Bank of America Tries Excuse They Often Scoff at in Fraud Suits Filed by DOJ, SEC
FINRA recently filed a proposed rule change with the US Securities and Exchange Commission (SEC) on November 12, 2021 that would seek to once again delay the effective date of changes to FINRA Rule 4210 that were previously...more
On Friday, May 7, 2021, the Financial Industry Regulatory Authority (FINRA) filed a proposal with the Securities and Exchange Commission (SEC) to amend the provisions of a yet-to-become effective version of FINRA Rule 4210...more
Bass, Berry & Sims attorney Chris Lazarini reviewed a case questioning whether privity exists between officers of the United States if, in the earlier litigation, the representative of the government had authority to...more
Earlier this month, staff of the Securities and Exchange Commission (SEC) published guidance that encourages market participants to move away from LIBOR (the Staff Statement). The interest benchmark rate is expected to...more
A recent action where the SEC focused on the presumably conservative undervaluation of assets suggests that it is more than willing to use valuation as a hook to deter “smoothing” of returns. As we previously noted, while the...more
The staff of the Securities and Exchange Commission (“SEC”), in recognition of the evolution of the real estate business over the past 70 years, has been incrementally expanding the scope of a “qualifying asset” for purposes...more
Late last month the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed with the Securities and Exchange Commission (“SEC”) a proposed rule change to delay until June 2018 the implementation date of certain...more
On May 15, 2017, the Securities and Exchange Commission sued two commercial mortgage backed securities (“CMBS”) traders for securities fraud allegedly committed while buying and selling CMBS on behalf of a large broker-dealer...more
The long ordeal of two former employees of State Street Bank and Trust Company appears to have come to an end. Initially charged by the SEC with making false statements in the mist of the market crisis, the Administrative Law...more
NY state regulators have tagged Barclays with an extra $150 million in fines for its role in a Forex-manipulation scandal that’s already cost the bank $2.4 billion – NYTimes and Law360... As expected, the minutes from...more
A recent decision from the U.S. District Court for the Southern District of New York concludes that the manner in which Administrative Law Judges (“ALJs”) of the U.S. Securities and Exchange Commission (“SEC”) are appointed...more
The reproposed amendments to Rule 4210 attempt to address commenters’ concerns that the original proposed rule would impact business activity in the TBA market....more
Introduction - A recent decision from the U.S. District Court for the Southern District of New York concludes that the manner in which Administrative Law Judges (“ALJs”) of the U.S. Securities and Exchange Commission...more
On Monday, August 3, 2015, Pacific Investment Management Co. LLC (Pimco) announced that it had received a Wells notice from the Securities and Exchange Commission concerning the valuation of certain nonagency mortgage-backed...more
The Restructuring Mid-Summer Review: Europe and the Emerging Markets - For those focused on the debt restructuring market, the Greek sovereign crisis (covered extensively in our recent updates1) has drowned out news of...more
Returning to an enforcement priority repeatedly articulated over the years, the SEC recently imposed sanctions on a registered investment advisory firm and two principals arising out of an alleged scheme to inflate the...more
As time goes by we start to get close to the first of two risk retention effective dates; December 24, 2015 for residential product and everything else looming December 24, 2016 (does anyone really think a Christmas Eve...more
European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more
Standard & Poor’s Ratings Services was named as a Respondent in three settled administrative proceedings by the SEC. Each is tied to the Rating Services’ role in the conduit/fusion Commercial Mortgage Backed Securities market...more
Cybersecurity, Potential Equity Order Routing Conflicts and AML Among the Top Examination Priorities for SEC in 2015 - The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations...more
This is our fifth annual Golden Turkey Awards at CrunchedCredit. It just gets easier and easier. There are simply so many worthy contenders for an award this year. You know, we don’t stop and take a moment often enough to...more
On October 22, 2014, six federal agencies approved a final rule requiring sponsors of asset securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the...more
Six federal agencies approved on October 22 a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall...more
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Housing and Urban Development, Federal Housing Finance Agency, and...more
On August 21, 2014, the United States Department of Justice announced a record 16.65 billion dollar agreement to resolve civil claims alleged against Bank of America for improperly concealing the risks of mortgage-related...more