Securities

News & Analysis as of

FINRA Announces and Publishes Its Sweep of Order Routing Practices

FINRA announced this week that it is conducting a review of its member firms’ order-routing processes and procedures and the execution quality of customer orders in exchange-listed stocks. We previously reported in this...more

SEC Charges Auditor of PRC Firm With Unprofessional Conduct

The Commission filed another proceeding against an audit firm and its partners arising out of the audit of a PRC issuer. Unlike earlier actions involving audit firms for Chinese issuers, in this case the difficulties did not...more

NASAA Seeks Comment on a Model Rule for Electronic Blue Sky Filings

The North American Securities Administrators Association, Inc. (NASAA) posted a web notice requesting comment on model rules that would provide for electronic filings with the states of Form D and other state securities...more

Treasury Department Announces Effort to Revive Private Label Securities Market

On June 26, the Department of the Treasury announced an effort to revive the residential mortgage-backed private label securities market to improve the overall efficiency of the U.S. housing finance system. ...more

SEC Announces Order for Tick Size Pilot Plan to Assess Impact on Market Quality for Small Cap Companies

On June 25, the SEC announced that it has ordered the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) to act jointly to develop and file with the Commission a national market system plan...more

Illinois Supreme Court Debates Damages Measures for Malpractice in Securities Cases

Our reports on the oral arguments from the May term of the Illinois Supreme Court continue with Goldfine v. Barack, Ferrazzano, Kirschbaum and Perlman. Goldfine poses a number of issues about legal malpractice actions arising...more

Reverse Churning

It is obvious that broker-dealers and their registered representatives, as well as investment advisors, must be careful in making recommendations to their clients. But the rise of claims related to inaction in a client...more

U.S. Treasury’s Benchmark TIC SHL Survey and Implications for Investment Managers

In August 2014, the U.S. Department of the Treasury (Treasury) and the Federal Reserve Bank of New York (FRBNY) will conduct a benchmark survey of foreign holdings of U.S. issuers’ securities on Treasury International Capital...more

Swim in the dark pool at your own risk

A ‘dark pool’ may sound like the newest trend in tropical holiday hotspots, but what it is, is actually far less exotic. Barclay’s, the famous British bank, is being accused of giving high-frequency trading clients an...more

SEC Announces Order for Tick Size Pilot Plan

On June 25, 2014, the Securities and Exchange Commission (the “SEC”) announced that it had ordered the national securities exchanges and the Financial Industry Regulatory Authority, Inc. (“FINRA”) to act jointly to develop...more

Corporate and Financial Weekly Digest - Volume IX, Issue 26

In this issue: - Delaware Fee-Shifting Legislation Delayed - SEC Orders Securities Exchanges and FINRA to Develop Tick Size Pilot Plan - CFTC Extends Relief to FCMs from Certain Commingling...more

This Week In Securities Litigation (Week ending June 27, 2014)

The Supreme Court handed down its much anticipated decision in Halliburton. While the Court declined to overrule Basic and its presumption of reliance based on the fraud-on-the-market theory, it did alter existing practice....more

SEC Orders Tick Size Pilot Program

The SEC has announced that it ordered the national securities exchanges and the FINRA to develop and file a plan to implement a targeted 12 month pilot program that will widen tick sizes for specified small-cap stocks. The...more

A Committee of Fund Manager Personnel May Not Be Able to Provide the Requisite Consent on Behalf of the Fund for a Principal...

Fund managers may wish from time to time to conduct, or for their principals or affiliates to conduct, securities transactions opposite the fund. The Advisers Act prohibits such transactions – called “principal transactions”...more

Structured Thoughts: Volume 5, Issue 5 - June 25, 2014

In This Issue: - The 1996 Morgan Stanley Letter: Re-imagined at the Age of 18 - Structured CDs – Goodbye Regulation DD, Hello Regulation DD - FCA Issues Fine in Relation to Structured Product...more

Crowdfunding: What is it and Where is it Going?

On May 7, 2014, a group of four experts (Frank Williams, Four Bridges Capital; Gene Wright, Georgia Crowdfunding Association; Phil Shmerling, InCrowd Capital; and Zan Nicolli, Dickinson Wright) gathered via conference call...more

RBS Settles with FHFA for US$99.5 Million

On June 19, the Federal Housing Finance Agency (FHFA) and RBS Securities Inc. (RBS) announced a US$99.5 million settlement of claims that FHFA brought against RBS in a case against a number of financial institutions in the...more

SEC Orders Exchanges and FINRA to Submit Tick Size Pilot Program

The SEC has ordered registered securities exchanges and FINRA to submit a tick size pilot program within 60 days. The order specifies that the control group will be quoted at the current tick size increment, $0.01 per share,...more

Doing Business in Canada - Securities Regulation

SECURITIES REGULATION - The principal stated purpose of Canadian securities legislation is to preserve the integrity of capital markets and to protect the investing public. In Canada, there is not yet federal...more

Impact of the New PRC Cross-Border Security Regulations on Debt Financing

On May 12, 2014, the State Administration of Foreign Exchange (“SAFE”) of the People’s Republic of China (the “PRC”) issued a notice on the Issuance of Administration Rules of Foreign Exchange on Cross-border Security (the...more

Dodd-Frank Anti-Retaliation Provision Limited To Complaints About Securities Laws

The U.S. District Court for the Eastern District of Wisconsin ruled that an Illinois-based bank employee could not state a claim under the whistleblower protection provision in Dodd-Frank because his complaints alleged...more

Commissioner Rings Pension Fund Tocsin

In a speech given late last month, SEC Commissioner Daniel M. Gallagher warned that “for years, state and local governments have used lax governmental accounting standards to hide the yawning chasm in their balance sheets.” ...more

Why Startups Are Stepping on the Brakes Despite SEC Giving Green Light to General Solicitation

In September 2013, the SEC significantly relaxed restrictions that had been in place for over 80 years on companies’ ability to advertise for investors. The old rule, generally referred to as the “ban on general...more

Second Circuit Applies “Morrison” to Reject “Listing Theory”

On May 5, 2014, the U.S. Court of Appeals for the Second Circuit decided City of Pontiac v. UBS AG, affirming the dismissal of a securities fraud complaint against UBS and holding that the Supreme Court's decision in Morrison...more

The Friends & Family Dilemma: Should Your Start-Up Call On Them for Financing?

It is tempting. It is difficult to raise funds from angels and VCs, especially when most of what you have is just an idea. I get it. Friends and family are right there, they have known you for a long time, your whole life....more

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