Stock Trades

News & Analysis as of

SEC Says Fantasy Stock Trading Violates Securities Laws; Charges Others for Selling Illegal Security-Based Swaps

The SEC issued an Investor Alert which says fantasy stock trading for small amounts of money can violate provisions of securities laws implemented by the Dodd-Frank Act. I bet the Congressional drafters of these provisions...more

Blog: A Hug Before They Both Exit: Commissioners Aguilar And Gallagher Present Joint Recommendations For New Transfer Agent Rules

Here’s a novel pairing: SEC Commissioners Aguilar and Gallagher, both of whom are scheduled to leave their posts at the SEC, issued a joint statement on June 11th about the need to modernize the SEC’s transfer agent rules,...more

SEC Approves Pilot to Assess Tick Size Impact for Smaller Companies

On May 6, the Securities and Exchange Commission approved a proposal by the national securities exchanges and the Financial Industry Regulatory Authority to implement a two-year pilot program that widens the permissible...more

CFTC Proposes Changes to Trade Option Rules for End Users

The CFTC has proposed several important changes that would alleviate the reporting and recordkeeping obligations of end users with respect to trade options (or provide by rule certain relief currently only available under...more

SEC Sanctions Two Exchanges for Failing to Accurately Describe Order Types and Making Preferential Disclosure to High Frequency...

On January 12, 2015, the Securities and Exchange Commission announced that it had obtained a $14 million settlement against two exchanges formerly owned by Direct Edge Holdings, EDGA and EDGX (the “Respondent Exchanges”) for...more

SEC Brings Action Against Exchanges Centered on Order Types

There was a time when orders for securities were straight forward – buy, sell, limit and perhaps a few variations. Now, however, there is a multiplicity of order types as Michael Lewis points out in his book “Flash Boys.” ...more

SEC Announces Tick Size Pilot Program Proposal

In June 2014, the SEC ordered the national securities exchanges and FINRA to develop and file a proposal for a tick size pilot program. On August 26, 2014, the SEC announced that the national securities exchanges and FINRA...more

Additional Fees on Securities Transactions – FINRA Sees No Justification

In an area of broker-dealer practices with relatively little guidance—the appropriate level of commissions or mark ups on securities trades—FINRA recently brought another in a series of cases that provides insight into the...more

FINRA to Conduct Targeted Examinations Regarding Order Routing and Execution Quality of Customer Orders in Exchange-Listed Stocks

The Financial Industry Regulatory Authority, Inc.’s Market Regulation Department has issued a targeted examination letter dated July 2014 to certain FINRA member firms notifying each firm that FINRA’s Trading Examinations...more

FINRA Targets Brokers’ Routing Of Orders

On July 8, FINRA released a targeted examination letter it sent to 10 firms to assess their compliance with requirements related to order routing and execution quality of customer orders in exchange listed stocks during the...more

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 Orders Securities Exchanges and FINRA to Develop Tick Size Pilot Plan

The Securities and Exchange Commission has issued an order directing certain national securities exchanges and the Financial Industry Regulatory Authority, Inc. to jointly develop and file with the SEC a national market...more

SEC Approves FINRA Rule Change to Limit Self-Trading

On May 1, the Securities and Exchange Commission approved a change to Financial Industry Regulatory Authority, Inc. Rule 5210 regarding limits on self-trading. ...more

Securities Regulators Are Inspired by an Academic Article to Seek Information Regarding Order Routing

Apparently attempting to understand how broker-dealers provide best execution in the face of incentives to trade at certain exchanges, the SEC and FINRA are asking broker-dealers for extensive transaction information...more

CFTC Reopens Comment Period for Concept Release on Automated Trading

The Commodity Futures Trading Commission has reopened the comment period for its concept release on risk controls and system safeguards for automated trading environments...more

Financial Services Quarterly Report - Fourth Quarter 2013: Political Intelligence Firms – Insider Trading and Enforcement Shifts...

Insider trading remains a top priority for the Securities and Exchange Commission (SEC) and Department of Justice (DoJ). In fiscal year 2012, the SEC filed 58 enforcement actions against 131 individuals and entities and the...more

High Net Worth Family Tax Report, Vol. 8. No. 4 -- December 2013

IRS Explains Federal Tax Consequences of Windsor Case Regarding Same-Sex Marriages - In our last report (Vol. 8, No. 3, September 2013), we told you about the recent Windsor case, in which the Supreme Court held...more

Chicago Mercantile Exchange Issues Advisory Notice on Wash Trades

On November 19, the CME Group Exchanges issued Market Regulation Advisory Notice RA0913-5R regarding the prohibition on wash trades. The Advisory Notice defines a “wash trade” as “a form of fictitious trade in which a...more

Second Circuit Dismisses Lehman Brother’s ERISA Stock-Drop Action

The Second Circuit recently affirmed the dismissal of former Lehman Brothers employees’ fiduciary breach claims relating to their investment in the Lehman Brothers stock fund through their 401(k) plan. Rinehart v. Akers, 2013...more

Selling Stock Through the President’s Desk Drawer

Look inside the desk drawer of many, if not most, community bank presidents and you will find a list of the names of individuals who want to buy or sell the bank’s stock. ...more

New Section 336(e) Election Provides Additional Flexibility in Taxation of Stock Transactions

On May 15, 2013, the Department of the Treasury issued final regulations regarding a new election now permitted under Section 336(e) of the Internal Revenue Code that allows sellers to elect to treat transactions structured...more

The Latest on Insider Trading: Directors and Executives Face Heightened Scrutiny Associated with Stock Trades Even under Rule...

The aggressive use (or misuse) of Rule 10b5-1 trading plans is likely to become a significant area of focus for regulatory enforcement and securities class action plaintiffs. The floodlights now aimed at such plans are the...more

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