Federal Securities Law Blog
The Federal Securities Blog covers compensation matters, executive office matters, FINRA, Ohio securities news, PCAOB news, SEC news, securities exchanges, and share holder news. This blog is published by Porter, Wright, Morris & Arthur LLP’s corporate finance and securities group.
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Recent Articles
2008 IPO Slump
As 2008 ends, consider yet another indication that this was a terrible year for financial markets: there has been only one IPO in the US in the last four months according to IPO research firm Renaissance Capital. The U.S. total for 2008 was 43 new issues raising $50 million or more, which makes...
Madoff Ponzi Scheme
Porter Wright attorney Thomas Gorman discusses the Bernard Madoff $50 billion Ponzi Scheme on CNBC: www.cnbc.com/id/15840232
New Credit Rating Rules
The SEC has approved new rules for credit rating agencies designed to increase transparency of the rating process and decrease conflicts of interest. Some critics contend the big three credit-rating agencies (Standard & Poor’s, Moody’s, and Fitch) bear significant blame for the...
Teamsters Seek Executive Compensation Reform
According to RiskMetrics, the Laborers’ International Union of North America and the International Brotherhood of Teamsters don’t think Treasury’s bailout program does enough to curb executive compensation. The unions want a number of reforms, including: Incentive...
SEC Procedure for Waiver of Privilege
The SEC enforcement manual, dated October 6, 2008, now states that the staff should not ask a party to waive the attorney-client or work product privileges when investigating potential securities laws violations. As previously discussed here, the Department of Justice adopted a similar procedure in...
Shareholder Proposal Technicalities
The division of corporate finance of the SEC released a new staff legal bulletin on Friday dealing with shareholder proposals on company proxy statements. One aspect of the bulletin concerns a hypothetical shareholder proposal that requires the board of directors to amend the company’s...
Broker-Dealers: the Intersection of the Red Flag Rules and Regulation S-P
Do the Red Flag Rules of the FTC and the federal banking agencies apply to broker-dealers registered with the SEC? The short answer seems to be “Yes.” The Red Flag Rules require “financial institutions” and “creditors” with “covered accounts” to...
Red Flag Rule Delay
The FTC has granted a six-month delay for enforcement of its Red Flag Rules, previously discussed here. Note that the other agencies responsible for the rules, including the National Credit Union Administration, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Office of the...
Red Flag Rule Delay
The FTC has granted a six-month delay for enforcement of its Red Flag Rules, previously discussed here. Note that the other agencies responsible for the rules, including the National Credit Union Administration, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Office of the...
Four New Short-Selling Rules
The SEC has had four new final rule releases in the last two days, all of which deal with short selling: 1. Release 34-58785 requires certain institutional investment managers to file their short sales and positions of certain securities on Form SH. The disclosures will not be available to the...
