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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 provisions [...]
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 [...]
Gibson, Dunn & Crutcher Memo on SEC Enforcement Manual
Law firm Gibson, Dunn & Crutcher has published a memorandum regarding the new SEC Enforcement Manual (previously discussed here). The new manual is an important development and we suspect that the GD&C memo will be the first of many law firm memos to come on this topic. GD&C observes that this “first-ever” manual “memorializes in [...]
SEC Posts Enforcement Manual Online
The SEC has posted a version of its Enforcement Manual dated October 6, 2008, to its website. The 122-page Enforcement Manual is filled with important guidance, practices and procedures for the Enforcement staff, and should be read just as carefully by private attorneys who practice in the enforcement area. It contains detailed information on key [...]
Diamond Hill Investment Group Says “No Thanks” to Short-Selling Ban
It is unclear what the upside to the company is in doing this, but via Dealbreaker we see what appears to be the first company to say “no thanks” to the SEC’s “no shorting” protection: NASDAQ issuer Diamond Hill Investment Group, Inc. (DHIL) has voluntarily opted-out of NASDAQ’s list of Covered Securities under the SEC’s [...]
Many Financial Firms Added to SEC’s “No Short” List; Exchanges Must Publish Lists of Covered Companies
Acknowledging that that it omitted numerous financial firms from its “no short” list due to “difficulties with the classification criteria,” the SEC amended its Emergency Order on Sunday, September 21 to place the responsibility for identifying covered financial firms on “each national securities exchange listing financial institutions.” The SEC’s Amended Emergency Order requires “each national [...]
Litigation from Financial Crisis Flowing, Keeping Many Litigators Fully Employed
For all of the talk lately of law firm layoffs and firms losing key clients in the recent bankruptcies, mergers and bailouts, there is still a large number of lawyers who are busier than ever, and likely will be for a long time. As discussed in today’s WSJ, this week’s craziness on Wall Street is [...]
List of 799 Financial Firms Subject to SEC’s Sept. 18 Emergency Order
Below are the 799 financial firms that are listed (with ticker symbol) in the SEC’s Sept. 18, 2008 Emergency Order temporarily prohibiting short selling. The SEC’s Emergency Order also is available at the link below. Sept. 18, 2008 Emergency Order AAME ATLANTIC AMERICAN CORP AANB ABIGAIL ADAMS NATL BANCORP INC ABBC ABINGTON BANCORP INC PA [...]
SEC Orders Temporary Halt to Short Selling of 799 Financial Companies
Sometime in the very early hours of Friday morning, the SEC issued an announcement that it has halted short selling of financial stocks effective immediately. The Commission stated that it was acting in concert with the U.K. Financial Services Authority, which took similar action yesterday. The action will apply to the securities of 799 financial [...]
Overstock CEO Byrne Gives New SEC Rules on Naked Short-Selling Thumbs Down, Zero “Yipikayes”
Overstock.com CEO Patrick “Yipikaye” Byrne is, umm, not impressed with the SEC’s new rules against naked short selling. Here is his “PG-13″-rated press release/rant.