Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, October 8, 2008

SEC Settles ARS Charges with Bank of America and RBC Capital Markets

The SEC, NASAA and New York Attorney General's Office announced two additional agreements in principle with respect to auction rate securities (ARS), one with Bank of America and the other with RBC Capital Markets.  Under its agreement Bank of America agrees to provide 5,500 individual investors, small businesses, and small charities the opportunity to sell back to Bank of America up to $4.7 billion in ARS they purchased before the ARS market collapsed in February 2008.  The SEC's agreement with RBC Capital Markets Corp. (RBC) would provide individual investors, small businesses, small nonprofits, charities and religious organizations the opportunity to sell back to RBC all of the ARS they purchased from RBC before the ARS market collapsed in February 2008. The terms of both settlement are subject to finalization, review, and approval by the Commission.

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