Securities Law Prof Blog

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

A Member of the Law Professor Blogs Network

Monday, March 24, 2014

SEC Announces the Agenda and Panelists for Its Cybersecurity Roundtable

The SEC has announced the agenda and panelists for its cybersecurity roundtable that will be held at its Washington, D.C. headquarters on March 26, 2014.  This event will be open to the public and webcast live on the SEC’s website.

March 24, 2014 | Permalink | Comments (0) | TrackBack (0)

SEC Staff Analysis of Data and Academic Literature Related to Money Market Fund Reform

Details available here.

March 24, 2014 | Permalink | Comments (0) | TrackBack (0)

Chair White on Protecting the Retail Investor

On March 21, 2014 at the Consumer Federation of America's 2014 Consumer Assembly, Chair Mary Jo White delivered a speech on protecting the retail investor.

March 24, 2014 | Permalink | Comments (0) | TrackBack (0)

Director Higgins on International Securities Regulation

On March 20, 2014 in London, England at the PLI's Thirteenth Annual Institute on Securities Regulation in Europe, Keith F. Higgins, Director of the SEC's Division of Corporation Finance delivered a keynote address on various issues related to international securities regulation.

March 24, 2014 | Permalink | Comments (0) | TrackBack (0)

Ontario Securities Commission Announces 2013 Enforcement Results

Details available here.

March 24, 2014 | Permalink | Comments (0) | TrackBack (0)

Friday, March 21, 2014

SEC Proposes Rules for Systemically Important and Security-Based Swap Clearing Agencies

Details available here.

March 21, 2014 | Permalink | Comments (0) | TrackBack (0)

NASAA Members Approve Streamlined Multi-State Coordinated Review Program

NASAA members have approved a streamlined multi-state coordinated review program to reduce compliance costs of companies attempting to raise capital under the JOBS Act.  The press release includes the following information:

Under the new program, Regulation A filings would be made in one place and distributed electronically to all states. Lead examiners would be appointed as the primary point of contact for a filer and each state will be given 10 business days for review. Lead examiners alone will interact with issuers to resolve any deficiencies.

The new program was initiated in response to Title IV of the JOBS Act, which raised to $50 million from $5 million the amount of money that can be raised through offerings exempt from registration under Regulation A. Congress directed the Securities and Exchange Commission (SEC) to adopt a rule implementing this JOBS Act provision. The SEC’s proposed rule, contrary to Congressional intent, seeks to transform Regulation A offerings into covered securities, which by law are not subject to state review. By doing so, the rule would eliminate state authority to review Regulation A offerings before they are sold to the public.

March 21, 2014 | Permalink | Comments (0) | TrackBack (0)

SEC and FINRA to Host Regional Compliance Outreach Programs for Broker-Dealers

Details available here.

March 21, 2014 | Permalink | Comments (0) | TrackBack (0)

NASAA to Host a Public Policy Conference

Details available here.

March 21, 2014 | Permalink | Comments (0) | TrackBack (0)

This Week in Securities Litigation

New in Print

The following law review articles relating to securities regulation are now available in paper format:

Katherine J. Baudistel, Note, Bankruptcy-Remote Special Purpose Entities: An Opportunity for Investors to Maximize the Value of Their Returns While Undergoing More Careful and Realistic Risk Analysis, 86 S. Cal. L. Rev. 1309 (2013).

Michael J. Gerhardt, On Candor, Free Enterprise Fund, and the Theory of the Unitary Executive, 22 Wm. & Mary Bill Rts. J. 337 (2013).

Samantha Jacoby, Comment, Solar-Backed Securities: Opportunities, Risks, and the Specter of the Subprime Mortgage Crisis, 162 U. Pa. L. Rev. 203 (2013).

Gabriel D. Rosenberg & Jai R. Massari, Regulation through Substitution as Policy Tool: Swap Futurization under Dodd-Frank, 2013 Colum. Bus. L. Rev. 667.

Tamara S. Smallman, Note, The Glass Boardroom: The SEC's Role in Cracking the Door Open So Women May Enter, 2013 Colum. Bus. L. Rev. 801.

Stacie K. Townsend, Note, The Jumpstart Our Business Startups Act Takes the Bite Out of Sarbanes-Oxley: Adding Corporate Governance to the Discussion, 99 Iowa L. Rev. 893 (2014).

Leah M. Trzcinski, Note, The Impact of the Foreign Corrupt Practices Act on Emerging Markets: Company Decision-Making in a Regulated World, 45 N.Y.U. J. Int'l L. & Pol. 1201 (2013).

March 21, 2014 | Permalink | Comments (0) | TrackBack (0)

Wednesday, March 19, 2014

Dolgopolov on the Maker-Taker Pricing Model and Securities Fraud

Stanislav Dolgopolov has posted The Maker-Taker Pricing Model and Its Impact on the Securities Market Structure: A Can of Worms for Securities Fraud? on SSRN with the following abstract:

This Article examines the maker-taker pricing model, one of the key financial innovations, and its significance for the securities market structure in the context of securities fraud. While addressing the nature, origins, and variations of the maker-taker pricing model, the Article focuses on the implications of this financial innovation for fraudulent practices and the applicable regulatory framework from the angles of the duty of best execution, the boundaries of market manipulation, the order type controversy, trading obligations and privileges of market makers, and various reform proposals.

March 19, 2014 | Permalink | Comments (0) | TrackBack (0)

Monday, March 17, 2014

New in Print

The following law review articles relating to securities regulation are now available in paper format:

Catherine G. Dearlove & A. Jacob Werrett, Proxy Access by Private Ordering: A Review of the 2012 and 2013 Proxy Seasons, 69 Bus. Law. 155 (2013).

Bryan Denberg, Note, Paying the Toll to be Class Member: The Impact of American Pipe Doctrine on Section 13 of the Securities Act of 1933, 87 St. John's L. Rev. 239 (2013).

Brent J. Horton, Toward a More Perfect Substitute: How Pressure on the Issuers of Private-Label Mortgage-Backed Securities Can Improve the Accuracy of Ratings, 93 B.U. L. Rev. 1905 (2013).

Todd B. Pfister & Aubrey Refuerzo, New NYSE and NASDAQ Listing Rules Raise the Accountability of Company Boards and Compensation Committees through Flexible Standards, 69 Bus. Law. 135-154 (2013).

Limor Riza, Should Tax Law Mind Minority and Monitor Majority: The Case of Undistributed Dividends and the Ability-to-Pay Principle, 13 Hous. Bus. & Tax L.J. 86 (2013).

Symposium, The Growth and Importance of Compliance in Financial Firms: Meaning and Implications,  8 Brook. J. Corp. Fin. & Com. L. 1-133 (2013) (featuring an introduction by James A. Fanto and articles by Barbara Black, Deborah A. DeMott, Tamar Frankel and Jerry W. Markham).

March 17, 2014 | Permalink | Comments (0) | TrackBack (0)

This Week in Securities Litigation

Tuesday, March 11, 2014

New in Print

The following law review articles relating to securities regulation are now available in paper format:

James M. Alexander, Case Comment, Securities Law--Second Circuit Accepts Rule 10b-5 Pleading of Economic Loss after Share-Price Recovery, 46 Suffolk U.L. Rev. 1249 (2013). 

Barbara Black, Curbing Broker-Dealers' Abusive Sales Practices: Does Professor Jensen's Integrity Framework Offer a Better Approach?, 48 Wake Forest L. Rev. 771 (2013).

Selby P. Brown, Comment, Don't Throw the Baby Out with the Bath Water: The Merits of the Intermediate Approach to the Securities Litigation Uniform Standards Act, 66 Okla. L. Rev. 363 (2014).

George Lee, Jr. Flint, Securities Regulation, 66 SMU L. Rev. 1129 (2013).

Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry, 48 Wake Forest L. Rev. 791 (2013).

Thomas Kayes, Note, Jury Certification of Federal Securities Fraud Class Actions, 107 Nw. U. L. Rev. 1851 (2013).

Alexander Muravyev, Investor Protection and the Value of Shares: Evidence from Statutory Rules Governing Variations of Shareholders' Class Rights in an Emerging Market, 29 J.L. Econ. & Org. 1344 (2013).

Kenneth M. Rosen, Financial Intermediaries as Principals and Agents, 48 Wake Forest L. Rev. 625 (2013).

March 11, 2014 | Permalink | Comments (0) | TrackBack (0)

Sunday, March 9, 2014

Halliburton v. Erica P. John Fund: Oral Argument Transacript

The oral argument transacript for Halliburton v. Erica P. John Fund is available here.

March 9, 2014 | Permalink | Comments (0) | TrackBack (0)

Supreme Court of the United States Narrows the Scope of SLUSA

The Supreme Court of the United States has released its opinion in Chadbourne & Parke LLP v. Troice.

March 9, 2014 | Permalink | Comments (0) | TrackBack (0)

Commissioner Piwowar on International Financial Regulation

On March 6, 2014, Commissioner Michael S. Piwowar delivered remarks on international financial regulation at the Remarks at AIMA Global Policy & Regulatory Forum in New York, New York.

March 9, 2014 | Permalink | Comments (0) | TrackBack (0)

Commissioner Gallagher on Capital Requirements

On March 3, 2014, Commissioner Daniel M. Gallagher delivered remarks on capital requirements at the Institute of International Bankers 25th Annual Washington Conference.

March 9, 2014 | Permalink | Comments (0) | TrackBack (0)

This Week in Securities Litigation