Securities Law Prof Blogtag:typepad.com,2003:weblog-6166242009-11-08T13:56:37-05:00A Member of the Law Professor Blogs NetworkTypePadSecuritiesLawProfBloghttp://feedburner.google.comSubscribe with My Yahoo!Subscribe with NewsGatorSubscribe with My AOLSubscribe with BloglinesSubscribe with NetvibesSubscribe with GoogleSubscribe with PageflakesMiller & Rosenfeld on Intellectual Hazardtag:typepad.com,2003:post-6a00d8341bfae553ef0120a6632d7e970b2009-11-08T13:56:37-05:002009-11-08T13:56:37-05:00Intellectual Hazard: How Conceptual Biases in Complex Organizations Contributed to the Crisis of 2008, by Geoffrey P. Miller, New York University - School of Law, and Gerald Rosenfeld, New York University - School of Law, was recently posted on SSRN....Securites LawprofMorgenson on ARS Arbitrationtag:typepad.com,2003:post-6a00d8341bfae553ef01287563ef24970c2009-11-08T13:50:46-05:002009-11-08T13:50:46-05:00Gretchen Morgenson, the New York Times financial columnist, addresses the plight of investors in auction rate securities (ARS) whose investments, sold on the basis of their liquidity and safety, became illiquid as a result of the credit crisis. A Way...Securites LawprofSEC's Aguilar on Investor Protectiontag:typepad.com,2003:post-6a00d8341bfae553ef01287563e2a3970c2009-11-08T13:31:54-05:002009-11-08T13:31:54-05:00This week the House Financial Services Committee, in the now somewhat ironically called "Investor Protection Act of 2009," added an amendment that would permanently exempt companies with $75 million or less market capitalization from the SOX 404(b) certification requirement, despite...Securites LawprofSEC Division of Risk, Strategy & Financial Innovation Announces 3 Senior Appointmentstag:typepad.com,2003:post-6a00d8341bfae553ef01287563d594970c2009-11-08T13:18:20-05:002009-11-08T13:18:20-05:00No doubt in response to criticisms that the SEC lacks expertise, the agency announced three senior appointments in the fields of risk management, structured finance and corporate transactions to its newly created Division of Risk, Strategy, and Financial Innovation, headed...Securites LawprofFrank Asks SEC and CFTC for Input on Derivatives Legislationtag:typepad.com,2003:post-6a00d8341bfae553ef0120a657f607970b2009-11-05T16:36:36-05:002009-11-05T16:36:36-05:00House Financial Services Committee Chairman Barney Frank sent a letter to Commodity Futures Trading Commission Chairman Gary Gensler and Securities and Exchange Commission Chairman Mary Schapiro seeking their input on efforts to strengthen the derivatives legislation recently approved by the...Securites LawprofStatement on Convergence of IASB and FASBtag:typepad.com,2003:post-6a00d8341bfae553ef0120a657ed8c970b2009-11-05T16:24:12-05:002009-11-05T16:24:12-05:00Not as interesting as insider trading, but the SEC Chair Mary Schapiro stated today that: "I am greatly encouraged by the commitment of the IASB and the FASB to provide greater transparency to the standard setting process and their convergence...Securites LawprofNASAA Expresses Concern over Proposed Expansion of FINRA Authority over Investment Adviserstag:typepad.com,2003:post-6a00d8341bfae553ef0120a6ad52b2970c2009-11-05T16:15:52-05:002009-11-05T16:15:52-05:00Earlier today I blogged on the proposed Investor Protection Act that the House Financial Services Committee passed earlier this week. Here is NASAA's statement on the bill and, in particular, whether FINRA should regulate investment advisers: NASAA appreciates the Committee’s...Securites LawprofGovernment Charges 14 Defendants with Insider Tradingtag:typepad.com,2003:post-6a00d8341bfae553ef0120a6ad4d72970c2009-11-05T16:09:38-05:002009-11-05T16:30:29-05:00The government's investigation into insider trading and hedge funds continues. The government today charged 14 defendants with insider trading in complaints connected to the charges filed against hedge fund manager Raj Rajaratnam. Defendants include money managers and an attorney at...Securites LawprofSupreme Court Hears Oral Argument in Excessive Mutual Fund Fees Casetag:typepad.com,2003:post-6a00d8341bfae553ef0120a6ac8f00970c2009-11-05T12:33:52-05:002009-11-05T12:33:52-05:00The U.S. Supreme Court heard oral argument Monday in Jones v. Harris Associates, a case that could impact the amount of managerial fees that millions of mutual fund investors pay fund advisers. The Court must decide what standard governs whether...Securites LawprofValue Line Settles SEC Charges of Bogus Brokerage Commissionstag:typepad.com,2003:post-6a00d8341bfae553ef0120a6ac7046970c2009-11-05T11:57:05-05:002009-11-05T11:57:05-05:00The SEC settled charges that New York City-based investment adviser Value Line Inc., its CEO, its former Chief Compliance Officer and its affiliated broker-dealer defrauded the Value Line family of mutual funds by charging over $24 million in bogus brokerage...Securites LawprofHouse Financial Services Committee Passes Investor Protection Legislationtag:typepad.com,2003:post-6a00d8341bfae553ef0120a6ac6b7c970c2009-11-05T11:51:08-05:002009-11-05T16:33:43-05:00The House Financial Services Committee voted (41-28) on Nov. 4 to recommend the Investor Protection Act of 2009(Download H.R.3817) that has a variety of measures intended to improve investor protection and increase investor confidence. Here is the Committtee's Press Release....Securites LawprofMerge Healthcare and Two Former Officers Settle SEC Accounting Fraud Chargestag:typepad.com,2003:post-6a00d8341bfae553ef0120a6a94b77970c2009-11-04T15:38:56-05:002009-11-04T15:38:56-05:00The SEC settled charges that Milwaukee-based Merge Healthcare Incorporated and two former senior executives engaged in an accounting fraud that ultimately caused the company's stock price to drop by two-thirds during a seven-month period. The SEC alleges that former CEO...Securites LawprofThree Former Symbol Technologies Settle Accounting Fraud Chargestag:typepad.com,2003:post-6a00d8341bfae553ef0120a6a904e5970c2009-11-04T14:09:52-05:002009-11-04T14:09:52-05:00On November 2, 2009, the United States District Court for the Eastern District of New York entered final consent judgments against three defendants in the pending enforcement action against former executives of Symbol Technologies, Inc. ("Symbol"). The Commission's complaint, filed...Securites LawprofSEC Charges Two Former J.P. Morgan Securities Officers in Alabama Illegal Payments Schemetag:typepad.com,2003:post-6a00d8341bfae553ef0120a6a8feae970c2009-11-04T14:02:54-05:002009-11-04T14:04:09-05:00The SEC filed fraud charges against Charles E. LeCroy and Douglas W. MacFaddin, two former directors of J.P. Morgan Securities Inc. in connection with an unlawful payment scheme which allowed J.P. Morgan Securities to obtain $5 billion in Jefferson County,...Securites LawprofCorp Fin Staff Release New Guidance on Shareholder Proposals related to Risk and Succession Planningtag:typepad.com,2003:post-6a00d8341bfae553ef0120a6a5a2c7970c2009-11-03T15:34:04-05:002009-11-03T15:34:04-05:00The Division of Corporation Finance staff recently issued Shareholder Proposals, Staff Legal Bulletin No. 14E (CF), providing information regarding staff changes of position on two issues: the application of Rule 14a-8(i)(7) to proposals relating to risk; and the application of...Securites LawprofInvestment Advisors Resist FINRA Oversighttag:typepad.com,2003:post-6a00d8341bfae553ef0120a64fd585970b2009-11-03T14:14:22-05:002009-11-03T14:18:27-05:00The investment advisory community continues its opposition to FINRA's assuming oversight over investment advisors. Investment News reports that industry leaders have expressed opposition to an amendment to the Investor Protection draft legislation that would give the SEC the authority to...Securites LawprofMadoff's Accountant Pleads Guilty and Settles SEC Chargestag:typepad.com,2003:post-6a00d8341bfae553ef0120a64fc2bd970b2009-11-03T13:53:36-05:002009-11-03T13:53:36-05:00Bernard Madoff's accountant, David Friehling, pleaded guilty to nine criminal counts today in federal district court in Manhattan, which carry a maximum sentence of 114 years. NYTimes, Madoff’s Accountant Pleads Guilty in Scheme. In addition, the SEC announced that Friehling...Securites LawprofSiebecker on Trust & Transparencytag:typepad.com,2003:post-6a00d8341bfae553ef0120a69a3bf3970c2009-10-31T15:11:54-04:002009-10-31T15:11:54-04:00Trust & Transparency: Promoting Efficient Corporate Disclosure Through Fiduciary-Based Discourse, by Michael R. Siebecker, University of Florida - Fredric G. Levin College of Law, was recently posted on SSRN. Here is the abstract: Could embracing the philosophy of “encapsulated trust”...Securites LawprofReuveni on Extraterritoriality of the Securities Lawstag:typepad.com,2003:post-6a00d8341bfae553ef0120a644d0b9970b2009-10-31T15:08:19-04:002009-10-31T15:08:19-04:00Extraterritoriality as Standing: A Standing Theory of the Extraterritorial Application of the Securities Laws, by Erez Reuveni, United States Second Circuit Court of Appeals, was recently posted on SSRN. Here is the abstract: This Article contends that the current treatment...Securites LawprofFerrarini & Miller on Takeover Regulationtag:typepad.com,2003:post-6a00d8341bfae553ef0120a69a38bd970c2009-10-31T15:05:25-04:002009-10-31T15:05:25-04:00A Simple Theory of Takeover Regulation in the United States and Europe, by Guido A. Ferrarini, University of Genoa - Law School; European Corporate Governance Institute (ECGI), and Geoffrey P. Miller, New York University - School of Law, was recently...Securites Lawprof