German Update – Public Hearing: General Administrative Act Issued by the BaFin Regarding Credit-linked Notes

German Update – Public Hearing: General Administrative Act Issued by the BaFin Regarding Credit-linked Notes

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin)  has organized a public hearing on the prohibition of the marketing, distribution and sale of certificates linked to creditworthiness risks (“credit-linked notes” (Bonitätsanleihen)) to retail clients within the meaning of section 31a (3) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG).

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SEC Overrules Its Own Administrative Law Judge to Clear Customer of Fraud Charges

SEC Overrules Its Own Administrative Law Judge to Clear Customer of Fraud Charges

In a rare reversal of its own administrative law judge in the Matter of optionsXpress, the full Securities and Exchange Commission unanimously held that the SEC’s Enforcement Division had not met its burden of proof that the customer of a broker-dealer had committed securities fraud in connection with his clearing broker-dealer’s failure to deliver stock as required by Regulation SHO.

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