Daily Archives: February 26, 2018, 9:08 pm

SEC Commissioner Criticizes Idea of Curbing Shareholder Lawsuits – WSJ

The SEC shouldn’t let a company doing an initial public offering restrict possible class-action lawsuits by its shareholders, Commissioner Robert Jackson Jr. told a New York investment conference. Such a move should only follow a rulemaking process through which the SEC gets public comments and studies the costs to investors of forcing disputes into private arbitration hearings, Mr. Jackson said.…

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What’s in a Broker’s Name? SEC to Address Titles Used When Advising Investors – WSJ

Speaking at a conference in Washington, Securities and Exchange Commission Chairman Jay Clayton said a regulation requiring brokers to act in the best interest of clients would address the ability of brokers to use titles such as “financial adviser.” Some investor advocates say the title misleads clients into thinking that brokers have the same legal duties as money managers, who…

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Whistleblowers at the Supreme Court: Part I – Supreme Court Decision in Somers – Compliance ReportCompliance Report

Last week the US Supreme Court issued its decision in Digital Realty Trust v. Somers (Somers). It was a closely watched case in the compliance community as the Court had the opportunity to directly decide the question of who is a whistleblower under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). In a unanimous 9-0 decision, the Court…

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Nasdaq to get first pot listing as Canada’s Cronos Group joins exchange – The Globe and Mail

The Nasdaq Stock Market will list its first cannabis shares on Tuesday, marking a key milestone for an industry that has been rejected by the Trump administration. Cronos Group Inc., which already trades in Canada, will be the first marijuana company on a major U.S. exchange — right alongside Nasdaq stocks such as Apple Inc., Microsoft Corp. and Starbucks Corp.…

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SEC Enforcement Priorities in the Trump Era

The actions that Securities and Exchange Commission (SEC) Chairman Jay Clayton has taken since the start of his tenure in May 2017 provide an indication of SEC priorities, including encouraging initial public offerings (IPOs) and combating abuses in cybersecurity matters. These and other priorities will have a significant impact on the SEC’s regulation and enforcement agendas in 2018. via SEC…

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