The New York State Common Retirement Fund has withdrawn a lawsuit against Qualcomm upon news that the company agreed to revise its political spending disclosure policy. The lawsuit had demanded, on behalf of shareholders, that the company open its books for a public review of such spending. Among the matters addressed by the company in […]
Joe Mont
Posted inUncategorized
New Rules for Online Communications by Financial Firms
Regulators are paying attention as much to what financial companies say, as to how and where they say it. As social media has continued to change the way banks, brokers, and other financial firms communicate with customers, regulators are increasingly taking steps to enhance their oversight of these tools and how social media is used […]
Posted inRegulatory Enforcement
Executive Order Could Warrant Cyber-Security Response
With cyber-security legislation stalled in Congress, President Barack Obama issued an executive order that could have far-reaching effects on businesses of all types. The order expands efforts to share information, both classified and un-classified, between companies and the government on imminent threats to critical infrastructure from online attacks. It also calls for standardized cyber-security practices. […]
Posted inFrom the Archive
Fed Extends Comment Period for Foreign Bank Subsidiary Rules
Citing the “range and complexity of the issues addressed in the rulemaking,” the Federal Reserve has extended the comment period on new requirements for foreign banks and non-bank financial companies doing substantial business in the U.S. Originally due by March 31, comments will now be accepted through April 30. To comply with mandates of the […]
Posted inFrom the Archive
Despite FINRA Rule, Schwab’s Customer Arbitration Demand Upheld
In a decision that could alter how clients take action against brokerage firms, a Financial Industry Regulatory Authority panel has ruled that Charles Schwab Corp. had the right to bar customers from engaging in class action lawsuits against it. In September 2011, Schwab amended its customer account agreement to include a class-action waiver provision, requiring […]
Posted inFrom the Archive
SEC’s Examination Priorities for 2103 Include JOBS Act Reviews
The Securities and Exchange Commission, through its National Examination Program, has published its examination priorities for 2013. They include both market-wide topics, as well as issues specific to broker-dealers, clearing agencies, exchanges, self-regulatory organizations, investment companies, and private funds. Activities now allowed by the JOBS Act will also spark some specific reviews. Broad priorities include […]
Posted inFrom the Archive
SEC Chair Touts High-Tech Tools to Tackle High-Frequency Trading
In a speech this week at the American University School of Law, Elisse Walter, chairman of the Securities and Exchange Commission, offered some insight into how the Commission may start to tackle regulations for high-frequency trading. She also talked up new high-tech systems it will deploy to keep pace with those used by the entities […]
Posted inBoards & Shareholders
JPMorgan Shareholders Look to Oust CEO Dimon as Board Chairman
A coalition of shareholders with more than $820 million invested in banking giant JPMorgan Chase will ask other investors this spring to support having an independent board chairman, ousting CEO Jamie Dimon from that role. The investors filing the shareholder proposal for the bank’s annual meeting in May includes the AFSCME Employees Pension Plan, the […]
Posted inUncategorized
Final Version Provides Little Relief for Complex Sunshine Act
A confusing finale to some group restaurant visits is the ritual of determining who ordered what and how much each diner owes. Imagine that process made even more painful with the threat of a $100,000 fine if the divvying up wasn’t done correctly. Healthcare and pharmaceutical companies now face that exact problem, and not only […]
Posted inFrom the Archive
Dodd-Frank Delays Continue
As opposition to the Dodd-Frank Act builds, the pace of rulemaking continues to fall woefully behind schedule. At the start of this month, just 37 percent of the 398 total required rulemakings have been finalized, while regulators have yet to even propose rules on one third of Dodd-Frank provisions, according to law firm Davis Polk […]
