Regulators and market participants have blamed high-speed trading for everything from causing “flash crashes” to providing some traders with an unfair advantage over less-sophisticated peers. Now, at least one regulator is saying that high-speed trading may not be the villain it has been portrayed as. That was among the assessments made by Gregg Berman, associate […]
Joe Mont
Posted inUncategorized
Swaps Rules in Limbo as CFTC Deadline About to Hit
Financial firms are facing a looming deadline for new rules on the global trading of derivatives, without any clear sense of what final decision the Commodity Futures Trading Commission might make. Then again, for what it’s worth—the CFTC doesn’t seem certain about how to proceed either. The issue in question is the cross-border treatment of […]
Posted inFrom the Archive
Timing Blamed for SEC’s Denial of Reward For CEO Whistleblower
The Securities and Exchange Commission has denied another whistleblower’s claim for a cash reward under a bounty program established by the Dodd-Frank Act. This time, the tip came from a CEO who offered up allegations of accounting fraud at their own company. In April 2006, the claimant submitted information to the SEC about the suspected […]
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SEC Poised to Lift Prohibition on Hedge Fund Advertising
The Securities and Exchange Commission on Wednesday is expected to take action on a long-awaited provision of the Jumpstart Our Business Startups Act that would eliminate solicitation and advertising restrictions on hedge funds and private securities offerings. The JOBS Act, enacted nearly 10 months ago, directed the SEC to remove prohibitions on marketing securities offerings […]
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Prudential Financial Challenges ‘Too-Big-to-Fail’ Designation
Prudential Financial is challenging its government designation as “too big to fail’ and the heightened regulatory requirements that go along with that determination. In June, the company received notice from the Financial Stability Oversight Council that, although not a bank, it was facing designation as a Systemically Important Financial Institution (SIFI). Pursuant to the Dodd-Frank […]
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FINRA ‘Sweep’ Letters Ask Brokerage Firms for Social Media Details
The Financial Industry Regulatory Authority is digging deeper into how brokerage firms use social media and what measures are in place to oversee that use. The independent regulator of securities firms has sent out letters asking for detailed information on how they use such sites as Twitter, Facebook, and LinkedIn. Having issued two Regulatory Notices […]
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Federal Reserve Approves Final Rules to Meet Basel III Demands
The Federal Reserve has approved rules that revise the regulatory capital framework for U.S. banks in accordance with the Basel III international accord and to satisfy related mandates of the Dodd-Frank Act. The rules, approved by the Fed at a meeting of its governors on Tuesday morning, are tied to a global effort, developed by […]
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Court Vacates SEC’s Extraction Payment Disclosure Rule
A Securities and Exchange Commission rule requiring oil, gas, and mining companies to publicly disclose payments made to governments for extraction rights has been vacated by a court decision issued on Tuesday. Unless the SEC revisits the regulation or there is a successful appeal, the ruling means that these companies will not have to report […]
Posted inTechnology
SEC May Bolster Cyber-Threat Disclosure Guidance
As the number and severity of cyber-attacks—perpetrated by external hackers and snooping insiders alike—reach epidemic levels, the Securities and Exchange Commission is considering new disclosure demands for companies that suffer such a misfortune. The SEC last issued staff guidance in October 2011, asking listed companies to provide detailed disclosures of their cyber-exposures. Mary Jo White, […]
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Judge Approves $139 Million News Corp. Settlement with Shareholders
A Delaware judge last week approved a $139 million cash settlement for News Corp. shareholders who sued the company for breach of fiduciary duty in the aftermath of a phone hacking scandal uncovered in 2011 at its News of the World tabloid in the U.K. The plaintiff’s also claimed breach of fiduciary duty over the […]
