Rule 10b5-1 formalizes a defense that has always been available to the corporate insider accused of trading on inside information – I ordered the sale of the stock before I knew of any such information, and therefore I could not have traded on the information. Of course, the Rule, and […]
News
SEC Proposes New Share Repurchase Disclosure Rules
The Securities and Exchange Commission today proposed amendments to its rules regarding disclosure about an issuer’s repurchases of its equity securities, often referred to as buybacks. “Share buybacks have become a significant component of how public… Read the Full Press Release Have a securities law question? Call New York Securities […]
JPMorgan Admits to Widespread Record-Keeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges
The SEC announced charges against J.P. Morgan Securities LLC (JPMS), a broker-dealer subsidiary of JPMorgan Chase & Co., for widespread and longstanding failures by the firm and its employees to maintain and preserve written communications. JPMS admitted the facts set forth in the SEC’s order and acknowledged that its conduct […]
SEC Proposes Amendments to Money Market Fund Rules
The Securities and Exchange Commission today voted to propose amendments to certain rules that govern money market funds under the Investment Company Act of 1940. In March 2020, growing economic concerns about the impact of the COVID-19 pandemic led… Read the Full Press Release Have a securities law question? Call […]
SEC Proposes Rules to Prevent Fraud in Connection With Security-Based Swaps Transactions, to Prevent Undue Influence over CCOs and to Require Reporting of Large Security-Based Swap Positions
The Securities and Exchange Commission voted to propose rules to prevent fraud, manipulation and deception in connection with security-based swaps, to prevent undue influence over the chief compliance officer (CCO) of security-based swap dealers and major security-based swap participants (SBS Entities), and to require any person with a large security-based […]
SEC Approves 2022 PCAOB Budget and Accounting Support Fee
The Securities and Exchange Commission today voted to approve the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee. “Finance is about trust, and the PCAOB has a critical role to play in… Read the Full Press Release Have a securities law […]
Wells Fargo Gets Fined…Again
What happened to Wells Fargo? Fine after fine. Our colleagues from Wachovia who are still there must be shaking their heads. This fine is for the same violation that Wells Fargo was fined for in 2016. FINRA Fines Wells Fargo $2.25M Over Handling of Client Data
RIA Ongoing Duties to Its Customers
Great post by Alan Wolper on the duties of an RIA to monitor its customer’s accounts, even when there is no trading, and no activity in those accounts. Not true for the traditional broker, and an important distinction for investment advisors to remember. SEC Settlement Proves That It’s Easy Enough […]
Sec Charges Three Canadian Citizens in Fraudulent Penny Stock Scheme
The Securities and Exchange Commission today announced it charged three Canadian citizens with carrying out a fraudulent scheme involving penny stocks which generated tens of millions of dollars in proceeds but left investors with nearly worthless shares… Read the Full Press Release Have a securities law question? Call New York […]
Report From SEC Small Business Advocate Details Capital Raising During Past Year
The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation today issued its 2021 Annual Report that details how entrepreneurs and investors are building companies together from startups to small public companies… Read the Full Press Release Have a securities law question? Call New York Securities […]