The number of whistleblower reports to the SEC increased again in the latest fiscal year, according to the annual report of the SEC whistleblower office.
Late last week, the Financial Industry Regulatory Authority (FINRA) quietly posted a new regulatory notice proposing a series of pay-to-play type rules for its broker-dealer members that closely track the pay-to-play provisions set forth by the Securities and Exchange Commission (SEC) in Rule 206(4)-5.
The SEC’s plan to bring more enforcement actions as administrative proceedings before its own administrative law judges rather than in the federal district courts — even in insider trading cases — has been drawing increasing criticism and legal challenges.
Barely two weeks after it signaled thumbs-down on two requests to approve non-transparent exchange-traded funds (ETFs), the SEC on November 6, 2014 published a notice of application that would allow the applicant to create “exchange-traded mutual funds,” or ETMFs, a novel structure that is a hybrid between mutual funds and traditional ETFs.
I’m not your legal advisor. And I’m definitely not your investment adviser. But the first rule of penny stock companies should be: do not invest in penny stock companies.
New York’s Southern District Court Judge Jed Rakoff is always worth listening to. He expresses trenchant views about the rule of law elegantly and politely.
Three Observations from the SEC’s Settlements with Thirteen Municipal Dealers Over Below-Denomination Sales of Puerto Rico Bonds
On November 3, 2014, the SEC announced settlements with thirteen different registered municipal securities dealers in connection with sales of non-investment grade bonds issued by Puerto Rico in 2014.
One of many changes wrought by passage of the Dodd-Frank Act is that employers cannot compel potential whistleblowers to report known or suspected unlawful activity to the company before reporting such information to the Securities Exchange Commission (SEC).
The SEC brought a settled administrative action against an auditor on October 24th.
By rule, the SEC is required to issue a report on the Commission’s administrative proceedings caseload every six months. On October 29, 2014, the SEC issued its most recent report covering the six month period from April 1, 2014 through September 30, 2014.