Sunday, September 5, 2010
Tom PerrielloFiled Under: Technology 3 Comments
Wednesday, June 30, 2010
Washington, D.C., June 30, 2010 — The Securities and Exchange Commission today voted unanimously to approve new rules to significantly curtail the corrupting influence of “pay to play” practices by investment advisers. Pay to play is the practice of making campaign contributions and related payments to elected officials in order to influence the awarding of [...]
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Monday, June 28, 2010
Washington, D.C., June 28, 2010 — Today the Supreme Court issued its decision in Free Enterprise Fund and Beckstead and Watts, LLP v. Public Company Accounting Oversight Board and United States of America. In its decision, the Supreme Court held that the restriction on removal of Board members under the Sarbanes-Oxley Act of 2002 violates [...]
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Wednesday, June 23, 2010
Washington, DC – Following a meeting of the CFTC-SEC Joint Advisory Committee on Emerging Regulatory Issues, Commodity Futures Trading Commission Chairman Gary Gensler today commented on the status of the Wall Street Transparency and Accountability Act of 2010. Commenting on the Wall Street reform bill that is currently in conference committee, Chairman Gensler said: “The [...]
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Saturday, June 5, 2010
The Securities and Exchange Commission promised to get moving on a uniform proposal that would keep computers (HAL 9000) from destroying the stock market. On May 6 the DOW plunged 1000 points in 10 minutes. There are at lest 50 separate exchanges involved. Your stock order could be executed at any one of them to [...]
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Tuesday, May 18, 2010
The SEC staff is working with the markets to consider recalibrating market-wide circuit breakers currently on the books — none of which were triggered on May 6 when the DOW dropped 1000 points in minutes. These circuit breakers apply across all equity trading venues and the futures markets. The SEC is seeking comment on stock-by-stock [...]
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Friday, May 7, 2010
Washington, D.C., May 7, 2010 — The Securities and Exchange Commission and the Commodity Futures Trading Commission today released the following statement: “We are continuing to review the unusual trading activity that took place briefly yesterday afternoon to pinpoint its cause and contributing factors. “Since yesterday, we have been in regular contact with other financial [...]
Tuesday, April 20, 2010
Washington, D.C., April 20, 2010 — The Securities and Exchange Commission today charged a Staten Island, N.Y.-based investment advisory firm, its owner, and four associates with operating an Internet-based scam that misleads investors into paying fees for phony stock tips and investment advice from fictional trading experts. The SEC obtained an emergency court order to [...]
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Friday, April 16, 2010
Washington, D.C., April 16, 2010 — The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter. Litigation Release No. 21489 SEC Complaint [...]
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Wednesday, April 14, 2010
Today, April 14 the SEC proposed the latest in an ongoing effort to promote fairness and efficiency in the markets. Other rules proposed recently to increase fairness and efficiency include a proposed ban on marketable flash orders, a proposal to bring greater transparency to dark pools of liquidity, and a proposal to prohibit unfiltered access [...]
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Wednesday, September 30, 2009
The White House on June 17 released a White Paper on Financial Regulatory Reform calling on the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) to “make recommendations to Congress for changes to statutes and regulations that would harmonize regulation of futures and securities.” Subject to consideration of the Commissions, a report is [...]
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Wednesday, September 2, 2009
Washington, D.C., Sept. 1, 2009 — The Securities and Exchange Commission today announced the distribution of more than $35 million in Fair Funds to more than 98,000 investors in Cardinal Health, Inc. who were harmed by a fraudulent revenue and earnings management scheme. The SEC’s enforcement action against Cardinal Health in July 2007 alleged that [...]
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Tuesday, September 1, 2009
August 31, 2009 Dear Chief Executive Officer: Recent press articles have reported that some broker-dealer firms may be engaging in a vigorous recruiting program for broker-dealer registered representatives. Reports suggest some firms are offering substantial inducements to potential registered representatives, including large up-front bonuses and enhanced commissions for sales of investment products, In light of [...]
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Tuesday, August 18, 2009
The Securities and Exchange Commission announced that on July 21, 2009, it filed an emergency enforcement action against Eric Todd Seiden to halt an ongoing scheme in which Seiden fraudulently induced at least fifteen broker-dealers to buy over $1.8 million worth of thinly traded stock. On August 14, 2009, the Commission amended its complaint and [...]
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