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Two Finra Merger Cases Dismissed
Judge Rakoff cites absolute immunity of NASD in its regulatory function.
IOSCO Releases Template for Hedge Fund Regulation
IOSCO sets forth new required disclosures for hedge fund regulators to enforce.
SEC’s Schapiro Questions “Profoundly” Obama Administration Plan
A recently disclosed plan that could strip certain powers from the Securities and Exchange Commission has created the first public wedge between the Obama administration and SEC Chairman Mary Schapiro.
Hong Kong: Securities Regulators Scale Back Proposed Trading Blackout Rule
Securities regulators in Hong Kong have scaled back a plan that would have extended the blackout on share trading by company insiders to as long as seven months after more than 200 companies objected. Instead, a new proposal issued Thursday states that company directors and others with sensitive knowledge would be blocked from trading their [...]
Atkins: Schapiro Wrong About Enforcement Penalty Pilot Program
On Friday of last week, Mary Schapiro announced with some degree of fanfare that to improve its enforcement efforts, the SEC was terminating a “pilot program” that required staff members to receive approval from the commissioners of the SEC before negotiating penalties. Yesterday, however, former SEC Commissioner Paul Atkins (pictured) stated that Schapiro is “wrong” [...]
Democrats Planning Immediate and Major Revamp of Financial Markets Regulation
A major revamp of the regulation of financial markets is reportedly in Democrat’s immediate plans. The WSJ reports that House Financial Services Chairman Barney Frank said in an interview that
a central point of Democrats’ plans would be the creation of a “systemic-risk regulator.” It could have unprecedented powers over a wide range of financial institutions, [...]
DLA Piper Memorandum on SEC Enforcement Manual
Law firm DLA Piper has published the latest memorandum regarding the new SEC Enforcement Manual (previously discussed here). The memo observes that “the Manual provides a window into SEC enforcement operations and should be helpful in dealing with SEC enforcement counsel, particularly during the investigative phase of a matter.” DLA Piper examines several key [...]
SEC Enforcement Manual Result of Senate Report on Pequot Capital Matter
There has been no shortage of speculation about just what prompted the SEC to publish its Enforcement Manual earlier this month. The manual contains detailed policies and procedures that are intended to be “guidance” for the staff of the SEC’s Division of Enforcement, and which appear to memorialize a large number of policies that have [...]