In a September 2 Alert, FINRA warns that scammers are using messaging app spam-casts to impersonate brokers and tout micro-cap stocks to “pump” their prices, before “dumping” their positions at the top and leaving investors...more
9/3/2015
/ Brokers ,
Email ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Mobile Apps ,
Pump and Dump ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Social Networks ,
Spam
In an August 18 letter to SEC Enforcement Director Ceresney, the National Society for Compliance Professionals (“NSCP”) urged the SEC to adopt an internal guideline requiring a higher “aiding and abetting” standard for...more
The District of Columbia Circuit Court of Appeals Tuesday rejected a challenge to the SEC’s investment-adviser pay-to-play rule, holding that two state Republican Party organizations filed it almost four years too late....more
The first Court of Appeals to rule in the recent round of challenges to the Securities and Exchange Commission’s administrative enforcement mechanism has held courts lack authority to consider the matter. The US Seventh...more
The District of Columbia Circuit Court of Appeals Tuesday rejected a challenge to the SEC’s investment-adviser pay-to-play rule, holding that New York and Tennessee Republican-Party organizations filed it almost four years...more
The MSRB responded August 12 to the SEC’s initiation of proceedings on proposed conduct standards for Municipal Advisors, filing some amendments to the proposed Rule. The MSRB’s Amendment No. 1: MSRB declined to make a number...more
Manhattan federal Judge Richard Berman yesterday (August 12) issued a preliminary injunction halting the SEC’s administrative action against former S&P executive Barbara Duka, holding the SEC’s in-house courts were “likely...more
The SEC instituted proceedings August 6 to allow additional time – and analysis – of the MSRB’s proposed Rule G-42 establishing broad conduct standards for municipal advisors. The Order essentially buys more time for the SEC...more
The SEC’s administrative forum has been under increasing scrutiny over the past year. Now the SEC has removed an ALJ from a high-profile case, after he refused the Commission’s “invitation” to provide a no-bias affidavit in...more
8/3/2015
/ Administrative Law Judge (ALJ) ,
Bebo v SEC ,
Bonds ,
CMBS ,
Dodd-Frank ,
Financial Markets ,
Rating Agencies ,
S&P ,
Securities and Exchange Commission (SEC) ,
Stocks ,
Wall Street Journal
Last week the US Chamber of Commerce, through its Center for Capital Markets Competitiveness, issued a white paper proposing wide-ranging changes to the SEC’s enforcement process. Most of the 28 recommendations were...more
In mid-June, SEC Commissioner Gallagher issued a strongly-worded public dissent from two enforcement actions against investment-adviser CCOs, accusing the Commission of “cutting off its nose to spite its face” by punishing...more
SEC Administrative Law Judge Grimes dismissed administrative charges against an investment adviser and its principals for allegedly failing to disclose material conflicts of interest in its Form ADV and willfully filing false...more
In a strongly-worded public statement last week, SEC Commissioner Gallagher chided the Commission for “cutting off the noses of CCO’s to spite its face.” Explaining his dissent in two recent enforcement actions imposing...more
The Securities Exchange Commission announced June 18 the first major wave of underwriter sanctions under its Municipalities Continuing Disclosure Cooperation (“MCDC”) Initiative. The SEC sanctioned 36 municipal underwriting...more
6/22/2015
/ Check the Box Rules ,
Compliance ,
Disclosure Requirements ,
Dodd-Frank ,
MCDC ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Municipalities ,
Sanctions ,
School Districts ,
Securities ,
Securities and Exchange Commission (SEC) ,
Underwriting
For over a year, critics have questioned the fundamental fairness of the SEC’s administrative forum, including whether the Agency should act as prosecutor, judge and jury. Even as criticisms mount, the Commission Staff...more
On April 29, 2015, the Securities and Exchange Commission (SEC) narrowly approved proposed rules requiring certain reporting companies to disclose the relationship between pay to named executive officers and performance by...more
The SEC confirmed Friday that it may choose to be prosecutor, judge and jury in novel cases where it thinks it knows best and can urge Chevron deference when others seek judicial review....more
Earlier this week, the SEC approved a whistleblower award of between $1.4-1.6 million to a compliance officer. Ordinarily, the Commission will not consider information to be “derived from [a whistleblower’s] independent...more
The “boomer bulge” in the US aging demographic, combined with a persistent low-interest-rate environment, leads regulators to renew their warnings about retail sales of complex investment products to older investors....more
Not April Fool’s for one public-company registrant, as the SEC filed its first settled action today over corporate confidentiality provisions that run afoul of Dodd-Frank whistleblower protections. The clause in question was...more
SEC Chair Mary Jo White said Tuesday that the SEC needs to move forward on a uniform fiduciary standard for the financial industry, including brokers. Addressing the annual meeting of the Securities Industry and Financial...more
The Wall Street Journal reported Thursday that the SEC is in the midst of a sweep to crack down on companies’ use of NDAs or employment agreements that might impede whistleblower reporting in violation of Dodd-Frank...more
Addressing SIFMA’s Anti-Money Laundering (“AML”) conference Wednesday, SEC Enforcement Director Andrew Ceresney said that – when it comes to AML – the lack of red flags itself is a red flag....more
In an address Friday at the 44th annual “SEC Speaks” conference, SEC Commissioner Michael Piwowar suggested that the Securities Exchange Commission might do well to apply its own rules to itself. He suggested the Commission...more
In a brief filed last week, the SEC urged the D.C. Circuit to give Chevron deference to the Commission’s unnecessary conclusion that Congress’s 180-day enforcement deadline doesn’t matter. The conclusion is consistent with...more