Category: Securities Law

2013 Proxy Season: You Should Know…

From attorneys at Skadden: an 18-page guide to key corporate governance and disclosure issues you should consider while preparing materials for the 2013 annual meeting and reporting season: “Some of these matters are requirements of new Dodd-Frank Act rules and others are based on lessons gleaned from the 2012 annual meeting and reporting season. The… Read more »

US Treasury Exempts Foreign Exchange Swaps & Forwards from Dodd-Frank Rules

“Foreign exchange (FX) swaps, the second largest derivatives trading market, [have] been exempted from Dodd-Frank regulation by the U.S. Treasury. Though some Democratic legislators criticized the move, the Treasury went forward with the exemption citing the high-levels of risk management inherent in FX trading. ‘Unlike other derivatives, FX swaps and forwards already trade in a… Read more »

FSOC Proposes Money Market Reforms: You Should Know…

“The FSOC’s proposals also set the stage for fresh tension between a vocal group of regulators, who feel that despite limited reforms in 2010, money market funds are still vulnerable to havoc-wreaking asset runs, and the fund industry, which has devoted significant public-relations efforts to arguing that reform would harm investors by making money market… Read more »

What Stands Out In the SEC & DOJ’s New Guide to FCPA Compliance?

“Although much of the guidance walks through established DOJ and SEC positions and practices, the [Resource Guide to the U.S. Foreign Corrupt Practices Act] does, through the use of real-world examples and detailed hypotheticals, provide more concrete direction than was previously available.” (Foley Hoag) Earlier this week, the Securities and Exchange Commission and the Department… Read more »

DOJ and SEC Publish Guide to the Foreign Corrupt Practices Act (FCPA)

The long-awaited federal guide to the Foreign Corrupt Practices Act is out. Published by the Criminal Division of the U.S. Department of Justice and the Enforcement Division of the U.S. Securities and Exchange Commission, the 130-page guide provides an in-depth look at both the law and the way that government officials are enforcing it. See for… Read more »

Focus on: High Frequency Trading and the Troubled Markets

Bloomberg Law’s Lee Pacchia talks with Ralph Ferrara, partner at Proskauer Rose and General Counsel of the Securities and Exchange Commission from 1978 to 1981, about high frequency trading, the problems it caused, and what solutions are needed. Some highlights: “What we’ve pulled out of the process is human judgment making; that’s got to be… Read more »

Repeal Dodd-Frank? But What Is It, Exactly?

“MR. LEHRER: You want to repeal Dodd-Frank? MR. ROMNEY: Well, I would repeal it and replace it.” (New York Times) The Dodd–Frank Wall Street Reform and Consumer Protection Act, both criticized and praised by Republican presidential candidate Mitt Romney in last night’s inaugural presidential debate, was passed in 2010 purportedly to end the practices that… Read more »

SEC Adopts Final Rules for Reporting Resource Extraction Payments

The Securities and Exchange Commission has adopted a new rule that will require oil, natural gas, and mineral extraction companies to disclose payments made to foreign governments. For your reference, here’s a roundup of legal updates on the topic: SEC Adopts Final Resource Extraction Rules (Katten Muchin Rosenman LLP): “The new rules will require SEC… Read more »

SEC Says No To Proposed Money Market Reforms

[Video: SEC Tables Money Market Fund Regulation: Michael Markowitz Analysis – MarketsReformWiki] “The proposal would have been the second phase of the Chairman’s oft-stated plan that she said would reduce money market funds’ susceptibility to runs, protect retail investors, and lessen the potential need for future bailouts. In her statement, Chairman Schapiro urged other policymakers… Read more »

California Law Update: Toxic Products, Iran Investments, Non-Competes, Teacher Layoffs, More

Allen Matkins’ Eileen Nottoli on why businesses that sell consumer products in California need to be aware of – and act on – the state’s new Safer Consumer Product regulations. [Link: New Consumer Product Regulations: Manufacturers, Importers and Retailers Need to Prepare] For your reference, a JD Supra roundup of commentary on a range of… Read more »

SEC Pays First Whistleblower Bounty Award

“The first whistleblower award is emblematic of a broader effort under Chairman Schapiro and Enforcement Director Robert S. Khuzami to enhance enforcement efforts by altering the dynamic of the investigative process in ways that provide the enforcement staff with additional avenues of information. Individuals in possession of sensitive, confidential business documents and information belonging to… Read more »

Sanctions Update: U.S. Turns Up Pressure on Iran, Syria

Earlier this month, President Obama signed into law the Iran Threat Reduction and Syria Human Rights Act of 2012. From law firm Skadden Arps: “The Act is the U.S. government’s latest response to Iran’s illegal nuclear program and the situation in Syria, and it reflects an intensified effort to counter perceived efforts by non-U.S. companies… Read more »

SEC Enforcement, Oversight, and Authority: A JD Supra Legal Reader

For your convenience, a roundup of updates on the topic of SEC enforcement, organized into three broad categories: enforcement actions, oversight and authority, and procedures. Enforcement Actions “District of Columbia Circuit Vacates SEC Default Order for Failure to Apply Rule Consistently” in Inside the Courts: An Update From Skadden Securities Litigators (Skadden, Arps, Slate, Meagher… Read more »

Conflict Minerals and the Dodd-Frank Act: Long-Distance Accountability?

As recently reported in Fast Company, the SEC has proposed a Dodd-Frank Act provision that requires public companies to “disclose if and how they are involved in the manufacture, mining, or final-end use of conflict minerals.” An important regulation, and here’s why, from the Fast Company coverage: Halfway around the world, human rights atrocities are too… Read more »