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Regulatory
News
SEC Stops Multi-Million Dollar Fictitious Currency Trading Program
SEC Staff Recommends Commission Action to Facilitate Investment in Small
Business
SEC Charges Two Former Monster Worldwide Executives for Backdating Options
SEC Charges Birmingham Mayor and Friends for Undisclosed Payment Scheme in
Municipal Bond Deals
SEC Announces $30 Million Fair Fund Distribution to Investors Affected by Undisclosed
Market Timing in RS Investments Mutual Funds
SEC Charges Wall Street Short-Seller With Spreading False Rumors
Auction Rate Securities: What Happens When Auctions Fail
FINRA Issues Guidance to Investors Caught in ARS
Auction Failures
Statement of FINRA CEO Mary L. Schapiro Regarding
Treasury Secretary's Blueprint on Revamping Financial Services Regulation
Self-Regulators Warn Against Spreading False Rumors
and Other Abusive Market Activity SPONSORING AN EVENT? If you are the sponsor of a seminar or educational event that relates to securities law, or the regulation of the markets, post the information here at the Securities Law Events Calendar. Access to the calendar is free, the posting is free, and your target audience, attorneys, brokers and investors, are here. NEW AND IMPROVED SECURITIES LAW FORUMS! Every day the discussions continue in the Securities Law Forums, where attorneys, investors, brokers, journalists and others with an interest in the markets, and the laws surrounding the markets, discuss hot topics of the day. View the active topic list, or go directly to the forums. The Regulators: |
Articles - Statutes - Rules - Decisions - News Featured Books: Capital
Markets Handbook 21st Century Complete Guide to the SEC with Forms, Regs, Answers, Bulletins, Orders and more - This electronic book on CD-ROM presents the complete story of the Securities and Exchange Commission (SEC) with an enormous library of SEC documents: Public Forms and Regulations, Fast Answers from A to Z, Staff Legal Bulletins, Publications for Investors, Rulemaking, Commission Opinions and Orders, Policy Statements, Proceedings, and Reports. The Law of Securities Regulation - from West Publishing, an excellent introduction and overview of the securities laws. This is a "hornbook", books written for law students to introduce a new subject. Excellent reference material for layman, compliance officer or an attorney seeking an introduction to the subject. With full citations, attorneys can quickly locate the major cases on a particular topic and obtain additional information.
Guide to Broker-Dealer Registration - an updated version of the SEC's original guide is now online. Introduction to the Federal Securities Laws - an introduction to the laws which govern the purchase and sale of securities in the United States, including the Securities Act of 1933 and the Securities Exchange Act of 1934 Introduction to the Blue Sky Laws (State Securities Laws)- in addition to the federal securities laws, each state has its own securities laws, rules and regulations. This article provides an overview to the function and purpose of those state laws, known as "blue sky laws." Introduction to Securities Arbitration - today, nearly all disputes between customers and firms, and between brokerage firms, are resolved in binding arbitration. An overview of the process, from Mark Astarita. Introduction to the Initial Public Offering Process -any offer to sell securities must be registered with the federal and/or state securities regulators, or exempt from registration. A description of the law, and the registration process. Introduction to Private Placements - stock offerings which are not made to the general public are called private placements, and are exempt from registration with the securities regulators. A description of the exemption, and the private placement process. Introduction to Insider Trading - insider trading refers to two types of trading, one that is legal, and the other that is not.
Commentary
Chief Risk Officer - RR's Get
a New Title?
Wal-Mart Sued Over 401(k) Fees
Comment Period For Motion To Dismiss Ban Is April
10
Information and Lists
FINRA Podcast - Preparing for a FINRA Cycle
Examination
FINRA Podcast - Principal Approval of Sales
Material
NASDR Notices to Members
08-20 FINRA Requests Comments on Proposed
Changes to Forms U4 and U5
08-18 Sound Practices for Preventing and Detecting
Unauthorized Proprietary Trading
08-16 Member Firm Disclosure and Supervisory Review
Obligations
08-15 Foreign Research Analyst Exemption from the
Research Analyst Qualification Examination
News Items
SEC Stops Multi-Million Dollar Fictitious Currency Trading Program
SEC Staff Recommends Commission Action to Facilitate Investment in Small
Business
SEC Charges Two Former Monster Worldwide Executives for Backdating
Options
SEC Charges Birmingham Mayor and Friends for Undisclosed Payment Scheme in
Municipal Bond Deals
FINRA Hearing Panel Dismisses 2004 Sales Practices
Complaint Against H&R Block Financial Advisors
The panel ruled that FINRA's Department of Enforcement failed to show by a preponderance of
evidence that H&R Block registered representatives misrepresented or omitted material facts in
connection with sales of Enron bonds, or that the firm failed to implement adequate supervisory
systems and procedures. Specifically, the Panel "found no evidence" that the firm "engaged in
other wrongful conduct."
A FINRA hearing panel finds "no evidence" to support FINRA charges against a BD? While this
raises a number of concerns regarding the quality of the investigative process at FINRA and its
decision making process in commencing litigation, the proceeding was undoubtedly a significant
expense for the respondents, as the hearings consumed 24 days of testimony.
We are seeing an increasing number of hearing panels dismissing all or parts of enforcement
cases. FINRA needs to examine the quality of its investigative procedures, and to re-examine its
perception of brokers and brokerage firms, which may be clouding its collective judgment in
commencing cases where there is no evidence of any wrongdoing.
The panel issued a detailed, 54-
page decision.
Congressmen question fund companies’
treatment of ARS holders
SEC Announces $30 Million Fair Fund Distribution to Investors Affected by Undisclosed
Market Timing in RS Investments Mutual Funds
The Fair Fund distribution includes $25 million in disgorgement and penalties paid by RS
Investment Management, Inc. and RS Investment Management, L.P. (RS Investments) in an SEC
enforcement action, approximately $3.3 million in disgorgement and penalties from Banc of
America Capital Management LLC, BACAP Distributors LLC, and Banc of America Securities LLC
related to a separate unlawful market timing matter that affected RS Investments investors, and
accumulated interest.
SEC settles with Wall Streeter accused of
spreading rumors about Alliance Data
SEC Charges Wall Street Short-Seller With Spreading False Rumors
Heavy trading in ADS stock ensued, and within 30 minutes the false rumor had caused the price of
ADS stock, trading at approximately $77 per share, to plummet to an intraday low of $63.65 per
share - a 17 percent decline. In response to the unusual trading activity, the New York Stock
Exchange temporarily halted trading in ADS stock. Later in the day, ADS issued a press release
announcing that the rumor was false. By the close of trading, the price of ADS stock recovered to its
pre-rumor price of approximately $77 per share. Berliner profited by short selling ADS stock during
its precipitous decline
Merrill files claim against Nat City over First
Franklin
UBS puts its investment banking unit on a tight
leash
SEC and PAUSE help to warn investors
of securities fraud
PAUSE currently lists 56 unregistered soliciting entities and phone agencies that investors should
avoid. The SEC plans to update the list regularly, and hopes that individuals will visit the site
before making any investment decisions.
Ex-Brookstreet brokers file $36M
claim
Bear Stearns, Deloitte Sued Over Hedge
Fund
Related Sites
Subprime-related lawsuits clogging
courts
Amazon.com makes it easy to order books online, and we have compiled what we believe to be the most useful books for the brokerage legal and compliance officer in the Compliance and Law Department at the SECLaw.com Bookstore. Past
Articles and Commentary
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Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article. SECLaw.com was created by Mark J. Astarita, Esq., a securities attorney and partner in the law firm of Beam & Astarita, LLC, who represents financial professionals in a wide variety of matters. Mr. Astarita can be contacted by email at astarita@beamlaw.com.
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