litigation (Week ending May 16, 2014)

The Commission got split decisions in court this week. It prevailed in one high profile trial, obtaining a jury verdict in its favor. It lost a significant summary judgment motion regarding the statute of limitations...more

Making the Most of Compliance and Ethics Week

This week, ethics and compliance departments at organizations across the country will celebrate Corporate Ethics and Compliance Week, an opportunity to highlight the essential connection between business integrity and ethics....more

The SEC Will Take “Your” Money, Thanks

So let’s say you work for a hedge fund or some other financial institution that engages in proprietary trading , and you’re inclined to do some insider trading on your employer’s behalf. You make your trades, but you’re a...more

Corporate and Financial Weekly Digest - Volume IX, Issue 9

In this issue: - CFTC Issues Advisory on Compliance with Gramm-Leach-Bliley Act Security Safeguards - SEC Issues Guidance on Aggregate Advisory Fee Rates for Multi-Manager Funds - Supreme Court Rules that...more

The Ins and Outs of Insider Trading (Part 2 of 2)

In our earlier client update on 4 February 2014 (click here to view) we: - outlined the nature and scope of the insider trading prohibition under the Corporations Act; and - highlighted the extent of ASIC's...more

New FINRA Supervision Rules Impact Broker-Dealers’ Insider Trading Procedures and Supervisory Controls

Financial Industry Regulatory Authority (FINRA) rules require member firms to establish and maintain a system of written procedures to supervise the activities of its members. On December 23, 2013, the SEC approved new FINRA...more

This Week In Securities Litigation (The week ending January 17, 2014)

The high profile insider trading trial of Matthew Martoma moved forward in New York this week with testimony on behalf of the prosecution. The SEC and four other agencies joined in granting relief from a provision of the...more

SEC Collects Record $3.4 Billion in 2013 Enforcement Actions

The Securities and Exchange Commission (SEC) announced that it levied a record $3.4 billion in sanctions in its fiscal year 2013 ending September 30, 2013. This is an increase of 10% from the previous year, augmented by a...more

This Week In Securities Litigation (The week ending January 10, 2014)

The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more

Insider Trading Annual Review - 2013

Looking Back - 2013 witnessed several long-anticipated developments in the world of insider trading, punctuating another year of aggressive enforcement in the United States and abroad. After years of pursuit, the...more

The SEC: The Future Path of Enforcement

SEC Enforcement is in transition. The agency has a new Chair, new Commissioners and a new Director of the Division of Enforcement. Aggressive new approaches have been outlined, building on the notion that the enforcement...more

Robocop On The Beat: What The SEC’s New Financial Reporting And AQM Initiative May Mean For Public Companies

Since her confirmation as Chair of the U.S. Securities and Exchange Commission (“the SEC”), Mary Jo White has made clear that her administration will focus on identifying and investigating accounting abuses at publicly traded...more

Is Exercising Employee Stock Options Illegal Insider Trading? Maybe

Amidst the flurry of Securities and Exchange Commission (SEC) cases involving improper employee stock option backdating several years ago, many commentators opined on the potential insider trading implications of companies'...more

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