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CNBC Video: Sen. Dodd Unveils Financial Regulation Reform Bill
Sen. Dodd announces his new bill on Capitol Hill.
Dissecting the Investor Protection Act
If passed by the Senate, key provisions in the Investor Protection Act will shake up SEC enforcement and operations.
Canada: Legislation Proposes Two-Year Minimum Sentences for White Collar Fraud
Bill sets forth minimum sentences and aggravating factors for longer sentences.
Sen. Specter Introduces Legislation Allowing Lawsuits Against Secondary Actors Providing “Substantial Assistance” to Fraud
U.S. Senator Arlen Specter has introduced legislation that would allow investors to sue secondary actors such as law firms, accountants and investment banks that provide “substantial assistance” in a fraud. Bloomberg reports that the Specter legislation would undercut the Supreme Court’s rulings in Stoneridge Investment Partners LLC v. Scientific-Atlanta Inc. and Central Bank of Denver [...]
Wave of “Anti-Ponzi” Legislation May be Coming
Several states and Congress are considering new legislation as part of an effort to prevent future Ponzi schemes. The National Law Journal reports that Florida and Connecticut lawmakers have both proposed legislation in this area, and that the U.S. Congress has, as well.
In Florida, proposed legislation would give a special team of “elite state prosecutors” [...]
Sen. Specter Introduces Legislation Allowing Attorneys a Tax Deduction for Contingency Fee Case Expenses
On the Point of Law blog, Carter Wood notes that last month, Sen. Arlen Specter (pictured) introduced S. 437, a bill that would amend the Internal Revenue Code to allow attorneys a tax deduction in the current taxable year for reimbursable expenses and court costs which they pay or incur in connection with contingency fee [...]
Sens. Schumer and Shelby Propose $110 Million to Beef Up FBI, SEC and DOJ Enforcement
Senators Charles E. Schumer (pictured) and Richard Shelby introduced new spending legislation today designed to beef up the enforcement and detection of white-collar crime following the alleged $50 billion Bernard Madoff fraud. The senators propose to add $110 million to the budgets of the DOJ, the SEC and the FBI for the specific purpose of [...]
Report: Securities Act of 2008 “Dies” in Senate
Investment News reports that the U.S. Senate has “failed to take up” a House-passed bill that would have expanded the SEC’s enforcement authority, and that the bill has “died.” Key provisions of HR 6513 (previously discussed in detail here), included:
authorizing the SEC to assess and impose civil penalties in a cease and desist proceeding;
creating three tiers [...]
South Africa: Companies Bill Would Enable Class Actions Against Officers and Directors
Section 157 of the Companies Bill now pending in South Africa may bring the class action into mainstream corporate and commercial activity in that country. As discussed in an article in the South African Insurance Times & Investments News, the class action has historically been a seldom-used procedure in South Africa, restricted to Bill of [...]
Securities Act of 2008 Bill Passes in U.S. House of Reps
The Securities Act of 2008, a bill intended to strengthen the enforcement arm of the SEC, passed in the House of Representatives yesterday. There is not yet a companion bill in the Senate. A detailed summary of the bill is available on Securities Docket here.
SEC Chairman Christopher Cox hailed the House’s action, stating in a [...]